SAS 0.00% 1.6¢ sky and space company ltd

Ann: Investor Presentation - September 2019, page-161

  1. 1,911 Posts.
    lightbulb Created with Sketch. 197
    As I have previously stated, ASX only polices the ASX listing rules, which does include "continuous disclosure". As we have learnt, all they can do is suspend or delist.

    ASIC is responsible for ensuring compliance with the Corporations Act, which includes corporate governance and directors' obligations. Misrepresentation and unconscionable conduct are things that ASIC can and should act on. They have the power to fine and/or ban directors.
    They can also make directors buy back shares from shareholders.

    ACCC will probably say it's not their jurisdiction, it is up to ASIC.

    Then there's the Fraud Squad, but they will do nothing to get your money back. Best you can hope is the directors go to jail, but you've still lost your money.

    Finally, there's the possibility of a class action, usually based on misrepresentation, which is against the directors, not the company, but the directors usually have "financial advisors" who make sure the assets are impossible to recover.

    Basically, if you are investing in an ASX-listed company, you do so almost entirely at your own risk.


 
watchlist Created with Sketch. Add SAS (ASX) to my watchlist

Currently unlisted public company.

arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.