WOT, thanks.Exactly the same stock standard "Thanks for raising...

WOT, thanks.

Exactly the same stock standard "Thanks for raising your concerns.....but we are not in the least interested in pursuing" response I received.

To which I sent the following reply......

Dear Mr Hearn,
Thank you for your email below which I received this afternoon. I am somewhat disappointed with ASIC's determination not to take any further action in relation to what was an ASX listed public company, Wolf Petroleum Limited and the actions taken by Wolf's majority shareholder to assume total control of the board of directors and secretariate and the company's valuable foreign assets only to delist and deregister Wolf, and relocate all corporate dealings in relation to Wolf to China - to the total detriment of all remaining Australian minority shareholders. If this is type of corporate behaviour by a foreign entity is condoned by ASIC then what confidence should minority Australian shareholders have in Australian financial regulators to protect their interests and ensure a level corporate playing field when investing in an Australian public company?

Regards.

I do not anticipate a reply from Mr Hearn.

So what are we to make from this?

1. It appears from our responses that in ASIC's view China SAM have acted appropriately and within the legal framework our corporate watchdogs are charged with administering, overseeing and enforcing. Well, maybe, maybe not. I have to wonder to what extent they made their enquiries during the short period of time they had to fully consider the issues raised. Furthermore, what level of resources did ASIC devote to the investigative process. As they say in their response, "ASIC is not automatically obliged to investigate every matter and we exercise our discretion when to do so." This is a typical get out of jail disclaimer if ever I've seen one!

2. I strongly suspect that anything remotely to do with questioning trade relationships or any trade related dealings with China, whether good, bad or indifferent by any level of government agency is strictly off limits. On this point, I would include the ABC and by extension the Four Corners program. I could be wrong on this point, but it's my opinion. I am firmly of the belief there has been an unwritten high level government directive not to poke the bear.

As an aside, I was fuming when I read in ASIC's email the description of China SAM as being Wolf's "strategic partner". Nothing could be further from reality. China SAM are actually Wolf's strategic predator!

Where to from here? If somebody is inclined to follow up with Four Corners to determine their level of interest in investigating Chinese corporate raping and pillaging ASX listed "strategic asset holding targets" feel free and do let the rest of us know their response.

All the above is in my humble opinion.

Cheers