Chariot accused of more falsehoods by Transcom

Stuart Corner
Monday, 10 July 2006 01:17

IT Industry - Strategy

In response to our earlier report  of the conflict between Transcom International and Chariot over their plans to collaborate on a VoIP service, Transcom International's director and legal counsel, Nav Basi, has accused Chariot of further misleading shareholders.
In an email to iTWire, Basi said: "On 13 September 2005 CTI made an announcement...In that announcement on page 2 CTI make reference to it rolling out with Transcom the Linqk product range, this is misleading, incorrect and false. CTI have not been granted any rights under any arrangement or otherwise to the Linqk Service."

Basi added: "It is interesting and no doubt of concern to the market that Chariot thought it to be of sufficient importance to announce to the ASX in November 2004 its original $5 Million equity investment in Transcom International Limited and 80 percent holding in Transcom Australasia Pty Ltd and the $1 million territory license agreement but for some unexplained reason have not, despite continuous requests by Transcom, seen it of sufficient importance to inform the market  that it no longer enjoyed this interest and 80 percent of the anticipated revenues and resultant value as stemming from Transcom operations in Australia.

"This is despite there being an express provision made in a deed of memorandum requiring there be an announcement to the ASX setting out these facts."

Basi further said that whilst corporate governance was an issue for Chariot to internally consider it was now a matter for the ASX to consider if Chariot had met its obligations for continuous disclosure to the market and in particular its shareholders.