The article seems to be suggesting that BIG has been issuing shares to their mates.
I have access to the same data that the AFR used to determine who owns what (and really everybody does, you just have to buy a historical Company search/Relational extract off ASIC).
Back to the Article:
It implies that Hugh lied about not owning any shares in 2015 and 2016 because he was a seed investor and didn't sell. It is unknown to me if he sold out or not. I can't speculate or comment here.
I'm not sure how the AFR was able to determine that Gajah held shares on trust without having a copy of the trust deeds, especially as there is no public registry of trust deeds you can just download. Again I can't comment as I don't have any access to information here.
What I am concerned about is Bald Box, Hairy Rock and Smokinale.
Bald Box and Hairy Rock are currently in strike off action, both registered on the same day (2 November 2015) and share the same director.
Smokinale was on registered 23 December 2015 and not in a strike off action. An observation I noticed was the registered office for all 3 companies all list the same law firm.
There's no information on the web for any of these 3 companies, and it is suspicious that were set up so shortly before being issued shares. Does anyone know the announcements or information relating to issuing shares these 3 companies - I'm curious to know dates and services provided?
Further, it is highly suspicious that somebody would let a Company holding $3m+ in share worth millions potentially be deregistered because they're not paying their annual fee to ASIC.
There may be more to this than first thought.
For disclosure purposes I'm sitting on a 50% loss.
