I think you may need to potentially consider going down the...

I think you may need to potentially consider going down the regulated complaint road first, through AS internal dispute resolution and then escalate to AFCA through the EDR process

if EDR is proven then you may have a pretty decent case to help with any further potential action at some later point

now the key to all of this lies with the corps act and fiduciary duty to act in the best interest of members and also conflict of interest duty under the corps act

if this has been fully adhered to, and I am not doubting for one second that it hasn’t been, then you have nowhere to go, if it hasn’t then the EDR process with AFCA and finally the ombudsman will flush this out, remembering that they have the power to order remediation and liaise with ASIC to start investigations and prosecutions given we now live under BEAR regime which puts greater accountability on boards and directors

as an aside note, given the wealth of one or two directors and money that has been pumped into the company I would be surprised if we don’t see some form of litigation once finalisation of the purchase has been concluded

I guess it’s a case of wait and see