Of late, I have read many reasonable posts, good question type posts, that continually are being asked in here.
Questions that probably need to be considered....Do we know, for sure, that they are definitely not investigating the fake lab and equipment? Do we know, for sure, that LWP personnel bought those icecream machines or was it VV and his crew? We also must remember that this is a Nano stock and not a Large or Mid cap stock, even though there are 6 and 7 figure amounts involved here.
What we do know is that the ASX has asked questions, under the purview of their charter of investigation and that so far, the majority of those questions, relayed to market, have been answered without major charges or fines being issued to LWP. The Suspension of Trade has also come from LWP not ASX shutting them down. Did they end up beating the ASX to the post here?
With these small stocks, unfortunately, it really does lie in the hands of the shareholders to investigate, seek financial restitution through civil, company or even criminal law avenues to get some answers to this.
From my understanding, as shareholders/general public, we can inform ASIC and the ASX about perceived non-compliance issues or alleged fraud. But if their investigations come to nought then the logical course of action is to gather as much information as possible, from as many players as possible, and pursue this with the police, in the courts, the Media and to make sure the message is continually been heard..I think you guys are already doing that.
Having spoken in length with 2 ASX complaints officers on 2 separate occasions (making sure they relay the same policy story) I was informed that the ASX do not pass on any information to any shareholder or member of public outside of market announcements. I was also informed that the online complaints procedure follows a similar line where they do answer those complaints but the responses are pretty standard govt issue responses which simply note the complaint but do not pass on any information that adds to any market responses or pass on information that might add bias or jeopardize an ongoing investigation.
So I am not so sure we are going to get much more out of the regulatory bodies here, as these LWP operators seem to have complied with requests or paid fines as they have been issued. (Not counting their poor show/respect for the Court system) But I think the ASX would consider these responses by LWP as the company co-operating. SK continues to proclaim his innocence; states that he is still a major shareholder carrying a big loss, he is bearing the pain like other shareholders, and informs the market that he is being pursued by a malicious campaign on social media to stop LWP proceeding. I think that is what the ASX will also be weighing up.
From what I have been reading he will also have presented that LWP have brought in and paid for licenced experts to investigate their governance policies. So....in the end...will the ASX simply throw their hands up in the air, and put this into the too hard basket? At the end of the day it is the word of the complainants (shareholders) vs LWP managements word.
The "Great LWP Icecream Debacle" is what this will go down in history as. Hard lessons that have cost many of us life savings or nest eggs.
LWP Price at posting:
0.1¢ Sentiment: None Disclosure: Not Held
