I notified the ASIC on 30 May when he decided to transfer STI shares and intellectual property into a company that he and Allan Bain (serepticiously) were director/CEO of, being Immune Network Ltd. I wonder whether these shares were transferred before the company went into liquidation. Terms of of the arrangement between STI/INL were sketchy and lack of clarity when there is such a conflict of interest is pretty dodgy, especially in light of a lawsuit filed a few years earlier under a similar scenario. Strange how the terms of the license agreement between Zodiac and STI for the Zocap products are 'confidential' as well.
I also wonder whether ASIC had sent him a please explain letter prior to his timely departure.
My sympathy goes out to all those heavily invested.
STI Price at posting:
0.2¢ Sentiment: None Disclosure: Not Held
