Instead of asking these guys (as they have been through enough) go and watch the movie American Hustle and you will have your answer.
I tried to tell Jardini that back in February. I’ve seen these deals at first hand, excuse for holdups include, bank holiday in Asia, Chinese New Year, bank holiday in UK, the guy signing the check had to be hospitalised but it’s not critical he’ll be ok, he out of hospital but it’s a bank holiday in UK, money has been moved to a withholding account but now Austrack withholding funds and questioning its origin, Public holiday in Asia, just need one more signature. Everything I’ve seen here I saw it first hand. Gold Coast is full of these guys promoting these pay up front for funding schemes.
I can name individual promotors I can name venture companies still promoting this type of funding. There should be a story in Fin review shortly.
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