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No Financials
WHERE ARE THE FINANCIALS EQUITIRUST ?
WHERE ARE THE FINANCIALS EQUITIRUST ?
Equititrust?
- Thread starter kostag
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No Trust
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PROMISES OF FINANCIALS NOT KEPT "YET" AGAIN
Despite promising the financials would be completed by the 23rd of January Equititrust consistent with past performance has not met this "self imposed" deadline... Why set a date ? They did this last time for the interim financials...
HOW BIG ARE THE LOSSES??? Every time this mob of incompetents keeps quite another disaster is eventually lurking behind the non disclosure...
WHAT WILL IT BE THIS TIME ??? Isn't it time a receiver stepped into Equititrust itself to finally unravel this despicable mess so investors know what the position is...
Investors are being given the stereotypical mushroom treatment by Equititrust yet again. Note to McIvor who is "allegedly" in control : Investors do not like being kept in the dark and being fed Bulls##t. You have had enough time to complete the financials so lets see them...
IS IT REALLY THAT BAD???
Despite promising the financials would be completed by the 23rd of January Equititrust consistent with past performance has not met this "self imposed" deadline... Why set a date ? They did this last time for the interim financials...
HOW BIG ARE THE LOSSES??? Every time this mob of incompetents keeps quite another disaster is eventually lurking behind the non disclosure...
WHAT WILL IT BE THIS TIME ??? Isn't it time a receiver stepped into Equititrust itself to finally unravel this despicable mess so investors know what the position is...
Investors are being given the stereotypical mushroom treatment by Equititrust yet again. Note to McIvor who is "allegedly" in control : Investors do not like being kept in the dark and being fed Bulls##t. You have had enough time to complete the financials so lets see them...
IS IT REALLY THAT BAD???
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Un-Australian of the Year
The Un- Australian of the Year Award must certainly go to Equititrust, the manner in which this organistion has disrespected and ruined innocent, elderly Australian lives is right up there with the worst.
Witholding the financials in the dying days to date has rubbed further salt into the wounds of investors to become a national disgrace. Where are the financials EquitiRust???
SHAME EQUITITRUST SHAME
The Un- Australian of the Year Award must certainly go to Equititrust, the manner in which this organistion has disrespected and ruined innocent, elderly Australian lives is right up there with the worst.
Witholding the financials in the dying days to date has rubbed further salt into the wounds of investors to become a national disgrace. Where are the financials EquitiRust???
SHAME EQUITITRUST SHAME
Re: PROMISES OF FINANCIALS NOT KEPT "YET" AGAIN
"They" haven't kept their word on anything yet, why should now be any different! "They" will not do anything until forced to - and who is going to do that? ASIC?
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ASIC Complaint
I would encourage investors to make further complaints to ASIC as a result of Financials not being completed as promised. Best result though would be if a reciever was appointed by one of the banks owed money. Don't expect the banks to hold out much longer, they too expect financials in a timely manner. Its only a matter of time before NAB,Westpac,Bank of Scotland or Commonwealth make a move and appoint their own recievers. All their loans are in default as acknowledged by Equititrust. Maybe then the financials will finally be released.
I would encourage investors to make further complaints to ASIC as a result of Financials not being completed as promised. Best result though would be if a reciever was appointed by one of the banks owed money. Don't expect the banks to hold out much longer, they too expect financials in a timely manner. Its only a matter of time before NAB,Westpac,Bank of Scotland or Commonwealth make a move and appoint their own recievers. All their loans are in default as acknowledged by Equititrust. Maybe then the financials will finally be released.
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Material Uncertainty as a Going Concern or Epitaph
It was interesting to get the perspective of a Senior Partner in one of the largest Accounting firms in the country on the delay of the financials. It centered around the Auditors Report and the last set of financials issued on the 16th of March 2011. In that report the auditor expressed that there was "Significant" doubt about the scheme's ability to continue as a going concern. His view was that the position of Equititrust had deteriorated to such an extent that any auditor in the country could not sign off on the financials and say there was "Significant Doubt" the statement would have to be a lot more dire than that and would in all likelihood be an Epitaph.
Is this the real reason Equititrust did not complete the financials??? Would the Statement by the Auditor have tipped of Westpac and the other banks earlier given the disclosure of further massive impairments??? Was this whole exercise about self preservation ??? It certainly was not to help Innocent investors in any way...
