SGH Update, page-162

I think books will be written when this saga unwinds. Asic will have a bit to answer for. Just to reflect, in about April of last year Asic engages with Sgh . What ever their suspicions they remained silent. Sgh defended their accounting policies, not half heartedly but spent 3 million dollars doing so. Not just an xchange of a few emails. Mr Grech commented that if Asic had any concerns they would have voiced them. In the knowledge of what we now know this seems the most extrodinary thing to say. It had to be said at a time that both Wip and the terrible performance were known. Guidance was confirmed at Nov 30. I think all investors have a right to feel severely let down by Asic. Good god , they were in active communication with Sgh for close to a year. At the half year results to have the market informed that it had concluded its enquires. What's Asic's role , watchdog, regulator, it's seems to have failed badly. I think Grech will be consigned to the dustbin, but quite a few other should or will held to account . Sgh paid out 40 million in transaction costs for psd. More targets their. Retail shareholders shouldn't be cannon fodder.