SIT 0.00% 0.2¢ site group international limited

Ann: Appeal of Federal Court Judgement, page-5

  1. 2,826 Posts.
    lightbulb Created with Sketch. 1033
    thanks for the note

    how do you get to ~500k given the examples below of similar VET programs at the time, and these companies getting material fines for "unconscionable conduct" which is what the courts have also found PP/SIT to be guilty of.

    https://www.accc.gov.au/media-release/court-orders-acquire-to-pay-45-million-penalty
    https://www.accc.gov.au/media-release/record-265m-penalty-and-56m-repayment-ordered-against-training-college-empower-institute
    https://www.accc.gov.au/media-release/record-153-million-in-penalties-ordered-against-training-college-aipe

    Having read some of the arguments that Site have put forward (link below), their conduct does not seem to be close to what the above companies seem to have done (it seems some of these companies were systematic), but even with just 8 people being taken advantage of *1st link above), the company was fined 4.5m
    https://www.hcourt.gov.au/assets/cases/08-Sydney/s118-2023/ProductivityPartners-ACCC_App.pdf

    Looks like most of these companies went into liquidation, so govt did not get their money back (what a absolute rout), but we are 8 yrs after the fact and Site has broadly written off most of the receivables, so the only reason I can see that they continue to fight is to avoid a massive fine (it must have cost a lot more than 500k in legal costs to get to the high court)



 
watchlist Created with Sketch. Add SIT (ASX) to my watchlist
(20min delay)
Last
0.2¢
Change
0.000(0.00%)
Mkt cap ! $5.205M
Open High Low Value Volume
0.0¢ 0.0¢ 0.0¢ $0 0

Buyers (Bids)

No. Vol. Price($)
3 16500000 0.2¢
 

Sellers (Offers)

Price($) Vol. No.
0.3¢ 24934844 13
View Market Depth
Last trade - 10.08am 15/05/2024 (20 minute delay) ?
SIT (ASX) Chart
arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.