Merry Christmas to you No Trust. You are the voice of the suffering investors in pursuing justice and to ensure those responsible get what they deserve.
From Page 262 here
Hmmm... Kennedy and Howard seem to be going just fine.....
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Dec 31, 2019
So it seems, between Tucker, Kennedy and Howard.... The more $$$ you lose or steal from Investors etc... the better you go...
Between MFS / Equititrust / MS ASIA and others... these Public Company Directors and Lawyers have been involved in the loss of AUD $ Billions that I know of....
I also know of other similar Criminal Frauds, involving Tucker and his Clients & Friends over the span of decades.
Happy NYE 2019 !!!
See Below :
www.ibi.com.hk
IBI Group Holdings Limited
https://www.marketscreener.com/news...nd-Composition-of-Board-Committees--28836246/
IBI : Change of Independent Non-executive Director and Composition of Board Committees
07/01/2019 | 07:03am EST
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
IBI Group Holdings Limited - (Hong Kong)
(incorporated in the Cayman Islands with limited liability)
(Stock Code: 1547)
CHANGE OF INDEPENDENT NON-EXECUTIVE DIRECTOR AND
COMPOSITION OF BOARD COMMITTEES
RESIGNATION OF INDEPENDENT NON-EXECUTIVE DIRECTOR
The board (the ''Board'') of directors (the ''Directors'') of IBI Group Holdings Limited (the ''Company'', together with its subsidiaries, the ''Group'') hereby announces that Mr. Lap Shek Eddie Wong (''Mr. Wong'') has resigned .......
Taking this opportunity, the Board would like to express its appreciation and gratitude to Mr. Wong for his contributions and services to the Company during his terms of services.
APPOINTMENT OF INDEPENDENT NON-EXECUTIVE DIRECTOR
The Board further announces that Mr. David John Kennedy (''Mr. Kennedy'') has been appointed as an independent non-executive Director, the Chairman of the Audit Committee, a Member of the Remuneration Committee and a Member of the Nomination Committee with effect from 30 June 2019.
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Mr. Kennedy, aged 50, has been the chief financial officer and the chief operating officer of M.S. Asia Group since 2012.
He was the chief operating officer and the chief executive officer of Equititrust Limited (''ETL'') between 2009 and 2011
The chief operating officer of Octaviar Limited (formerly known as MFS Limited) between 2007 and 2008,
......a senior manager, a partner and the chief operating officer of RSM Hong Kong between 1997 and 2005, and a part-time lecturer in bankruptcy of Griffith University in Australia between 1995 and 1996. He also worked for KPMG between 1988 and 1996 with his last position being a manager.
Creditors voluntary liquidators were appointed to ETL, a company incorporated in Australia, on 20 April 2012 at a meeting of creditors. ETL was principally engaged in Funds Management and specifically the provision of development loans to developers. The directors of ETL commenced the liquidation process with a view to restructuring the funds which were being negatively impacted by the global financial crisis. The total external liabilities (excluding guarantee and related party debts) of ETL totaled approximately HK$150,000. Assets realised by the liquidators totaled in excess of HK$18 million. ETL has not been dissolved as of the date of this announcement.
Mr. Kennedy obtained a degree of Master of Laws, a Bachelor's Degree in Laws and a Bachelor's Degree in Business Accounting from Queensland University of Technology in 2009, 2003 and 1989, respectively. He has been admitted as a solicitor in Hong Kong since 2018, a solicitor in Queensland, Australia since 2006 and a member of the Institute of Chartered Accountants in Australia (currently known as Chartered Accountants Australia and New Zealand) since 1994.
Mr. Kennedy has not previously entered into any service agreement with the Company. He will enter into a service agreement with the Company and will be subject to retirement by rotation and re-election at general meeting in accordance with the Articles of Association of the Company. Mr. Kennedy will be entitled to directors' remuneration of HK$240,000 per annum which has been determined by the Board upon recommendation from the Remuneration Committee with reference to his duties and experience and the prevailing marketing conditions.
As at the date of this announcement, Mr. Kennedy has family interest in 7,960,000 shares of the Company, representing approximately 0.995% of the total issued share capital of the Company.
Save as disclosed above, as at the date of this announcement, Mr. Kennedy did not have any interests in the shares or underlying shares of the Company within the meaning of Part XV of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong), and Mr. Kennedy had no relationships with any Directors, senior management or substantial or controlling shareholders (as defined under the Rules Governing the Listing of Securities on the Stock Exchange (the ''Listing Rules'')) of the Company.
