More trouble for ISX today after ASIC announced that it has commenced civil penalty proceedings in the Federal Court against iSignthis Ltd and its managing director and CEO Nickolas John Karantzis.
Some serious allegations of non-disclosure and misleading representations being made.
Fair, strong and efficient financial system for all Australians.
ASIC is seeking declarations and pecuniary penalties against iSignthis and Mr Karantzis. ASIC is also seeking orders that Mr Karantzis be disqualified from managing corporations.
Ouch! Things going from bad to worse for ISX. Given the current circumstances, I think it's unlikely that the company will ever be re-instated to official quotation. At the very least, not anytime soon. A very ugly situation.