ILDV, ASAG and Others11 Aug 2015 18:46
ILDV - earlier, you posted;
"This will have long-term ramifications for the reputation of London market besides being a life changing tragedy for many hundreds of retail investors and their families. The destruction of this FTSE 250 company in a matter of a few months is the folly of breathtaking fraud at the expense of its shareholders. "
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There are two reasons for pursuing this via ASAG a) is to ensure that there can be some reasonable effort towards closure (whether it is possible to return any material compensation is another matter); and b) to continue to pressure the respective parties and agencies, including the FCA and the government. This may not resolve matters in respect of AFR and its shareholders, but the aim here is to bring about better regulation, governance, and oversight.
As things currently stand, what we have are ever-increasing degrees of corrupted-ness. At levels which are blatant, leaving us (in the UK) in no fit state to extol and export values and ideas of good governance and democracy to anyone else. People who are saying they won't invest in an African country again do not understand where the problem actually lies; more critically, the system as it currently stands disadvantages PIs/Retail Investors to such an extent that it has become like gambling, like a casino. Our research, brokers notes, End-of-Year Financial Reports, AGM's etc. are all meant to reduce the extent to which we are taking risks - however, instead, every investment decision is akin to roulette.
Systemic change is necessary. But this will be hard to come by give the current government's biggest donors happen to be hedge funds.
Good luck to you and ASAG!
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