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    During the quarter a loan of $550,000 was offered to director George Hatzipapas under theprovisions of Section 210 of the Corporations Act 2001.The loan is repayable no later than 31 December 2019 and accrues interest of 3% fixed for the termof the loan. The loan is secured through a PPSR charge over securities to a value of $630,000.

    The company (which is run by George) that now has no money has given George a loan at 3% interest? How is this legal? What is the security being offered? Not ZYB shares? Cause they're not worth jack. This needs investigating.

    Their expected expenditure in last quarterly was $100K. It ends up being $235K ($36K in legal fees). $60K expected expenditure for this quarter (which is a month in). $33K as of start of the quarter. Are they now insolvent? What did they spend $145K in R&D on? Obviously not documentation:

    Detailed user manuals are being developed

    What does highly developed mean. Highly developed my backside, if it was, they'd have been selling it and producing revenue.

    Specifically, the Desktop Client has been developed at ahigh level, including the ability to synchronise files. The Web App was also highly developed,with most required features implemented. The iOS Client was working at a high level, whilethe Android App, which currently caters for the uploading of files, had the potential toextend its capabilities.

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    The chairman of tech company Zyber (ASX:ZYB) is on the hook for $200,000 plus costs after a months-long battle by two shareholders to get their money back.

    Last week Justin Puddick and his father John won a NSW Supreme Court judgement to retrieve $100,000 they each gave to Zyber chairman George Hatzipapas to invest in a pre-IPO fund raise.

    The court instructed Hatzipapas and his company Dyamond Developments to return the money to the men.

    A Hot Copper deal
    Zyber listed in 2016 purporting to be building highly-secure file sharing software, but little progress has been made in the intervening years.

    The company’s shares surged by over 40 per cent in late 2017 on the back of speculation it was getting into blockchain, and promptly sank in late January 2018 when it went through another board reshuffle.

    Justin Puddick started investing in Zyber shortly after its IPO as he was keen to put money into a cyber security venture, becoming a top 20 shareholder with a total 6.83 per cent stake.

    But the deal at the heart of the lawsuit began on investor gossip forum Hot Copper.

    Hatzipapas approached Puddick via private message on Hot Copper in September 2017 and the talks continued over the next few months “in which Justin came to believe that George was influential in the management of Zyber”, the judgement said.

    “Justin attributed the increase in the value of his Zyber shares from 0.4 cents at the time of their purchase to 4.6 cents on 19 January 2018 to the work done by George” rather than the hype around crypto currencies at the time.

    Zyber shares have been suspended since November 2018 pending a response to a price query from the ASX.

    In January 2018, Hatzipapas asked Puddick whether he wanted to join a $1m pre-IPO raise for Canberra-based Gravity Consulting. Puddick alleged to the court Hatzipapas said the company was a “subsidiary of Microsoft”, a claim Stockhead could not verify.
    “The deal is going to be a 10-bagger and there is no way you can lose money on it. Are you interested?” Puddick alleges Hatzipapas said in January 2018.

    “I am with Bill Ottis [sic] and Geoff Gander and we are wining and dining the board of Gravity Consulting. They love me. I am only getting a small group of guys I can trust to invest in Gravity. The minimum investment is $100,000 and it needs to happen today.”

    Puddick and his father each put $100,000 into the bank account of Dyamond Developments, a company controlled by Hatzipapas and his wife Argiroula.

    Gravity Consulting did not respond to two requests for comment on any IPO plans.

    Its only ties to Microsoft appear to be a partnership in the tech giant’s co-seller program.

    ‘My patience has run out’
    But nothing went to plan.

    By March, it appeared the pre-IPO round was off. Puddick and his father began asking when their money would be returned.

    By May, the money still hadn’t been returned and in a Whatsapp message Puddick said:

    “George, I need a firm date as to when my dad and I will be paid in full. If I don’t get one from you I’ll have no choice but to consider my options. This is our money not yours. You have no right to decide when we get our money back. My patience has run out.”

    But Hatzipapas had already used the cash to buy shares in Zyber and Pacifico Minerals (ASX:PMY).

    The day after Puddick’s veiled threat, Hatzipapas transferred the Pacifico shares from Dyamond into another company he controlled with his wife called Gaks.

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    Hatzipapas claimed the Puddicks agreed to allow their money to be used “for investments with Zyber and related companies until the Gravity deal comes through”, and later for other opportunities.

    These opportunities were generated by “being a sophisticated investor I get a lot more opportunity than Justin would get or anyone else in this room I guess, if they are not sophisticated investors.”

    But the judge was having none of it.

