@chappy58; ASIC's credibility has been shredded - so too that of other Australian corporate 'regulators'.
It's common practice in Australia to create layered company structures to shield corporate executives from labilities and to enable capital to be laundered out of them,
Many Australian 'small businesses' exist in name only and exist as mechanisms to attract investors' money and to thereafter transfer it beyond their ability to retrieve it.
The
International Consortium of Investigative Journalists has been exposing such practices for many years now ... guess what action Australia's governments have taken to stop the rot ... [they're listed below]:
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