It's a damning (and correct) decision by the Panel. The former...

It's a damning (and correct) decision by the Panel. The former directors (and the directors before them) had total disregard for the Australian laws and their shareholders. It's a serious black mark on the Australian corporate landscape, and I question what ASIC were doing through all of this. Why was Keybridge the only one banging the table over this? Who was listening to them?

The question you raise on a class action depends on who you can sue that's capable of paying shareholders damages. No point suing the company... it has no money anymore. No doubt the former directors should be sued (and it sounds like Keybridge are already doing this), but I highly doubt they have $45-50m to pay back.

If there's D&O insurance; presumably there's a claim. Also, you'd probably want to check who advised the directors and the company over the time they committed the breaches... they may also be accountable.

In short, the best party to pursue the claims for shareholders is Molopo itself. Now that it has a new board that appears to be very competent (including the former head of Woollies and the former head of ASIC), let's hope that they pursue every rabbit hole they can.

One thing is for sure... it's not going to happen overnight.