A company I am invested in on the ASX has been in voluntary suspension for almost 2 years. It will become delisted sometime in March.
Over the past two years the MD/Executive Chairman has continually stated they are "looking for new opportunities" whilst at the same time taking a $100K+ salary and simply draining ALL the remaining funds the company has.
Does anyone know if this is legal and if so, why!?
How is it that a Director can simply take a salary for two years and "claim" to be looking for new opportunities with zero proof this is actually occurring and/or oversight by ASIC/ASX.
My sense is he is planning to drain the company of the remaining funds and then just delist and move on.
Are there any legal avenues to get proof he's actually doing what he says he's doing?
