Was anything ever true at Phoslock

The company claims is it rebuilding its pipeline of sales from the damages of Covid but was there ever any pipeline of sales??


1) Laurence Freeman the then chair ofPhoslock took significant amounts ofmoney off the table in excess of $20mduring this period.It beggars belief that he had noknowledge that the company he waschair of and and major shareholder hadtotally fictitious financial statements.
2) Phoslock had already confirmed in itslong-delayed 2020 annual report, that forensicaccountants had uncovered “potentialmisappropriation of funds”, the“falsification of invoices”, “undisclosedrelated-party transactions” and“payments to third parties where theultimate beneficiary was unclear … orotherwise suspect” in its China division.
3)The trouble started at Phoslock in June2017 when chairman Laurence Freedmaninvited Zhigang Zhang and later NingpingMa to join the board and heavilyincentivised them to build a new revenuestream from China. The company issued50 million performance options toZhigang, Ningping and other Chinesemanagers. Their revenue hurdles weremet in 16 months flat and both directorsnetted at least $20 million.
4) But while thenew revenue was booked, not very muchof it was actually collected. Superb workthere from house auditor KPMG and the chair of Audit, Brenda Shanahan. KPMG eventually extricated itself from Phoslock at the annual meeting in May. Mortifyingstuff.
5) Non-executive director BrendaShanahan chaired the board’s auditcommittee from 2018 and is still there??
Phoslock first disclosed the discovery ofaccounting irregularities in October 20.