Plenty of 'friendlies' owed money by the looks of things including a number of family members (inc chairman's partner) who don't appear as related parties. Something for KPMG to consider...
But the best of all is that IGE actually acquired the Odyssey business from the chairman's brother-in-law for $3M+ so this appears as an IGE asset and an amount owed to the brother-in-law. KPMG should do a deep dive into how value was determined and what was actually acquired - customer contracts? Trucks? A cool website??
KPMG should also check out any payments made to Rebelly (major shareholder) to undertake work in China - loads of IGE funds may have been paid to Rebelly with nothing to show for it. As far as court records show Rebelly was an agent used by the chairman's former company to buy chinese made medical products for customers - so loads of relevant expert experience definitely worth $1M in payments!!
Not a holder (thankfully) but someone should mention all this to KPMG.
All IMO
IGE Price at posting:
13.0¢ Sentiment: Sell Disclosure: Not Held
