radioactive law firm considers nuclear meltdown

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It turns out, according to the correspondence we uncovered between Jagdishwala and the former legal director of the FA Glen Dobbiethe inaccuracies in the group compensation report were intentionally inaccurate.

The additional $103,000 paid to him was paid off-book and channeled through an Indian entity, which had the effect of keeping his official salary below that of his managing director. Stace Boardman.

Two months before the president of legal affairs of the AF Rick Denis announced the corrected compensation figures for the annual report (where he had signed his director’s opinion that the financial statements complied with applicable laws), his predecessor Dearlove sold 40% of his stake in AF Legal for 444,000 $ in a sell market. Luckily for him, the sell was executed at 29¢ a share, well above the 12¢ the stock closed on Wednesday.

Although AF Legal declined to respond to any of our requests this week, it told the ASX on Thursday morning that its correction of the “error” in the company’s compensation report was “in accordance with its legal obligations” and therefore “much of the information disclosed in the article supports and justifies the reasons why AF Legal made this disclosure”.

No wonder 10% owner, managing director of Westferry Investment Group Peter Johns (Microcap Jesus from Twitter aka), has been coy with us on these issues!

Less reluctant, however, the managing director of GTC Legal Group James Stevenwho drily noted on Thursday that “his company’s assessment of the accuracy of certain information provided to us by AF Legal is that we now believe that the best course of action for our shareholders is to exercise our right to termination” of the merger.

And we thought the old adage – that you know a lawyer misrepresents when he opens his mouth – was just a joke!

Why would Dennis, the former managing director of EY in Queensland, agree to keep Dearlove in a “consulting role” and as AF Legal’s practice director after he resigned from the board on November 7?

Heck, it’s the kind of governance that’s landed Dennis professional director roles at ASX-listed groups such as fashion platform Cettire (they should rename it Satire given the collapse of 70 % of shares over the past year) or underwear maker Step One (where shares have fallen 90% since going public a year ago). Hopefully his place on the Queensland Advisory Board of AustralianSuper is less exciting.

The punchline, however, was governance incubator Energy Resources of Australia, 86% owned by Rio Tinto, announcing Wednesday the appointment of Dennis to its board as an independent non-executive director.

just ejected its president Peter Mansel and independent directors Paul Dowd and Shane Charles last month after hiring grant thornton to put a laughable $1.3 billion valuation on uranium the company (for all conceivable purposes) is never going to mine they went ahead and installed the most radioactive manager this week.

If they need legal advice, Dennis knows the place.

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