Perhaps it all started with the Sibu purchase for the lending licence. When we purchased it, it was a dormant company. There were no assets or ongoing business bought and at the time (and still up to now) the licence purchased is not needed to do BNPL. From memory we paid well over $1M AUD for this. Was that fair value or was this the start of the flushing? Sibu Kurnia had no revenue with negative retained earnings!
IOU 249D, page-187
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