To be fair, ASX did substantiate conclusively that there were...

To be fair, ASX did substantiate conclusively that there were multiple anomalies (and that is being very kind) in the reporting and data coming out of TNC, via their ASX Aware enquiries/follow up. It's on the public record for anyone to see. The process from there should have been the ASX raising their concerns with ASIC - I'd be astonished if that didn't occur given the nature of the breaches.

ASIC then weighs up whether or not to prosecute a case against the company and/or it's directors - ASIC seems to have done nothing. If I was holding at the time of the re-capitalisation event I'd have going through the pain of raising it with ASIC myself, solely off the back of the ASX Aware enquiries. With microcaps it's just a squeaky wheel situation - enough noise about something and they'll likely do something. They are hopelessly underfunded and under-resourced, so alot of stuff goes through to the keeper.