ASX have rightly suspended the COY once they suspected a breach...

ASX have rightly suspended the COY once they suspected a breach of the ASX listing rules. Next steps are:

1. IGE prove all their previous announcements are correct (to the satisfaction of ASX and/or ASIC if the ASX have involved them), thus allowing reinstatement to official quotation (unlikely based on recent developments); or
2. IGE cannot prove all their previous announcements are correct (and thus they have provided false and/or misleading information - a breach of the Corporations Act). In this case the board should get removed, and prosecution by ASIC should also occur. A new board should be appointed if the company is still solvent. If the company is in insolvent, then administrators would be appointed.