Requisition of Resolutions Under Section 249D of Corporations Act

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    Melbourne, 24th July 2020 : iSignthis Ltd (“the Company”) discloses that as at 23rd July 2020 it
    was in receipt of a requisition from a member, Select All Enterprise Ltd, holding more than 5%
    of voting rights that calls for the following resolutions to be put to a general meeting of
    shareholders (with the second resolution to be a special resolution):
    1. That, in order to remove any perceived conflict of interest and the possibility of a five (5)
    year renewal, Grant Thornton Audit Pty Ltd be removed as auditor of the Company.
    2. That BDO Audit Pty Ltd be appointed as auditor of the Company immediately upon Grant
    Thornton Audit Pty Ltd ceasing to be auditor.
    3. That shareholders commend Grant Thornton for its professionalism and work as auditor
    of the Company in the developmental period of the Company's business.

    courtesy of Bell Direct

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    iSignthis insanity continues with Grant Thornton's removal as auditor
    Joe AstonColumnist
    Jul 26, 2020 – 11.21pm

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    Just when a reasonable person – and this bizarre fable doesn’t feature too many of those – would’ve imagined the iSignthis psychodrama couldn’t get any weirder, chief executive John Karantzis on Friday requisitioned an extraordinary general meeting to dismiss the company’s auditor, Grant Thornton Australia. For real.

    That would be the same Grant Thornton whose implausibly credulous signing audit partner Brad Taylor ratified iSignthis’ accounts to June 30, 2018. In this period, iSignthis abruptly generated rampant revenue from financial scammers to hit steep performance targets that resulted in Karantzis’ holding company in the British Virgin Islands being issued with 337 million new iSignthis shares (equivalent to a ludicrous 59 per cent of the shares previously on issue).

    John Karantzis is suddenly concerned about perceptions of conflict of interest.

    This is the same Grant Thornton that missed the February 2019 acquisition of Karantzis’ personal Cypriot entity Verificates Limited (now Probanx Holdings) and the December 2019 acquisition of Karantzis’ personal Australian entity iSignthis Solutions (previously Inlex Pty Ltd) as related-party transactions. So what else did Grant Thornton miss?

    We’ll probably never know. Indeed, herein lies the sheer genius of Karantzis’ latest fitful ploy. An auditor removed by shareholder resolution is free to walk away, wordlessly, from the wreckage. On the contrary, for an auditor to resign it must apply to the Australian Securities and Investments Commission for consent to do so and have “stated the reasons for the application”. Dare to imagine the withering catalogue! Karantzis has cannily evaded such a calamity.

    Undoubtedly relieved, Grant Thornton has been under immense pressure over its green-lighting of iSignthis’ exotic financial accounts. It sure must be hellish trying to keep tabs on all the cash (and crypto and V-Bucks) sloshing around these shadowy fintechs. As Wirecard’s auditor Ernst & Young will attest.

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    Our very best wishes to iSignthis’ new auditor, BDO. They’ll want to include a hefty tariff – designated “danger money” – in their fee schedule.

    The curation of this whole pantomime is really quite exceptional. Firstly, in a statement authorised by the managing director, iSignthis confessed to being “in receipt of a requisition from a member, Select All Enterprise Ltd”. As in, from the managing director. Specifically, from his other British Virgin Islands entity – the one he transferred those performance shares into so as to deprive the first entity’s other shareholders of their stake in them!

    Secondly, Karantzis is seeking Grant Thornton’s replacement “in order to remove any perceived conflict of interest…” One that precisely nobody except Karantzis has ever been moved to perceive.

    And Karantzis’ third resolution is to “commend Grant Thornton for its professionalism and work”. As he hurriedly shows them the trap door. The incongruity is blinding – as is so often the case with this guy.

    iSignthis chief executive John Karantzis.
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    Ordinarily, this might be the most audacious manoeuvre we’ve seen from a public company in a long time. Instead, it’s not even the most audacious manoeuvre we’ve seen from this company recently.

    After second-tier Australian institutions ceased processing its SWIFT transfers in December, iSignthis claimed it was dumping them, and would create its own SWIFT interface by mid-March. It still hasn’t.

    In response to Visa’s anti-money laundering division kicking iSignthis off its rails in March, Karantzis is preparing a complaint to the European Union’s Directorate-General for Competition!

    Hell, after the Australian Securities Exchange suspended iSignthis’ shares in October, Karantzis took control of the piddling National Stock Exchange in February, contriving to have ASIC disqualify the ASX from regulating its own competitor! ASIC has not yet deigned to rule any such thing. We suppose stranger things have happened…

    Joe Aston has helmed The Australian Financial Review's Rear Window column

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    Geez Joe went hard. Sadly shareholders are getting forgetten in this saga

    1 like
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    wont re list imo

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