Four days since Corporate Travel Management chair Tony Bellas disclosed – in breach of ASX regulations and the Corporations Act – that he disposed of $4.5 million worth of shares (being 82 per cent of his holding) in the company a month ago, nobody, bar him, is any the wiser.

As we laid out on Friday, ASX rules require a listed entity to notify the market of any change of a director's interest within five business days, while the Corporations Act requires disclosure within 14 (calendar) days.