ASIC is an institution which should be committed to upholding the law when violated , but most of the time ASIC never take action.
When DCN is bought by GMD at a price 3 times lower than its assets value , after that the stock price had been manipulated down from 30 cents to 10 cts , this should have triggered inquiries from the ASX . ASIC should have also ask the DCN board why it considered unanimously this offer as fair and attractive . But Asic didn¨t take any action. A similar passivity happened already with Strategic Minerals, being taken over by QGold at a price 4 times lower than its assets value . Despite shareholders complains for 4 years, ASIC constantly refused to take any action against QGold. ASIC appears as a useless institution, created to give the market an appearance of legality and rightness. In these two examples ASIC failed to enforce its own laws , even when obviously breached. Lodging complains to ASIC appears like a waste of time .
DCN Price at posting:
8.6¢ Sentiment: Hold Disclosure: Held