    “George caused Dyamond to invest the money in the purchase of shares in companies already listed on the ASX, which did not in any way involve him using connections that were not available to Justin and John,” the judgement said.

    Furthermore, the judge said that if Puddick had been happy for Hatzipapas to buy shares for him in Pacifico, as per Hatzipapas’ evidence, his money was used to buy Zyber shares on market — not Pacifico stock — which he could have done himself without needing access to a sophisticated investor.

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    Isn't this one of your ramp jobs initially?

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    yeah cyber security but looks like cash and grab run job by director... cant win them all..

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    So you did ramp this one, you admit it.

    and all the cash is gone.

    Just another failed company recommended by Sandunce...

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    and half out 1.5 on chart numbers ..... go figure ??? stick to dulux from 1.4 to ,003 all time lows and broke...lol

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    What about the poor sucker who bought you BS...

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    same as the poor sucker bought the dud aul at 1.4 and avq at 15 and ogx placement at 12 .. again nfi cant win them all always DYOR

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    Cant win them all....

    But you claim to because you are shameless ramper.

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    Watch vmc girls..and adx.see what comes next week

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    Shareholders, don't take this sitting behind your keyboards. Report this theft to ASIC:
    https://asic.gov.au/about-asic/contact-us/how-to-complain/report-misconduct-to-asic/
    The whole board is liable and responsible. As shareholders we may need to look at a class action against all 4 board members.

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    i've put in a request for the asx to get the company to provide a please explain about the transferring of funds given we have $33k in cash and forecast $60k outgoings and i encourage others to do the same, it only takes a few minutes. at least it will put zyb on there radar and i hope they dig a little deeper and a reasonable explanation is forthcoming. for a director to borrow the majority of the companies money as a loan whilst sed money is needed to get zyb back on the trading board is not fair game imo.

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    Shareholders, don't take this sitting behind your keyboards. Report this theft to ASIC:
    https://asic.gov.au/about-asic/contact-us/how-to-complain/report-misconduct-to-asic/
    The whole board is liable and responsible. As shareholders we may need to look at a class action against all 4 board members.

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    Shareholders, don't take this sitting behind your keyboards. Report this theft to ASIC:
    https://asic.gov.au/about-asic/contact-us/how-to-complain/report-misconduct-to-asic/
    The whole board is liable and responsible. As shareholders we may need to look at a class action against all 4 board members.

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    19-186MR Directed verdict in the case against former chief executive officer and former chief operating officer of Hastie Services
    The New South Wales District Court has ordered a jury to enter verdicts of not guilty in relation to all charges against the chief executive officer and the former chief operating officer of a subsidiary of Hastie Group Limited, an ASX-listed company.

    Mr Joseph Carmec Farrugia, a former director and chief executive officer of Hastie Services Pty Limited (Hastie Services) and Mr Ian Athol Thompson, the former chief operating officer of Hastie Services, had each been charged with two charges of conspiracy to falsify the books and records of Hastie Services and one charge of conspiracy to give false or misleading information to an auditor.

    On 24 June 2019, the Court directed the jury to enter verdicts of not guilty for Mr Farrugia and Mr Thompson in relation to two of the charges, namely one charge of conspiracy to falsify the books and records of Hastie Services and one charge of conspiracy to give false or misleading information to an auditor.

    Today, the Court directed the jury to enter verdicts of not guilty in relation to the remaining charge against Mr Farrugia and Mr Thompson of conspiracy to falsify the books and records of Hastie Services.

    The Commonwealth Director of Public Prosecutions (CDPP) prosecuted this matter.

    Background
    Hastie Group and a number of its subsidiaries, including Hastie Services, were placed in external administration on 28 May 2012.

    On 24 August 2017, Ms Samantha Cousins, a former finance manager of Hastie Services, pleaded guilty to three conspiracy charges and was sentenced to 18 months imprisonment and released on immediate recognizance on condition of good behaviour.

    Following Ms Cousins sentence, on 20 October 2017 Mr Glyn Raines, a former Chief Financial Officer of Hastie Services, pleaded guilty to three conspiracy charges and sentenced to two years imprisonment and ordered to serve his term by way of an intensive corrections order (refer: 17-356MR).

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    ALWAYS Do Your Own Research ( even when your broker recommends them , DYOR before you part with the cash )

    and yes i got burned on Hastie ( HST ) gambling staff and books fudged to prolong the bank loans ( sigh )

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    why has zyb lent all its last cash reserves to a director and leave it insolvent? when the director they lent it to is already been found gulity of taking $200k from a current shareholder by NSW supreme court on a another count

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