No. This is like saying if somebody steals your car, dont go cry...

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Kepo

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08/06/18

13:57

Post #: 33596731
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Originally posted by pikel1980 ↑

This is the equivalent of saying, if somebody steals your car its your fault for buying it...

Further if you are a licensed auditing firm, then you should be able to audit in good faith any set of accounts. They audited other listed entities, they should have either been capable or not taken the job.

Seriously there have been a number of spectacular ASX falls in the last year, RFG, GSW & BLA to name the most obvious, even the likes of Dick Smith, however none of these involved the complex and arguably deceitful structure that was BIG. Until such time as the ASX aware letter and the AFR articles outlining the funding arrangements, there had been ZERO disclosure by the company of the situation and the fact that investors were unaware that FC Capital had security of the assets is beyond belief. There are a whole set of laws around how to be a company director and in this instance, I cannot see an argument to support the idea that the current directors fulfilled their disclosure obligations - and accordingly they should be held accountable. In the same way the auditors have a serious case to explain here as to their diligence on these matters. A simple check of the bank account (if the ways things have been reported are correct) would have raised red flags and these should be been questioned and explored.

FFS, this company was almost in the ASX 300 and would have been required to be owned by index funds - all on what was essentially smoke and mirrors.

To simply call it out and say suck it up, is not cool, BIG goes to the basic integrity of the ASX and must be pushed to the complete extent of the law.

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No.

This is like saying if somebody steals your car, dont go cry to the police straight away.

Do a self reflection first.

Did i leave something valuable?
Did i lock the car?
Did i register for insurance?
Etc.

Evem the police always warns ppl to not leave the car in conditions that will attract thieves.

BIG Price at posting: $2.22 Sentiment: None Disclosure: Not Held
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