Ann: Information for Shareholders on Voluntary Administration, page-36

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29/04/23

11:51

Post #: 67522456
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Originally posted by 61289439: ↑

Just to show how insidious the current mob are at IOU. Look at the below listed creditors. This was presented by Aaron Lee in his affidavit to the court

1) Paul Russell - Four months pay due for the contract he had as "Media and Investor Relations". Paid $10,000 a month. Bear in mind, look up a little and you will see a monthly fee from "Media & Capital Partners" for a bit over $5,000 a month and they were paid for "Media & Investor Relations". Announcement in Business and Operational Update on the 6th March, it was quietly told that the contract with Russell for Media and Investor relations was ceasing. I am not inferring anything here, but IOU received the 249D for the EGM on Friday the 3rd March. They announced they had received it on the 7th March, but day before the contract is cancelled

2) Traverse Accounting - This is an accounting firm in Australia. One of its directors is Jarrod White - ex company secretary for IOU

3) Maven Corporate is who Ben Reichel (current IOU secretary and recently appointed Director for IOU Pay Asia) bills through. Maven Corporate registered office used to be at Traverse Accounting. Jarrod White is an ex Director of Maven Corporate. Current registered office is with "Joy & Grace Investments". That company is run by Louisa Ho. Guesss what?? She was the secretary that resigned on the 3rd March this year from IOU and Ben Reichel then took over. She is currently the secretary for Maven Corporate

Based on Aaron Lee's affidavit, they are owed $192,432 between them. As a percentage of the debts shown, they have 56.5% of the debts. These people will be in the creditors meeting. Something to think about.

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All set up, so most of the creditors who inevitably decide on the future of IOU are either ex or current employees. Guessing they'll vote in favour of winding down the business to help mask the truth! I actually feel sick in the stomach

IOU Price at posting: 4.1¢ Sentiment: None Disclosure: Held
13 Upvote

0 Great analysis

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