Don't expect ASIC to do anything here. They are so laid back and let companies like CI1 get away with murder eg.
The CEO of said company is taking loans from Chinese customers, say 100k and giving them shares valued at 120k. They sell the shares and the cycle continues he pockets the money as a payment for services or business rendered.
Mind you the CEO does not live or visit here (China) however, he sets up dummy companies and calls them viable businesses. He pays himself a massive salary of 1m plus. Now he wants to consolidate the .9 share value for 20c so he can do the sell down all over again. He listed on the back of a failed miner and if you visit the CI1 forum have a read, it's very entertaining. Several people posting are either him or his brother in law and school friend. They keep pumping the shares and business as wonderful companies and all they are doing is pumping the price so their private customers can sell out with a profit.
I have been in contact with ASIC the ATO and my barrister in an effort to stop this wanker from trading. Only now has ASIC taken an interest in his dealings after letters from me and my barrister. It only took them 12 months to respond with a letter that he cannot hold 3 titles in his company. Oh and his wife is also interested in the business.
This is the other side of the ASX most of us are lucky and will never cross paths with the likes of this crook. I plan to sue this guy but the fact of the matter is he is on mainland china and even if I could get him to court he's not going to show.
As a matter of interest, I looked into Hup Hoe Pte Ltd and they make no mention of CI1 as a partner. It's two people trading out of their homes, one has a Google email. Yet he says in his company breakdown that he has a 60% ownership.
It gets better.
Good questions Cred where’s the common sense. Who’s working for the best interest of the share holders? The countless pay rises Jim’s has given him self I’m lost for words.Correct me if I’m wrong 2018 Jim’s annual income was est $400,000 and in less than 4 years with all the perks his given him self pay rise est to be over $2,000,000 annually. You can’t make this shit up.Why didn’t Jim invest in a CIO, COO or a CFO and have the best interest for Ci1, rather than giving him self personal pay rises. The focus SHOULD be on strengthening Ci1, instead of now we find Ci1 weak SP 0.008 and 0.009 DESPERATELY NEEDING HELP.fleXi007That is exactly my thinking too. No director would reward himself a substantial pay rise when the share price is heading north for more than 80% from its AHT,Instead of using the profit for the unreasonable personal pay-rise, why not do the share repurchase plan using the company profit, if the director believe the current share price is undervalued? As a shareholder, I am loss for words and loss of confidence in JW leadership.JMOJohnsonMachThe people posting on the forums are family members pumping the stock.
MoneyDanCaptainSteveTake a look at these two's history they are exclusively CI1 only comments. After that was pointed out to them they came on under new aliases.
This is only a very small taste of this company. ASIC know about him yet they let him trade, why?
We are also petitioning to STOP short selling. Here is an article from AFR
https://www.copyright link/markets/equity-markets/asic-probes-naked-short-selling-20200323-p54cyv
Is short selling allowed in Australia? Activist short selling is not prohibited in Australia, provided that the short-sellers do not breach corporations' law. For example, while short selling is allowed, it is illegal for short sellers to disseminate fraudulent information.
Which countries do not allow short selling?After having extended that temporary ban twice since then, the Asian nation is now the only major market to have stuck with its prohibition: Italy and France, for instance, only maintained the restriction for a few months while Indonesia, the last holdout besides Korea, said earlier this year that it will allow short
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