What assets? If you look at their last balance sheet, there are basically no assets. Apparently, the technology used for the Australia network is incompatible with the "3G" technology used in SA. So that's worthless. Besides which, the administrators will grab whatever they can to reimburse creditors with at least something. And apart from a bunch of worthless base stations and transponders, all they probably have left over is a bunch of equally worthless PC's! Oh, maybe they had a telephone system too ;-)
I just hope the corporate regulators step up to the plate and do some serious investigation into the behaviour of Pallister and the Board as a whole.
Everyone seems to single out Pallister, but the other Directors are equally accountable for their inaction, lack of attention to detail and passive compliance. Dr Andrew Unterweger signed off all the company announcements as Chairman. So Pallister was not alone in this. There is no defence for the other Director's failing in their duties to the employees, shareholders, creditors and investors.
They can only get away with this and still manage to profit from S.A. if the Australian corporate regulators let them. They have surely left a forensic trail of evidence as to their (mis)conduct as Directors - so let's hope Deloittes initiates some action!
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