Great you have tried to get some info but I fear any response will be very sanitised otherwise you could be in a position to do insider trading (having info that noone else has).
I have spoken to ASIC on a number of occasions throughout the journey and get standard responses both verbally and in writing.
IMO, you have missed the most important item in your letter and again, IMO, ASIC is looking at the financial viability of BPG. Their Balance Sheets have never told the true story. They have very little money, (like dollars and cents). Their claim of debtors in their Balance Sheet are not real and any business would have written them off by now as bad debts.
Personally, I believe that Phua and co are happy to be in suspension at the moment because the directors would then have the spotlight put on them for trading whilst insolvent - that's jail time!. Why else haven't we had an informative statement from them on their intentions?
If BPG had any sense (and dollars) this is the perfect time to generate business, build it up and get it working which would then quash any issues that ASIC has but I doubt the product works very well, probably doesn't satisfy APRA or ASIC requirements. I am currently contracting to a bank and the regulatory requirements imposed are getting bigger by the day, much more cumbersome and time consuming to satisfy the requirements. I doubt that BPG have even thought of having a compliance officer.
I am as frustrated as everyone, except CT.
I seriously hope that I am wrong and a miracle happens
BPG Price at posting:
0.9¢ Sentiment: None Disclosure: Held