COME ON EQUITIRUST HAND OVER THE FINANCIALS YOU HAVE HAD A ENOUGH TIME TO HIDE THE REAL FINANCIAL TRUTH...
It was interesting to get the perspective of a Senior Partner in one of the largest Accounting firms in the country on the delay of the financials. It centered around the Auditors Report and the last set of financials issued on the 16th of March 2011. In that report the auditor expressed that there was "Significant" doubt about the scheme's ability to continue as a going concern. His view was that the position of Equititrust had deteriorated to such an extent that any auditor in the country could not sign off on the financials and say there was "Significant Doubt" the statement would have to be a lot more dire than that and would in all likelihood be an Epitaph.
Is this the real reason Equititrust did not complete the financials??? Would the Statement by the Auditor have tipped of Westpac and the other banks earlier given the disclosure of further massive impairments??? Was this whole exercise about self preservation ??? It certainly was not to help Innocent investors in any way...
COME ON EQUITIRUST HAND OVER THE FINANCIALS YOU HAVE HAD A ENOUGH TIME TO HIDE THE REAL FINANCIAL TRUTH...
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No Sale of Cronin Bunker
McIvor's Home "Luxury" Multimillion Dollar Home remains unsold...
Read the article below as it also outlines his other Multimillion Dollar Holdings on the same Island... Nice life for some, whilst Equititrust investors can't even get a pension as a result of the investment in Equititrust... There is something very wrong with the current scenario.
http://www.propertyobserver.com.au/...ronican-s-pricey-sydney-bolthole-title-tattle
McIvor's Home "Luxury" Multimillion Dollar Home remains unsold...
Read the article below as it also outlines his other Multimillion Dollar Holdings on the same Island... Nice life for some, whilst Equititrust investors can't even get a pension as a result of the investment in Equititrust... There is something very wrong with the current scenario.
http://www.propertyobserver.com.au/...ronican-s-pricey-sydney-bolthole-title-tattle
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MM Holdings Receiver
The Receivers of MM Holdings have lodged a form 555 (Notification of Receiver Extending Time to Submit Report). Whats going on here ??? Are the interests of MM Holdings and Equititrust so intertwined that the receiver can's figure it out fully ??? Or is there a lack of financials similar to Equititrust...
When the report does come out it will make for interesting reading...
The Receivers of MM Holdings have lodged a form 555 (Notification of Receiver Extending Time to Submit Report). Whats going on here ??? Are the interests of MM Holdings and Equititrust so intertwined that the receiver can's figure it out fully ??? Or is there a lack of financials similar to Equititrust...
When the report does come out it will make for interesting reading...
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Harbinger of things to come
The Sydney Morning Herald in this video may be 100% right, "investors fear that their super has gone" may unfortunately be correct. The sad thing is seeing these innocent retiree's having to suffer. For some its easy, they just close the front door to their Multimillion dollar mansion and don't look back...
A gamble on "King Con" does not look so smart now does it...
http://media.smh.com.au/business/businessday/investors-fear-their-super-is-gone-2318091.html
The Sydney Morning Herald in this video may be 100% right, "investors fear that their super has gone" may unfortunately be correct. The sad thing is seeing these innocent retiree's having to suffer. For some its easy, they just close the front door to their Multimillion dollar mansion and don't look back...
A gamble on "King Con" does not look so smart now does it...
http://media.smh.com.au/business/businessday/investors-fear-their-super-is-gone-2318091.html
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Valuations
In the video above it is mind boggling when Kennedy states that they don't know the state of the funds because valuations had not been done... There is a reason those valuations had not been done... Equititrust knew that the assets were toxic particularly the ones associated with "King Con", if the valuations were prudently undertaken Equititrust would not have been able to pocket millions of dollars in fees... It seems to be a recurring theme with Equititrust, don't undertake valuations and don't complete financials. This is no way to run a company let alone manage investors money. Not behavior befitting a "Custodian of the Public's Money" now is it...
In the video above it is mind boggling when Kennedy states that they don't know the state of the funds because valuations had not been done... There is a reason those valuations had not been done... Equititrust knew that the assets were toxic particularly the ones associated with "King Con", if the valuations were prudently undertaken Equititrust would not have been able to pocket millions of dollars in fees... It seems to be a recurring theme with Equititrust, don't undertake valuations and don't complete financials. This is no way to run a company let alone manage investors money. Not behavior befitting a "Custodian of the Public's Money" now is it...
www.equititrust.com.au and into Updates and then 'Receiver Reports' - wow!
