https://www.theage.com.au/national/victoria/accused-mokbel-money-...

https://www.theage.com.au/national/victoria/accused-mokbel-money-launderer-linked-to-10m-bid-to-clean-hands-20200514-p54t49.html

Just wow.

This is a new low even for Malone...Another example of this leadership Team's inability to execute.

In this case, lack of due diligence leading to a disastrous decision to get into bed with a suspected Melbourne underworld money launderer according to the article.

What a disaster, and not the first for this management team, however, even exceeded my worst expectation.

"Skin Elements announced to the Australian Stock Exchange on April 16 that Carlton-based company State Securities Pty Ltd had agreed to an options deal that would deliver $10.5 million for the rollout of its natural hand sanitiser called "Invisi-Shield".State Securities was previously run by Mokbel associate Tom Karas and is now owned by his brother-in-law Nick Meletsis, a former nightclub owner who allegedly beat an associate with a baseball bat."

"The recent funding deal appears to have escaped scrutiny from corporate regulators, while its shares have soared 1000 per cent in recent weeks"

"Sources familiar with the company claim Mr Karas has been directly involved in the funding deal with Skin Elements, despite being declared bankrupt in 2015."

"Mr Karas, who was named by the Purana anti-gangland taskforce as a "primary person of interest" in Melbourne's organised crime scene, has also been accused of laundering millions-of-dollars through the stolen identity of his cousin Christos Karaglanis, a seasonal olive picker and taxi driver in Greece."

"Skin Elements executive chairman Peter Malone, confirmed the company had dealt with Mr Meletsis when negotiating the financing deal. He said he had never met Mr Karas."

"Skin Elements has a market capitalisation of just $25 million, but its shares have been widely spruiked on online forums over the past two months, increasing by more than 300 percent during the first week of April."

Well done up-rampers, even you guys made the news, you know who you are.

This is a catastrophe for SKN, IMO, there is no way the $10.5m agreement with State Securities can proceed.

Again, IMO, demonstrates the inability of this leadership team to execute which spills into all areas of their business capability.

Please note, if there are any posters banging on that this is a non issue or puts a positive spin on it are delusional IMO.

This, IMO, will destroy any upside from a positive lab test announcement because the leadership credibility of SKN will be zero after this.

DYOR

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