In the post-mortem of Firmus Technologies’ failed $44 billion ASX listing, it’s glaringly obvious that rampant insider dealing, conflicts of interest, and a lack of transparency contributed to the blockbuster float’s demise.
Investors will bear the scars for many months. Conflicts were able to flourish as float preparations ramped up, including at Brisbane-based stockbroking firm Morgans, whose staff and select clients had already invested more than $300 million in the artificial intelligence infrastructure business.
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