the real issue now is whether ISX can resume its listing. Having lost a lot of money on a recent delisting (of TTC where I held a leveraged bear position) even though the company had value once the company was delisted the CFD value was zero and I had to stump up a lot of money.
”Naturally a management team will rebuttal an allegation if it is untrue” could equally read “naturally a management team [that has 100s million of dollars on the line] will rebuttal an allegation if its is [false]” If they want to refute this properly then disclosure the contracts that resulted in the massive increase in H2FY19 Of $2.5m from the four clients that they subsequently received no further business from AND show the cash receipts from those accruals revenues AND show there was no washing of these funds in any way. It isnt that hard to provide ASX with the necessary evidence, so why has this not been done. If it walks like a duck and quacks like a duck...........then maybe it is a duck......
Surely even the most ardent supporters have concerns about the possible manipulation of the revenue number with bulky one off revenues from “clients” who subsequently disappeared /banned and as I understand even I being investigated for fraud.by SEC.
On a side issue I suspect their auditor is equally as worried
And for the record I really hope if this does go down the toilet shareholders will have a claim on the assets of the Directors and Senior Management - in the case of TTC they were Chinese based and we couldn’t get a penny and they rode off into the sunset with the business leaving us with nothing !
It’s not the first time accounting games have brought a company to its knees on the ASX ..... and wont be the last
ISX Price at posting:
$1.07 Sentiment: Sell Disclosure: Not Held
