ASIC v ISX Hearing, page-71

ASIC will be presenting opening arguments all day.

@siciliavin will be saying how nervous he looks... all day. Which is, of course a) his opinion, and b) irrelevant.

So far ASIC case has been that in an Analyst Briefing ISX and JK both said that non-recurring revenue was 15% of revenue when it was more like 75%, and (getting in front of ISX argument) that it was an off-the-cuff mistake) that 15% was in a briefing pack prepared ahead of the briefing. ASIC case reiterated that point about five different ways to make it pretty clear that it could not have been a mistake. Plenty of evidence so far in the court book.

Then moved on to ASX enquiries, and moved on to the fact that ISX answered them incorrectly, and then later on admitted in later responses to ASX that there had been a mistake, and that the response admitting an earlier mistake had been signed off by the board and signed by JK.

ASIC silk notes that CFO will be turning up to be cross examined but did say several times "if Mr Karantzis appears" so it is clear that it is unclear whether or not JK is planning to appear is unclear to ASIC.

Lunch now.