Ann: 2023 Annual Report and Appendix 4E, page-11

Unfortunately this report just shows how dodgy the old mob were:

- impairment of receivables of $20.8M (cash due just… gone)
- impairment of IDSB value of $7.3M
- impairment of Sibu Kurnia Marine of $1.5M
- impairment of Arte Mobile (remaining $1.5M)

if one includes their past impairments i.e. $14M for Arte Mobile, there’s been an incredible amount of cash torched here. In my opinion, ICU/IOU looks suspiciously like it was used as wealth transfer vehicle for many years, i.e. use the ASX listing to raise money from shareholders to then make a series of acquisitions of quite obscure Malaysian entities that eventually turn out worthless and get impaired to zero. Of course there’s always a narrative to sell at the time (“we need a money lending license and this marine company has one”), but in the end each one dies (first Arte Mobile, then Sibu Kurnia Marine, then IOUpay… now IDSB is starting to get marked down). But the money has gone somewhere… where? Why, to the various Malaysian vendors.

Hats off to Halliday and the other directors for throwing their time and hard-earned at this to try and turn it around, but if it re-lists it’s going straight to $0.01, probably lower.