FRAUD, page-7

The only way to redress this is for the regulator (ASIC) to advise the ASX that CDI's can only be issued by companies registered and operating in Australia. Otherwise the ASX becomes a default market for the equivalent of junk bonds for offshore entities.

For CDC holders any recovery of their funds is a lost cause.

A local and slightly different example where it has ended in tears is MGC with it's Unit listing.

The ASX conduct and listing criteria is long due for an overhaul and that responsibility rests with ASIC if and when they get around to it, if at all. In the meantime punters playing the ASX need to be aware of the pitfalls of non-voting and or no company entities on the ASX.