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Equititrust?

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No Trust said:
6 October 2019
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No Trust said:

Equititrust?

https://www.businessnewsaus.com.au/articles/tucker---cowen-partners-scoop-awards-pool.html TUCKER & COWEN PARTNERS SCOOP AWARDS POOL Written on the 28 April 2015 TUCKER & Cowen has blitzed the latest Doyle's Guide rankings, with three partners being singled out. Richard Cowen, David Tucker...
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Meanwhile, whilst MS Asia was financially raping and pillaging the Equititrust Premium Fund with wanton abandon, the Liquidators alleging in court filings that BOSI bank statements were being altered after the fact increasing the debt - The receivers of the Equititrust Income Fund, BDO were ploughing litigation and recovery work Tucker & Cowan’s way.

This was a monumental CONFLICT OF INTEREST and BDO knew the contentious and controversial prior roles of Tucker and Kennedy at Equititrust. ASIC intervened in court proceedings where Tucker was trying to appoint his own receivers to Equititrust and applied to have an “independent court appointed receiver”...

Friday’s judgement by Bowskill J should OUTRAGE investors of the Equititrust Income Fund.

A court appointed “Contradictor” representing the “unrepresented interests” of EIF investors and creditors needs to be appointed by the court to investigate the conflict of interest in BDO giving swathes of legal work to Tucker & Cowan and to look into any consultancy payments made to David Kennedy as a result of meetings with him as listed in the billing sheets of BDO.

The “Court Appointed Contradictor” needs to :

1) Independently examine the billing of BDO as it relates to meetings with Tucker & Cowan representing MS Asia.

2) Have Independent experts review the quantum of billing by Tucker & Cowan in relation to the work given to them by BDO relating to the EIF which was clearly a conflict of interest.

3) Apply to have independent forensic experts review the BDO and Tucker & Cowan billing and seek directions from the court for compensation for any billing amounts which are found to be not in accordance with the law.

It’s clear from the judgement of Justice Bowskill that there are serious allegations of self interests being served and multiple allegations of self dealing.

For BDO to have the temerity to tell the Courier Mail that giving work to Tucker & Cowan Solicitors was in the best interests of investors, is the antithesis of what was in the best interests of investors as is played out in the factual matrix of allegations outlined by Bowskill J in pushing the matter to a full trial.

Extract from the Courier Mail 2019...

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The question on everyone’s lips is when did David Whyte gain knowledge of Tucker and Kennedy’s involvement with the purchase of the BOSI Debt... Would not be surprised if Stephen Russell and the liquidators call Whyte as a witness to be cross examined at trail. Would make for interesting viewing...
 
David Whyte may want to offer up a paddle to his mate David Tucker because given the disclosure in Stephen Russell’s affidavit, Tucker’s defence is up Sh#t Creek without a paddle...

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The EIF receiver enjoying retirement on a work day...
 
How’s this letter from Tucker to the Liquidator Blair Pleash, seeking authority to continue with the action against the Meridien Directors whilst being an owner of the EPF debt bought from BOSI... Correct me if I’m wrong here but didn’t Tucker have a MONUMENTAL CONFLICT OF INTEREST that he had to disclose to Blair Pleash.... The Meriden directors ended up settling for $3M + with MS ASIA... It’s great to see all the grubby dealings and correspondence start to bubble to the surface...

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Tucker wanted the action to be kept on foot - alive for himself and Kennedy to plunder it...

While this was going on Tucker was also the solicitor for recovery of the EIF debt appointed by David Whyte...

How on earth does that work.... Investors are now getting an insight on what went on behind the scenes...

In terms of corporate governance this kind of Bullsh#t would never fly in a Public Company yet was let to run rampant by the insolvency practitioners.... Shouldn’t conflict of interests be avoided at all costs...
 
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