1. It seems that Receiver said no interference with staff BUT McIvor sacked CEO - atleast that is how I read it. ASIC who is running the show?
2. Financials: how big is the year loss? $140M cough choke splutter!!!!!
3. Value per unit: now down to 34cents per unit BUT before costs etc and other write downs!!!! How are we looking for a 100% write off - wasnt managment telling us all less than 12months ago would be 80 odd cents..... So if I have $200,000 invested, I am now down to about $70,000 but even that is subject to more write downs for costs etc
Thank heavens ASIC and David Whyte stepped in - costs of $500K per month !!!! already down to $150K per month!!!!
Get a nice stiff Scotch, sit down on your most comfortable chair and read David Whyte's assessment.....
1. It seems that Receiver said no interference with staff BUT McIvor sacked CEO - atleast that is how I read it. ASIC who is running the show?
2. Financials: how big is the year loss? $140M cough choke splutter!!!!!
3. Value per unit: now down to 34cents per unit BUT before costs etc and other write downs!!!! How are we looking for a 100% write off - wasnt managment telling us all less than 12months ago would be 80 odd cents..... So if I have $200,000 invested, I am now down to about $70,000 but even that is subject to more write downs for costs etc
Thank heavens ASIC and David Whyte stepped in - costs of $500K per month !!!! already down to $150K per month!!!!
Get a nice stiff Scotch, sit down on your most comfortable chair and read David Whyte's assessment.....
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David Whyte BDO Australia - Report
What a Bombshell... David Whyte now has an inkling of what kind of individual he is dealing with...
McIvor sacking the CEO without the receiver's approval or consent is a joke isn't it ?
Read Page 2 Staff / Consultants and Services Agreement as to what the receiver has to say about this.
"The Agreement which was executed on 20 December 2011, also provides that no amendments can be made to the staff / consultants engaged without my approval. Notwithstanding this Mark McIvor advised the CEO that he had terminated him on 13 January 2012 and without any consultation with me. I am presently considering the position in this respect."
http://www.equititrust.com.au/Pdfs/...- 20120202 - Introduction - Part 01 of 03.pdf
Refer also to page 2 of the reasons for judgment below para 62 relating "to a series of threats against staff"
http://www.equititrust.com.au/Pdfs/...- 20120202 - Introduction - Part 03 of 03.pdf
WHY IS MCIVOR STILL INVOLVED AT ALL !!!! David Whyte has to take decisive action against McIvor asap. This will most likely be in the form of more court proceedings. If David Whyte does not do anything about this investors spoken to will most likely apply to the court for action to be taken as it is clear that McIvor is interferring again, this time with a court appointed receiver which surely must be a serious breach...
What a Bombshell... David Whyte now has an inkling of what kind of individual he is dealing with...
McIvor sacking the CEO without the receiver's approval or consent is a joke isn't it ?
Read Page 2 Staff / Consultants and Services Agreement as to what the receiver has to say about this.
"The Agreement which was executed on 20 December 2011, also provides that no amendments can be made to the staff / consultants engaged without my approval. Notwithstanding this Mark McIvor advised the CEO that he had terminated him on 13 January 2012 and without any consultation with me. I am presently considering the position in this respect."
http://www.equititrust.com.au/Pdfs/...- 20120202 - Introduction - Part 01 of 03.pdf
Refer also to page 2 of the reasons for judgment below para 62 relating "to a series of threats against staff"
http://www.equititrust.com.au/Pdfs/...- 20120202 - Introduction - Part 03 of 03.pdf
WHY IS MCIVOR STILL INVOLVED AT ALL !!!! David Whyte has to take decisive action against McIvor asap. This will most likely be in the form of more court proceedings. If David Whyte does not do anything about this investors spoken to will most likely apply to the court for action to be taken as it is clear that McIvor is interferring again, this time with a court appointed receiver which surely must be a serious breach...
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Impairment losses
167M in Impairment losses for the Year... It seems that Equititrust were hiding something big, hence the lack of financials...
