This situation plays out in many ASX stocks, ASIC takes so long to come to the table. In that time, the directors are long gone along with the majority of the bank balance.
It is important to note there that ASIC are not saying that no dodgy conduct has occurred, they have concluded that they will not be able to make a prosecution. They have arrived at this conclusion due to (a) a lack of documentary evidence (b) a lack of available witnesses and witnesses being overseas.
Graphenera Court documentation has already highlighted that Konig has not been forthcoming in providing info to the new board. If Konig hasn't kept proper records in his time as a director, this is an offence in itself.
So Konig has left the company, left little paper records, and has skipped the country so it is just too much trouble for ASIC?
LWP Price at posting:
7.0¢ Sentiment: None Disclosure: Not Held
