How does this it's only about disclosure myth get perpetuated. It has been shot down so many times... The allegations suggesting failing to act in the interests of shareholders and contraventions of S181 and S182 of the Corps Act. I'm not opining on whether this case will be upheld but seriously it is in black and white in the SOC (pasted below for your convenience) - this is not just a disclosure issue and continuing to repeat that fiction won't change that.
71 By reason of the matters set out in paragraphs 69 and 70, Karantzis used his position to ensure that: (a) Authenticate BV entered into the integration agreements in the Relevant Period; (b) the contracted-for fees under the integration agreements was recognised as revenue in the Relevant Period; and (c) iSignthis would achieve one or more of the Performance Milestones.
72 The conduct referred to in paragraph 71:
(a) resulted in Karantzis gaining an advantage for himself and others; (b) was not in the best interests of, and caused detriment to, iSignthis and its shareholders; and (c) was done for the improper purpose of achieving a financial gain for Karantzis and others.
73 By reason of the matters set out in paragraphs 69 to 72, Karantzis: (a) contravened his obligations in s 182 of the Corporations Act; and (b) failed to exercise his powers and discharge his duties in good faith in the best interests of the company and for a proper purpose, in contravention of his obligations in s 181 of the Corporations Act.
74 The contraventions referred to in paragraph 73: (a) materially prejudiced the interests of iSignthis’ shareholders within the meaning of s 1317G(1)(b)(i) of the Corporations Act; and (b) were “serious” within the meaning of s 1317G(1)(b)(iii) of the Corporations Act.
ISX Price at posting:
$1.07 Sentiment: Sell Disclosure: Not Held
