The woes at Fortis Mining will have a familiar ring to those on...

The woes at Fortis Mining will have a familiar ring to those on the BRM thread - one key difference is that ASIC seems to be doing its job demanding further scrutiny.

I am beginning to suspect that ASIC intervening in BRM now will raise more questions as to why ASIC did not intervene in May just after Wah Nam transferred the shares warehoused illegally by Associates. i.e. it may be too close to the bone re: embarrassment and incompetence on ASIC's part to revisit. Looks to me like BRM may the sacrificial lamb - however let's hope for the good of the country in the future ASIC scrutinises rogue investors from HK/CHina with more closely. In Fortis' case we are still yet to see if ASIC has the balls to actually do anything.

There is no denying that Australia has paid a high cost in seeing an important mining asset like Marillana disappear into hands that will more than likely act against the Australian national interest.

Just an aside, if ASIC wants to know about the new Chinese directors at Fortis, why in the hell are they letting Peter Joseph and the HK ICAC controversy pass without comment?


http://www.smh.com.au/business/founders-lose-grip-on-fortis-after-boardroom-reshuffle-20111228-1pcqk.html