He's well known as a mining entrepreneur, a Jewish rabbi and a...

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BigJohn55

10 Posts.

30/08/22

22:47

Post #: 63419743
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Originally posted by Coax: ↑

After reading the ASIC announcement 19-113MR dated 14 May 2019.

I am dismayed when corporate misadventures can evade proper penalties and prosecution for their actions, blatant negligence and in some case criminal actions/behaviours with shareholder funds.

In respect to MED; to have moved almost 14 million dollars of MED funds to Axis Consultants Pty Ltd without shareholder approval is bad enough, but when the funds are moved to private companies (allegedly) directly associated with Mr Gutnick, and these companies provide no discernible benefit to MED it is blatantly corporate fraud and criminal investigations into the transfer (and final use) of these funds needs to be launched. Throw into the mix the convertible note from Chabad Properties and one has to ask what were the board of directors thinking? And where was the governance of this company for all this time...

Audit results not lodged with ASIC... Does Mr Gutnick and his board have any respect for ASIC and the company shareholders...

Well done ASIC for finally (arguably too late) appointing liquidators to look into these serious and questionable transactions by Mr Gutnick and his board.

One can't help but wonder; was/is Mr Gutnick fit to serve as a director? What if he had not been permitted to hold the office of a director after already losing that privilege previously - would shareholders and contractors have lost their money...

I can but only hope that ASIC, the court and the liquidators will not stop at finding out only what happened and rest, but they will also take the appropriate actions "if" individuals are found to have broken any laws or been complicit in the governance of MED.

Coax

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He's well known as a mining entrepreneur, a Jewish rabbi and a former president of the AFL's Melbourne Football Club, but now Joseph Gutnick has set his sights on making a fortune in Tasmania.

https://www.abc.net.au/news/2022-03-31/joseph-gutnick-tasmanian-mine-moina-afl-team-support/100950398

MED Price at posting: 0.6¢ Sentiment: None Disclosure: Held
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