The Auditor Kevin Somes says:"Velvogen Pty Ltd $40,710,834We...

The Auditor Kevin Somes says:

"Velvogen Pty Ltd $40,710,834

We have been unable to obtain any information and explanations we require in respect to the recently acquired subsidiary."

The public invests tens of millions of dollars of their hard earned money into a company. Surely we at least have a right to a proper and detailed explanation of where the money has gone. And if it isn't forthcoming then there should be mechanisms in place, by people in power, to go and find it.

"Fully impaired in the books" does not explain where it went and who got it. This was cash from people's savings, mortgages against people's homes, livelihoods. Surely you can't just write it off that easily.

What is the point of having audited financial reports if, when an auditor says they can't verify a number because they don't have enough information, nothing happens.

If a company is allowed to collect as much money as they can from people and do whatever they want with it, then they should at the very least have to properly account for what they did with it. The repeated use of a few catch phrases like GFC, impairment, fully written down, acquisition, mining tenements etc etc doesn't cut it. And it shouldn't cut it either with the departments put in place by tax payer funded dollars to protect investors.