Kenneth Kuan the Mastermind behind the missing millions, page-9

Great stuff above @DanMachine.

Below is what I believed happened after thatFirstly, Kenneth then came on the scene. Without any explanation from the company, Sean Tham was replaced as CEO and Aaron Lee assumes his position on an interim basis https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02261715-2A1239867?access_token=83ff96335c2d45a094df02a206a39ff4

Sean Tham and Tim Monger joined forces in an attempt to remove the newly appointed personnel from the company, including Aaron. However, their endeavor ultimately proved unsuccessful. This is where I first bought into IOU. At the time, with the stock on issue I held about 1.5%. I was approached at the time by Barclay Pearce to support Aaron and the board, which I did. https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02279180-2A1249151?access_token=83ff96335c2d45a094df02a206a39ff4

After the failed Board spill, Jack Bai tendered his resignation in September 2020. https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02286360-2A1252683?access_token=83ff96335c2d45a094df02a206a39ff4

However, their annual report for the year 2020 demonstrated substantial advancements when compared to preceding periods, primarily ascribed to effective endeavours in accumulating funds. It's also when they changed to IOU from ICU for a complete rebrand. Plus, other things were happening including BNPL being discussed, e-KYC, talk of Indonesian B2B and B2C bill payment processing, integrating into payment gateways, but also it is when Kenneth Kuan is confirmed as CFO. https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02302782-2A1260494?access_token=83ff96335c2d45a094df02a206a39ff4

This development resulted in a notable surge in the company's share price within a short span. We also had 2 capital raises in this time - one for about $3.5M and another for a little over $10M - both of these were done by Barclay Pearce.What happened at his point is IOU underwent a pivot towards the fintech sector, plus BNPL and that is what got shareholders (and the market) excited.

The one part that stays steadfast through this is Aaron Lee. The rest of the board and company completely changed with Kenneth coming on as CFO, Khong Kok Loong as CEO and later the CTO is also changed.I know the above is old news to most, but for some it may help with some context, as things start to get complicated as we begin to unwind everything that has happened.

Next post will be from @DanMachine. It'll now start to explain Ken's perspective on Anthony Dunlop and more importantly the employees who Kenneth brought in to what I believe was to start building a wall in the company