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TravmThanks for providing an update. An update from the...

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Bustus

578 Posts.

61

04/09/21

03:43

Post #: 55826753
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Originally posted by travm: ↑

From ASIC today:

Thank you for your email.
The investigation process includes an assessment and brief being prepared by the investigator which is then assessed by the internal prosecutors in the relevant state. The prosecutors then decide if they will lay charges against the Company regarding their failure to lodge annual financial statements. Depending on the workload of the people involved in this process, this process can take time.
As you are aware, failure to lodge annual financial statements within the specified time after the of the financial year end as a company is a contravention of section 319 of the Corporations Act 2001. There are certain penalties attached to breaches of this section of the Act.
I cannot provide comment on the status or assessment of the investigation but can confirm that the matter is on-going.

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Travm

Thanks for providing an update.

An update from the Directors is needed

XPD Price at posting: 1.3¢ Sentiment: None Disclosure: Held
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