So many gems in the AFR report
In the face of queries, Mr Opperman noted that administrators did not “have the power to prevent the directors or former directors from leaving the country”.
I would speculate there is a better than average chance that directors or former directors may, indeed, leave the country
Dr Syrmalis only last month became chief executive of a new venture, called Bioscience Equity Partners, according to his own LinkedIn profile. The operation is “an international investment banking-financial services firm focusing exclusively on compelling Med Tech and Biosciences investment themes and ventures”, his profile said.
BEP appears to be a rebadged version of IQ, 'backed' by a European Family Office owned fund. Sounds like more Porkie Pies to me
Among people lining up to be iQ creditors include disgruntled shareholders, who would not typically be counted as normal creditors. The corporate filings show one shareholder says they are seeking to be a creditor because they are making a damages claim of $450,000, representing cash spent in acquiring Farmaforce and iQ3 Corp shares under “misleading and deceptive representations” by the companies.
One of the curiousities of the IQ group was their attempt to create a retail distrubution platform for investee stock, and clearly their own capital management. They hired a revolving door of punters with tenuous banking/broking/advisory backgrounds come to try make a fist of it. Given the scenario above, it would appear this was little more than a boiler room.
Looking forward to the next installment
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