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clock Created with Sketch. 14/06/24
21:20
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Originally posted by tradie130:
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We are all hoping the investigation reveals what has happened. It was this piece that was reported that caught my eye… “Recipients of payments included certain personnel of the Company however no conclusive evidence has been identified to date that any individual connected to the Company other than McGovern was involved in the misappropriation of funds. Whilst the investigation uncovered sufficient evidence to terminate McGovern the evidence available did not warrant the Company taking disciplinary steps against any other current personnel.” So I take from this that they discovered others in the company received certain payments which would be ‘off books’ and this definitely would be a little strange for a public company. However, not enough evidence was identified “to date” to warrant any further disciplinary actions. And so the investigation continues all hopefully will be published in time. Agree, it's hard to see this recovering from here with the track record to date. You've got to think the Directors and CFO would pick up on signs that $30M of the only cash that had in reserve was missing. I can't accept that a CEO has that much power to do what he wishes at will. There were too many indicators, missing interest, unpaid bills, the odd $10M cap raise out of the blue... all points to more awareness inside the company than just one bad CEO apple.
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100% spot on, well said.
