Ann: Legal Action by Clee Capital, page-15

Doing some research it appears Clee Capital was the advisor on previous capital raise (an: 18 Feb 2021).

so they had coordinated investors for the $50m capital raise. Those shareholders have obviously recently lobbied to try and recoup some of their dwindling investment and get out (through the requisitioned AGM and board change).

iou blocked because it could benefit only subset of shareholders not in the benefit of all shareholders.

Clee requisitioned agm - with the proposed board member of a competitor Malaysian BNPL director and affiliated with one of IOU shareholders who launched the requisition.

then CFO gets sacked with alleged fraud.

iou goes to police.

clee launch legal action, could prevent police investigation.

clee requested the hard drives - but that could provide lawyers (and their clients) with access to the sensitive company information that could fall into competitors hands? And they asked for a receiver! But wouldn't they have to be trading insolvent / bankrupt to appoint a receiver??

this is fkn messy