I've stated this before, but I'll state it again for those here that ignore details and instead defer to a type of logic that resorts to immediate suspicion of nefarious activity based on some kind of retribution whenever someone provides view or insights that go against their beliefs.
I lost nearly $5,000 in PET. This was not a substantial amount for me, but it may be for others. I don't know.
When FB was brought into PET (imo to provide cover & delay inevitable lititgation) I had to look into him, and boy I was not disappointed
Fraud is a pretty strong and dangerous word that I have never used. It's not a word that should be used when it can only be based on suspicion or speculation.
I believe FB saw potential for the idea of the mems audio chip when he took over AP.
There is evidence that some major players also showed interest in it's development.
e.g. Yamaha was a shareholder in the original AP - only $40,000 but they dipped their toe in. Then Sony came on board to collaborate. There was also other interested parties from various sectors, as well as a consultant engaged to drum up funding interest in USA.
However, after years of many repeated & continued failures, the interest & support fell away.
Why did FB continue on ? Does he still have full belief that they will pull this off ? Is the gambling side of his personality preventing him from pulling the plug ? Has he himself been conned ? Or is something else going on ? Who knows.
What I find curious is that most of the capital has been sent to Israel, and aside from semi disclosure about wages paid there, there has never been any details provided about who money was paid to or for what purpose. Surely disclosure of the subsiduary company's P&L details would support the updates on progress provided by the company ?
Which brings me to the question that should be looked at based on what is known.
Has AKP been involved in repeated & intentional deceptive and misleading conduct ?
The numerous published ASX queries into share price and disclosure reponsibilities are red flags to this type of behaviour.
Because the door has been closed on the "profitable exit strategy" for potential funders, FB will now have to carry this on his own at the cost of around $500k PER MONTH. Let's see what he does.
(20min delay)