URGENTLY if you haven’t already registered your interest in involvement, I would ask that you do so by emailing your name, total loss, factors you believe caused your loss, email and phone number to [email protected] SUPER URGENT.
Please contact everyone you know who lost on this!l to make sure they’ve also registered!How was drilling performed and how was the geologists involved ensuring that higher grade intersections from drill cores not cherry picked and sent off inflating the overall grades? This is very common in the industry as my possible drilling company expert witnesses can attest. Investigation will need to review how JORC geologists safeguarded against cherry-picking data, in particular that the variations have been so significant since what was first calculated.I believe the conduct is serious enough to call for a senate review, requesting that ASIC and further an entire review of the ASX framework and requiring improvements at law to address shortcomings, including secondary checks and balances, project management framework, items that would ensure risk is removed from investors - it is unreasonable that investors are affected by collapses cause damage when a more robust regulatory system would have prevented that. A senate enquiry is absolute necessary in my view to look at the shortcomings and how the stock market regulation in Australia would have prevented losses. As you can appreciate it hurts the nation when $300m or so simply folds. In particular it stops our ability to compete with China and its threatening advances in the region.In my view ASIC as regulator is also tasked to investigate the ASX and whether it has been negligent in being fully aware of the amount of times investors have lost funds and whether it ought to have voluntarily begun more rigorous framework checks and balances.Not doing so, ASIC itself becomes a party for a negligence claim by the Australian shareholders that have lost funds trading on the ASX, as does the ASX based upon negligence over the years. Important - has the ASX been negligent over the years in not requiring basic professional business requirements? Such as;1. Requiring business accreditation (eMBA - Executive Masters of Business)2. Requiring proven track project management systems be used for projects (Agile Project Management / Prince2)3. Additional safeguards and secondary checks and balances to ensure investors don’t lose funds.It is my view that every dollar investors lose in Australia removes our nations ability to keep up with Chinese advances and by not having voluntarily tightened regulation I believe that the ASX has been negligent.It has data on every single company that collapses - it can call for all data for failed company as part of its requirements, it can review and have committees review each loss, in particular given that a good friend and colleague was technology manager with the ASX for 30+ years. It is also my feeling that with power and money there should be a commensurate responsibility, ethically, not at law. I’d be interested to hear if you agree?Does anyone recall the all time high? Was it $300m/$400m? If I recall correctly, all time high was above $300m with such losses, I believe it’s possible to seek the entire books from the courts and hope to be sifting through all the data that such subpoena would require to handover.I urgently ask if you haven’t registered your involvement in any potential class action that you do so by emailing the email stated above, and contacting all other parties to urge that they do also!
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