I think the market and investors (me) are just concerned by the complete contrast in what the directors say - and then what they release to the market.
It's obvious they either have no idea what they are doing remediation wise, or they simply aren't engaging with the relevant people. These sorts of announcements should never transpire like this. If they were on top of the issues, this would trickle through.
Instead, the market sensitive announcements are always at complete odds to what they say - which makes them look incompetent and stupid.
Their business, by definition, is always going to be a high risk AML entity. Anyone in the industry will tell you this - or you could just go to Woolies and watch all the junkies and organised crime entities loading up on gift cards and prepaid debit.
I am sure they will make there way through it all, however having insight into this sector, it will be a long, hard slog.
EML Price at posting:
52.5¢ Sentiment: None Disclosure: Held
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