Agreed, that is what I'm saying.
If not worthy of the job then the amount paid is irrelevant. We are all only as good as our most recent scorecard. Mr Grech was once held in high regard in Australia because his scorecard suggested he should be. The scorecard now suggests he is not worthy of any executive position let alone MD. Maybe that is what history will show in years to come.
I'm not convinced by the criminal argument though. Criminal law requires beyond reasonable doubt. Surely there are enough aggrieved people to ensure a prosection was acted if there was reasonable grounds for it. This appears to be a very complicated case where it is likely to be extremely difficult to prove that statements were made that were knowingly false or that BOD should have reasonably known and informed the market. There is a huge grey area around timing. It is common sense to view a lag in time before analysing all facts and coming to a conclusion. It would equally be dangerous to inform markets based solely on a feeling or instinct. There must be many days when executives of listed companies feel uneasy about the future but nevertheless maintain an offical postitive narrative.
The best chance of a prosecution, if there is anything to be tried, is a whistleblower with hard facts proving that the BOD knew guidance was impossible yet maintained it anyway. If there was such a whistleblower I think it would have come out by now.
I'm of the view it was just poor decision making and poor risk management. Poor performance is not a crime in the abscence of negligence causing bodily harm.
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