Nup.... not wrong, but also not quite the worst in corporate history. I have only seen a more awful loan than this once, and that was to SO4 (Salt Lake Potash) when they were in diabolical straits racing against insolvency to commission their shiny new, inoperable factory. Insolvency won. I lost $8k on that because the directors continued to promise "imminent" success right up to the moment the ASX stepped in and forced the company into a trading halt from which they never emerged.
Ann: Business Activity Statement & Appendix 4C - Mar 2024 Qtr, page-4
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