I quite agree @Singhg51...... ASIC budget was cut by 25% during the Abbott Govt.... there hasn't been much of their funding restored from my memory. This during the time when first claims of the Big 4 being non-compliant with AML regulations.
ASIC is governed by politics instead of being independent and well funded to enable them to investigate and prosecute companies behaving badly. Asx on the other hand has oodles of $$$s to fund their regulatory efforts with 1/2B profit last year.
Even though the ISX case seems pretty cut and dried, we all know there is no evidence of ASX claims, or at least none that Asx have yet presented, ASX have the funds to hire top barristers and so the ISX case will be a Battle Royale. ASX won't want to be seen as so slack as to investigate and persecute a little upstart like ISX with no evidence so they are likely to rely on legal argument rather than facts. And should ASX lose before Justice Davies, they will no doubt appeal and draw out the course of the co. as long as possible to drain ISX legal team of funds.
This is why we need ASIC to be well funded.... ASX should have its toes clipped to prevent this abuse of power, to prevent an abuse of the legal system.
ISX Price at posting:
$1.07 Sentiment: Buy Disclosure: Held
