DUGSAB vs ASIC, page-2

I must agree that the regulatory authorities are next to hopeless. I was involved with a company and it became clear the board was asset stripping by selling assets to mates at bargain prices. They agreed to sell the main asset for under $1 million and the ASX stepped in and said if you are going to sell the companies main asset to an "associated entity" you must get shareholder approval. Before that could be done a non associated entity offered $3 million and the asset was sold. It didn't stop them from selling the other main asset for next to nothing and these people still run the company.
If ASIC ran the system properly the government would have to expand the prison system.