The Stench Is Everywhere - Join The Dots

If we had any doubts about IDSB and the actual purchase, please read the below. Firstly I want to point out this research was not mine. It was a group of people, but @DanMachine is the one who connected all the dots. He has asked me to post this.

Research indicates the current directors of Piminik Capital are Anthony Dunlop, his wife Nicola, and Liew Jwo (remember this name). Mr Jwo was appointed director of Piminik Capital on 7/9/2021 (remember this date), and is the current majority shareholder.

On 9/9/2021 the company announced it would purchase 42% of this company for $42m aud, representing the bulk of the $50m placement arranged by Clee.

Mr Jwo was appointed director of Piminik Capital on the 7/9/21, and the sale agreement for purchase (Khairul Ismails affidavit, page 93) of IDSB is dated the 8/9/2021. Mr Jwo was the director of IOUpay (Asia) at this time and has signed the purchase agreement in this capacity.

So I hope you are all comprehending this. Jwo was just made a director of Piminik Capital the day before the sale agreement of IDSB. It is Jwo who signed the agreement.

Then also don't forget the funds for this purchase were put through Nazir Lawyers - Khairul Ismail owns this - At the time he was also on the BOD of IOU and when IDSB was purchased he became the representative director for IOU on the IDSB board - he has only recently resigned.







Now for the last spin in this tale. Mr Jwo is also a director of Sibu Marine - remember the company IOU bought for the Malaysian lending Licence. The one we paid $1.375M AUD for and were told it was for BNPL and consumer loans, yet to this date we still do not need that licence for BNPL. The same type of lending licence fatfish just paid another company $850,000 AUD for - yet that company actually trades. Ours is dormant. Just check the first image - who were the independent evaluators that valued this company at $1,375,000 AUD when it doesn't trade and has negative retained earnings. Also the deal to buy it went through Aspire Project Management - A company owned by Kenneth Kuan's wife.

Oh - Did I mention that currently Kenneth's wife and Liew Jwo are still listed as the directors of this company, even though it is now a subsidiary of IOU. Aaron has never stood either of them down. Why not?














So for the first part of this post, consider the below. This is just a theory, but have a think about it.Liew Jwo, who has signed the IDSB purchase has ties with Dunlop as he is a director (and major shareholder) in Piminik Capital - 21 million bucks sent to Dato' Husain and his wife.

Dato' Husain and his wife still own the majority of IDSB, and they have 21 million bucks.IOUpay asia - NOT IOUpay limited - owns 21% of IDSB.If IOUpay asia is purchased by Dato' Husain, he gets his IDSB shares back!!!!!Could Dato' Husain be one of the offers on the table at the moment?

Just one footnote here - Liew Jwo is also named in Aaron Lee's affidavit as one of the suspect loans issued by Kenneth - Teppanyaki Properties Sdn Bhd of which Liew Jwo is a Director. So why is he still listed as a director of Sibu Marine?




Lastly, not good news, but if everything goes to complete crap, look at the below clauses in the sales agreement. Check Clause 9.1 (ii) If a winding-up petition is presented against the purchaser (IOU) we are in default of the agreement.If that happens, See 9.2 (iii) The seller needs to refund any payment made towards the purchase price. So,in theory if we default on the second tranche or go into liquidation, the seller (Dato) has to refund to us the $21M we have paid. At least we'd get that back and paid out to shareholders - worth about 0.035 cents