The points you make above are very valid, I have read the SOR...

The points you make above are very valid, I have read the SOR and as I have said in one or two other posts, there are certainly questions that need to be asked, but what I am stressing is that they are asked objectively and to view both sides of the argument sceptically. ASX's reputation as market operator is at stake and ISX's business is at stake, both have a strong incentive to put forward evidence and theories that support their reasoning.

In response to the payments, I refer you to point 87 (p.85) of the Third Further Amended Statement of Claim. I believe ISX address this issue regarding source of the payments there. This is not formatted properly, but you get the point;

"87. The Fourth Representation was false, alternatively the Fourth Opinion Representation lacked reasonable grounds, as:

(a) at all material times SEPAGA E.M.I. LIMITED (SEPAGA) and OrangeTrust S.R.O (OrangeTrust) were electronic money institutions authorised by European financial regulators to, among other things, send payments on behalf of others;

(b) at all material times each of Corp Destination, FCorp, Immo and Authenticate BV held an electronic money account with iSignthis eMoney Ltd;

(c) the payments in respect of the agreement between Corp Destination and Authenticate BV were:
(i) debited from the electronic money account of Corp Destination held with iSignthis eMoney Ltd and credited to the electronic money account of Authenticate BV held with iSignthis eMoney Ltd; and
(ii) in one instance made directly into the bank account of Authenticate BV held with ABN AMRO;

(d) the payments in respect of the agreement between FCorp and Authenticate BV were debited from the electronic money account of FCorp held with iSignthis eMoney Ltd and credited to the electronic money account of Authenticate BV held with iSignthis eMoney Ltd;

(e) the payments in respect of the agreement between Immo and Authenticate BV were:
(i) made by Immo directly into the bank account of Authenticate BV held with ABN AMRO;
(ii) debited from the electronic money account of Immo held with iSignthis eMoney Ltd and credited to the electronic money account of Authenticate BV held with iSignthis eMoney Ltd; and 86 Doc ID 774434923/v1
(iii) debited from the electronic money account of Immo held with OrangeTrust and transferred to the electronic money account of Authenticate BV held with iSignthis eMoney Ltd;

(f) the payments in respect of the agreement with Nona were sent by SEPAGA on behalf of Nona to the bank account of Authenticate BV held with ABN AMRO; and

(g) in the circumstances set out in paragraphs 87(a) to (f) above, the payments were not anomalous so as to raise an issue as to whether the work required under the four contracts was substantially completed by 30 June 2018 and therefore whether the revenue derived under those contracts was appropriately recognised in the six-month period ended 30 June 2018 suspect as they were made with money belonging to each of the respective counterparties to the agreements with Authenticate BV."