- 2 -
Save as disclosed above, Mr. Kennedy did not hold any other position in the Company or any other member of the Group, nor any directorship in any listed public companies in the last three years, and there is no information that is required to be disclosed in accordance with Rules 13.51(2)(h) to 13.51(2)(v) of the Listing Rules, nor any other matters that need to be brought to the attention of the Shareholders in relation to his appointment as an independent non-executive Director.
The Board would like to take this opportunity to welcome Mr. Kennedy to the Board.
CHANGE OF COMPOSITION OF BOARD COMMITTEES
The Board announces that the composition of the committees of the Board have been changed with effect from 30 June 2019 as follows:
Audit Committee
Nomination Committee
- Mr. Wong has resigned as the chairman and member of the Audit Committee; and
- Mr. Kennedy has been appointed as the chairman and member of the Audit Committee.
Remuneration Committee
- Mr. Wong has resigned as a member of the Nomination Committee; and
- Mr. Kennedy has been appointed as a member of the Nomination Committee.
By order of the Board
- Mr. Wong has resigned as a member of the Remuneration Committee; and
- Mr. Kennedy has been appointed as a member of the Remuneration Committee.
IBI Group Holdings Limited
Neil David Howard
Chairman
Hong Kong, 30 June 2019
As at the date of this announcement, the executive Directors are Mr. Neil David Howard and Mr. Steven Paul Smithers; and the independent non-executive Directors are Mr. Richard Gareth Williams, Mr. Robert Peter Andrews and Mr. David John Kennedy.
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Attachments
Disclaimer
Ibi Group Holdings Ltd. published this content on 01 July 2019 and is solely responsible for the information contained therein.
Distributed by Public, unedited and unaltered, on 01 July 2019 11:02:09 UTC
Whilst it is not our usual policy to post replies on websites such as this, a valued investor has drawn our attention to the misinformation and untruths that have been posted and it would be remiss of us not to at least demonstrate their inaccuracy. That said, we do not feel that it is productive to enter into an ongoing dialogue re same and as such our posting will not be a regular occurrence. Viewers should not read anything into our failure to reply other than that we do not consider it to be an appropriate use of resources. In fact, in our view, those participating in this site are most likely not investors at all but rather disgruntled borrowers against whom we have been forced to act due to them defaulting on loans.
If any genuine investor has any concerns with their investment at Equititrust then, as always, we remain committed to addressing such concerns. Having said this, I think the appropriate way for this to be done is by them contacting us individually. As always, we shall be open and transparent in all our dealings.
By way of example only, I shall address the matters raised by “kostag” (whose name incidentally is strikingly similar to an associate of a former recalcitrant borrower of Equititrust’s) in his latest post of earlier today. I shall use the same numbering system as that adopted by him.
1. Funds from new investors have not been used to repay bank debt – such repayments (which total $96m) have been generated from loan collections. In addition, outstanding redemptions are actually approximately $40m and not over $50m as outlined as many have voluntary converted to term investments;
2. Changes to a Board are not at all unusual (particularly when one considers how long they have been on it). One only needs to look at the calibre of those that have joined the Board to see how the changes have strengthened the Board composition and not weakened it. I can confirm that the changes were instigated internally in order to provide a greater corporate governance framework and that both Mr McIvor and Mr Chaney expressed complete support for the changes;
3. Whilst the reference to MFS is hardly worth commenting on given the clear misrepresentation of the true position, it is worth noting that Mr David Anderson is not on the Board as outlined and at no time have either Mr Anderson or Mr Kennedy been castigated or criticised by the Court on any occasion regarding their involvement in MFS. Incidentally, Mr Kennedy was only at MFS for approximately 9 months and left some 6 months before it collapsed;
4. KPMG is one of the four largest audit and accounting firms in the world. It has a niche in auditing financial organizations and in fact is also the auditor of ANZ Bank, Suncorp and one of the largest banks in the world, HSBC to name but a few. It is also the only Big 4 firm with a serious presence on the Gold Coast and as such it is hardly of significance that both MFS and Equititurst shared the same audit firm (although it should be noted that the MFS audit was conducted out of Melbourne);
5. Staff resources have been increased in order to protect investor’s interests as a much greater degree of time is required to be spent monitoring and managing our loan book post GFC. This is consistent with similar increases in our Big Four banks loans management departments post GFC. It would be irresponsible for us not to have done this. The significant increase is costs is being entirely borne by the Responsible Entity and not by investors;
6. Landsolve was not created to take control of bad loans and not one single loan has been “moved across” to Landsolve as suggested. The birth of Landsolve is a recognition that the world post-GFC is a very different place and that development lending moving forward will need to be managed in a very different way. The suggestion that the financial reports “record little if any bad or default debt” is simply wrong. Almost $40m worth of loans have been impaired over the past three years to recognise falls in property values and potential unrecoverability of same. As Landsolve has no debt or any loans there is no “bad” debt hidden away as suggested;
7. The NAB LVR Ratios have not been breached as alleged. The rest of point 7 contains pre speculation which is entirely untrue;
Equititrust is supportive of the right for one to express an opinion but is concerned when posts such as those by Kostag and Olman contain numerous and repeated errors and conclusions that a reasonable person could not possible reach.
