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Third Eye

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10/04/24

08:37

Post #: 73268976
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Originally posted by ReadingFC: ↑

Indeed, the sole reason the directors took out indemnity insurance (with shareholder money). Would be my first question at the AGM, Why was indemnity required all of a sudden and who paid for the cover and what's the expiry?

As Third Eye has stated, it's all there in black and white, as stated in the independent auditors report, "A significant portion of the Group’s operations have been conducted by its subsidiary incorporated in Switzerland (Wellfully SA) and in turn by companies Wellfully SA controls, operating in a number of foreign jurisdictions. As noted in the Administrators’ Report: Incomplete Records, in preparing the financial report of the Group for the half year ended 31 December 2023 the Administrators have not been able to source all books and records of Wellfully SA and the other foreign subsidiaries."All the subsidiaries were controlled by Wellfully, where are the books and/or where were the original independent auditors whilst this was occurring?

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https://legalvision.com.au/deed-of-indemnity/#:~:text=A%20deed%20of%20indemnity%20means%20that%20your%20company,indemnity%20clauses%20that%20cover%20directors%20in%20certain%20circumstances.

Considering shareholders paid for the indemnity, its probably worth understanding all the rules surrounding such cases and where directors have breached this policy, the tineframe in force and what coverage still applies with some of the facts revealed circumstances the facts are revealed recently.

I understand some investors past and present understand the law alot better than I and maybe able to contribute here;

Anthony Wright
@jasetheace40
@ArtVandelay

WFL Price at posting: 0.3¢ Sentiment: None Disclosure: Held
4 Upvote

0 Great analysis

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