Ann: Kingsgate completes $46M institutional placement, page-151

Difficult to say, the top eight owners are nominee companies and they could be anyone. They act through brokers who may also be large foreign banks or investment companies. Some of these investment companies have staff that interchange with the regulators, the most recent change of a regulating commissioner was a job at Vanguard. Whilst it is conceded that the regulator is a "toothless tiger" in the words of Senator Bragg who is conducting one of the two latest inquiries into the regulator, It appears to anyone who has been paying attention that the Corporation Act is wholly disregarded by some foreign entities and in some occasions they work together, In a recent Royal Commission the Commissioner noted crimes done by banks:

"Why did it happen?
Too often, the answer seems to be greed – the pursuit of short term profit at the expense of
basic standards of honesty......."

Of this regulator he found:-
"When misconduct wasrevealed, it either went unpunished or the consequences did not meettheseriousness of what had been done. The conductregulator, ASIC, rarely went to court to seekpublic denunciation of and punishment for misconduct. Theprudential regulator, APRA, never went to court.

Nothing has changed has changed.

When I see the laws carrying 15 years imprisonment broken hundreds of times a day and more gullible investors swindled by the daily misleading and deceptive conduct perpetrated by foreign brokers with nothing but contempt for their victims I develop reservations about the "level playing field" that institutional investors are said to require.

Remember in this capital raising no laws were broken.

In the end it may not be the regulators that ought be feared but class actions which could be brought to bring these criminals to heel. It may be difficult to get to the beneficiaries of this criminality, but it should be possible to nail the brokers to the pickets.