Good news for shareholders. I wonder if any of this will come...

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creditdumbness

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09/04/24

18:24

Post #: 73263835
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Originally posted by creditdumbness: ↑

"On 28 March 2024, a letter was provided by ORO with respect to the outcome of the investigation. In summary, ORO has conducted a full investigation into i) the complaints by Jimmie concerning the administration of the bankruptcy cases and ii) legal proceedings filed by Jimmie (the "Investigation"). The Investigation included a special field audit on 28 February 2024 and interviews with the joint and several trustee in-bankruptcy Jimmie (on 13 March 2024) and King Wong (on 14 March 2024).

Based on the information obtained from the Investigation, no evidence of any material irregularity was found in those areas within the purview of ORO.

The board of directors of the Company (the "Board") is pleased with the outcome of the Investigation. The Company will provide updates on the adjourned creditors' meetings of the bankruptcy cases (procedures before the appointment of trustees) and the nomination/appointment of trustees in due course."

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Good news for shareholders. I wonder if any of this will come back to bite Jimmie. Could he be opening himself up to lawsuits by CI1? We don't know what his main complaints were. Is there anyway of finding this out? So far he has seemed intent on not going out quietly. Still lots of communication needed from the board about the Wong family and how many, if any, are still at the company and their roles.

DYOR. My opinion only.

Last edited by creditdumbness: 09/04/24

CI1 Price at posting: 11.0¢ Sentiment: None Disclosure: Held
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0 Great analysis

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