Great post but how are you going to stop? It is happening with almost 60-70% of companies listed in ASX. These companies shouldn't have been listed on asx. The government and toothless regulators ASIC and ASX are not doing enough. The Gov is more interested in FDI, and tax think that it will create a job for winning the election and didn't give a fxxk if country is sold to china, envornment is destroyed or shareholders lose money.
Why do you need 2-3 independent directors for the company that hardly generate $1m for a decade and solely surviving on raising capital? Shouldn't allow to list on asx unless they prove business and make a profit for a minimum 3 years. Why do you allow same director working for 3-4 public listed companies collecting $60-$120k for attending 5-6 meeting a year? It is a most rubbish law. Australia investors lost over billion in the last 10 years because of Gov and greedy ASX allowed about 50 fraud Chinese and oversea companies to trade in ASX. 95% of these companies are delisted now and shame not a single action taken against them. Why do you allow such foreign companies to trade in ASX when you have no control over the company and protect investors?
I sold gxy for $20k loss after holding for 2 years. I was a victim of brutal short trading (SP fall fro peak $4.5 to 67c) and on wrong side of trends. Everyone knows GXY management was working with shorters ad they didn't do to stop. What action ASX, ASIC were taken so far to stop? Anyway, I am happy to see ISX claiming $264m damage against ASX for misleading and deceptive conduct. Similarly, it should be accountable for the misleading report and false promise.
MXC Price at posting:
2.8¢ Sentiment: None Disclosure: Not Held
