The company is seeking AU$464.7 million from the exchange operator as damages.
iSignthis (ASX: ISX) has submitted an amended statement of claim on Tuesday to strengthen its demand for AU$462 million in damages from the Australian Securities Exchange (ASX) for the suspension of ISX trading on the exchange since October 2019.
The statement of claim includes new evidence obtained by the company from ASX with a court order. It mostly covers minutes of several conversations between the exchange and the Australian Securities & Investments Commission (ASIC).
According to the filing, the Australian exchange did not have any solid reason to suspend the quotes of ISX shares, and it discussed the matter with the financial market regulator.
Unveiled Minutes of Conversations
“Upon revisiting these ISX documents already in ASIC’s possession, it did not reveal a ‘smoking gun’,” said Tom Veidners, ASIC’s Senior Manager of Market Surveillance, on a telephonic conversation with representatives of ASX on October 1, 2019.
“ASIC was not in possession of the ultimate source documents to verify,” he added. and asked, “whether a suspension is something that ASX has considered.”
In the same conversation, ASX’s Chief Compliance Officer, Kevin Lewis said: “We have considered it but we don’t have hard evidence.”
“As much as we would like to suspend, unless ASIC gives a direction, at the current juncture we do not have sufficient evidence,” Lewis added. Another representative of the ASX said that they were ‘spitballing’ and the ASX would like to see a ‘suspension pending enquires by ASX and ASIC’.
Additionally, the court filing showed that multiple ASX representatives pointed out the ‘major litigation risk’ to the exchange operator if ISX share trading were suspended under the circumstances.
But the exchange consecutively suspended ISX trading citing media speculation, Volatility in ISX’s share price, the fact that the company was providing services to cryptocurrency exchanges and concerns from ASIC.
Seeking Heavy Damages
However, iSignthis was quick enough to move to court and is seeing AU$464.7 million in damages, an amount that increased over the period and is likely to escalate further.
Talking to Finance Magnates, iSignthis CEO, John Karantzis said: “On behalf of my 10,000 Australian shareholders, many of them ordinary mums, dads, pensioners and young investors, I am outraged by the callous action of the ASX. The ASX has completely disregarded iSignthis shareholders in pursuing their own misguided and misconceived agenda, designed to suspend and hurt the company, its shareholders, executive, customers, and partners.”
“The ASX was aware of the 'major litigation risk' it would be bringing upon itself, but clearly weighed that up against the strategic advantages of suspending ISX and muddying the Company's reputation with its unfounded assertions.”
iSignthis (ASX: ISX) has submitted an amended statement of claim on Tuesday to strengthen its demand for AU$462 million in damages from the Australian Securities Exchange (ASX) for the suspension of ISX trading on the exchange since October 2019.
The statement of claim includes new evidence obtained by the company from ASX with a court order. It mostly covers minutes of several conversations between the exchange and the Australian Securities & Investments Commission (ASIC).
According to the filing, the Australian exchange did not have any solid reason to suspend the quotes of ISX shares, and it discussed the matter with the financial market regulator.
Unveiled Minutes of Conversations
“Upon revisiting these ISX documents already in ASIC’s possession, it did not reveal a ‘smoking gun’,” said Tom Veidners, ASIC’s Senior Manager of Market Surveillance, on a telephonic conversation with representatives of ASX on October 1, 2019.
“ASIC was not in possession of the ultimate source documents to verify,” he added. and asked, “whether a suspension is something that ASX has considered.”
In the same conversation, ASX’s Chief Compliance Officer, Kevin Lewis said: “We have considered it but we don’t have hard evidence.”
“As much as we would like to suspend, unless ASIC gives a direction, at the current juncture we do not have sufficient evidence,” Lewis added. Another representative of the ASX said that they were ‘spitballing’ and the ASX would like to see a ‘suspension pending enquires by ASX and ASIC’.
Additionally, the court filing showed that multiple ASX representatives pointed out the ‘major litigation risk’ to the exchange operator if ISX share trading were suspended under the circumstances.
But the exchange consecutively suspended ISX trading citing media speculation, Volatility in ISX’s share price, the fact that the company was providing services to cryptocurrency exchanges and concerns from ASIC.
Seeking Heavy Damages
However, iSignthis was quick enough to move to court and is seeing AU$464.7 million in damages, an amount that increased over the period and is likely to escalate further.
Talking to Finance Magnates, iSignthis CEO, John Karantzis said: “On behalf of my 10,000 Australian shareholders, many of them ordinary mums, dads, pensioners and young investors, I am outraged by the callous action of the ASX. The ASX has completely disregarded iSignthis shareholders in pursuing their own misguided and misconceived agenda, designed to suspend and hurt the company, its shareholders, executive, customers, and partners.”
“The ASX was aware of the 'major litigation risk' it would be bringing upon itself, but clearly weighed that up against the strategic advantages of suspending ISX and muddying the Company's reputation with its unfounded assertions.”
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
Insurtech, Crypto, and Blockchain: The Fintech Trifecta of Q1 2024
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
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Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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