Unfortunately,too true.
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Its just that the ASX has roughly 8 times more listings than the NZX. If their regulatory oversight and governance would be as bad as ours, they would need 8 defaulters for every CBL ...
And CBL is just the most recent example for NZX companies with apparent governance problems, they are certainly not alone - but don't get me started ...
One can argue that CBL was doing the right thing - it was trying to raise new capital and any disclosures about how shallow its reserves were would have led to a 'run' and collapse.
Any sympathy however disappeared after they made the unauthorised $55m payments to the offshore entities.