The facts speak for themselves:
(i) In its 17 year history no investor has ever suffered a loss with Equitirust;
(ii) Income distributions have always been paid in full and on time;
It is unfortunate that redemptions have been frozen and this is regrettable but we had little choice once the federal government decided to guarantee bank deposits and banks decided (notwithstanding such guarantee) to unilaterally curtail credit provision across the country. It is with some degree of pride that we have managed to pay distributions throughout – something that Commonwealth Bank’s own mortgage fund has not been able to do.
As I said at the beginning, any genuine investor can call us at anytime should they have any concerns about their investment. I personally invite both Kostag and Olman to contact me personally should they continue to have any concerns about the financial position of Equititrust and I will be sure to provide them with an transparent and honest assessment of same.
Regards
David Kennedy
Chief Executive Officer
ONE MORE DAY BEFORE THE YEAR OF RECKONING... JUSTICE WILL BE DELIVERED TO THE EQUITITRUST CROOKS IN 2021...
GOOD ONE "NO TRUST" ! !! !!! !!!!!
TUKA and his FRAUDULENT FUKA's (see Page 288 here) will SOON, ALL suffer a spectacular fall from grace and suffer "Relevance Deprivation Syndrome" and "Spending Others $$$ Attention Deficit Disorder" !!!
HAPPY NEW YEAR ALL !!!
"Thanks" ......"Mr Russell", "No Trust" and "Others" ! !! !!! !!!!!
2021+ will indeed be a GOOD YEAR for some.........
2021 WILL BE JUST THE BEGINNING of the WORST for TRASH TUKA and his CRIMINAL FRAUDULENT FUKA THIEVES MATES, ACQUIRED SINCE THESE SAME BLUE-PRINT FRAUDS COMMENCED IN 1994......... !!!!!!!!!
WE WILL SEE YOU ALL VERY SOON ! !! !!! !!!!!
LOL..... LOL....LOL....
HAPPY NEW YEAR ALL !!!
HAPPY NEW YEAR "TRIPLE_WITCHING", SKATE AND FARAMIR AND ALL THE OTHER SUPPORTERS OF THIS THREAD...
2020 WAS A LANDMARK YEAR IN OUR FIGHT AGAINST THE EQUITITRUST CRIMINALS... DESPITE A GLOBAL PANDEMIC AND ECONOMIC MELTDOWN, THE FIGHT CONTINUED UNABATED...
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------A SPECIAL MENTION NEEDS TO GO OUT TO "STEPHEN RUSSELL" WHO HAS PROVEN TO BE AN EXCELLENT LAWYER... STRATEGICALLY HIS LITIGATION TACTICS AGAINST TUCKER AND COWEN HAVE BEEN EXEMPLARY...
COMEDICALLY HIS TIMING IN ADVISING TUCKER THAT THE $2M IN SECURITY COSTS WAS LODGED AT 4.05PM, ON THE DAY IT WAS DUE, WAS (AS ANTHONY MARKS FROM THE COURIER MAIL OBSERVED) PLAYING PSYCH OPS WITH TUCKER AND COWEN'S HEADS... ???
2021 SEALS THEIR FATE...
Best Wishes for the New Year to you particularly "No Trust". This site would not exist if it had not been for your amazing persistence in following through all the ramifications of the ins and outs of the Equititrust saga. Mozzi raises a glass in your honour! We thank you! Just wish we could be at the end of all this, but is it ever going to end?
P.S. The silence from those who are supposed to be settling all this financially has been deafening!
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