The pirates have concocted the perfect way to move publicly raised capital out of a listed ASX LIC into private assets or fees that are too highly valued or vanish as bad debts with related parties benefiting from the "loss".
Basically, the ASX and ASIC have allowed a standard to be set here that I expect many LIC's to follow in the future. They have done nothing to prevent it.
This serves as a textbook example of how to game the ASX and a public listing and IMO will make a lot of LIC's uninvestable going forwards.
The reputation of ASX and ASIC are seriously at stake over this and BLA. ASIC should have seized assets and accounts a long time ago to force a more honest outcome.
HML Price at posting:
$1.99 Sentiment: None Disclosure: Held