The fact is that these losses were hidden for many years, Equititrust just kicked the can down the road to collect management fees. It is unimaginable that this organisation was allowed to continue without undertaking valuations on an annual basis. If valuations were undertaken the fee grab would have stopped as far back as 2008. Piper Alderman have a strong case in this regard.
Rorting of Fees
David Whyte makes some interesting observations; he states on page 4 http://www.equititrust.com.au/Pdfs/...- 20120202 - Introduction - Part 01 of 03.pdf
that since the interest payments stopped to investors in Feb 2011 Equititrust was not eligible to collect a management fee. The then board waived a 2.8M Fee payable to year end 2011. The current board now want to reinstate this fee ???????? David Whyte has asked McIvor for an explanation and to date McIvor has not responded...
Reimbursement of Expenses
When the management Fee is not payable the Responsible Entity is entitled to a reimbursement of expenses. Expenses totalled 6M in 2011 as compared to a management fee of 4.46M in 2010.
So having lost 167M investors are rewarded by having to pay more in expenses in 2011. David Whyte has done the right thing and stopped the fund being bled dry.
167M in Impairment losses for the Year... It seems that Equititrust were hiding something big, hence the lack of financials...
The fact is that these losses were hidden for many years, Equititrust just kicked the can down the road to collect management fees. It is unimaginable that this organisation was allowed to continue without undertaking valuations on an annual basis. If valuations were undertaken the fee grab would have stopped as far back as 2008. Piper Alderman have a strong case in this regard.
Rorting of Fees
David Whyte makes some interesting observations; he states on page 4 http://www.equititrust.com.au/Pdfs/...- 20120202 - Introduction - Part 01 of 03.pdf
that since the interest payments stopped to investors in Feb 2011 Equititrust was not eligible to collect a management fee. The then board waived a 2.8M Fee payable to year end 2011. The current board now want to reinstate this fee ???????? David Whyte has asked McIvor for an explanation and to date McIvor has not responded...
Reimbursement of Expenses
When the management Fee is not payable the Responsible Entity is entitled to a reimbursement of expenses. Expenses totalled 6M in 2011 as compared to a management fee of 4.46M in 2010.
So having lost 167M investors are rewarded by having to pay more in expenses in 2011. David Whyte has done the right thing and stopped the fund being bled dry.
Re: Impairment losses: AUDITORS KPMG
the fact that the AUDITORS failed to do any valuation testing and made no attempt to positively or negatively confirm alleged LOAN BALANCES with major DEBTORS will give the AUDITORS some major problems when PIPER ALDERMAN cut loose.
the fact that the AUDITORS failed to do any valuation testing and made no attempt to positively or negatively confirm alleged LOAN BALANCES with major DEBTORS will give the AUDITORS some major problems when PIPER ALDERMAN cut loose.
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Equititrust Disaster
This is now an undisputed disaster of monumental proportions, 167M of impairments in 1 year is off the Richter scale. Dealing with the likes of "King Con" has given investors misery and loss. There will be more losses to come as outlined in the receiver's report. If the litigation continues and McIvor keeps wasting the receivers time in challenging his appointment, David Whyte will be sidetracked into dealing with McIvor's nonsense. David Whyte has already outlined how much time this has consumed to date. McIvor should be taken out of the equation all together after ignoring the receiver and unilaterally firing the CEO.
ENOUGH IS ENOUGH let the receiver do his job and remove the root cause of ALL of the problems...
How can ASIC let this farce continue any longer...
This is now an undisputed disaster of monumental proportions, 167M of impairments in 1 year is off the Richter scale. Dealing with the likes of "King Con" has given investors misery and loss. There will be more losses to come as outlined in the receiver's report. If the litigation continues and McIvor keeps wasting the receivers time in challenging his appointment, David Whyte will be sidetracked into dealing with McIvor's nonsense. David Whyte has already outlined how much time this has consumed to date. McIvor should be taken out of the equation all together after ignoring the receiver and unilaterally firing the CEO.
ENOUGH IS ENOUGH let the receiver do his job and remove the root cause of ALL of the problems...
How can ASIC let this farce continue any longer...
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Remind you of anyone???
Anybody seen $167,000,000 I seem to have misplaced it
The "Osrich" Approach to Funds Management on the Gold Coast.
Anybody seen $167,000,000 I seem to have misplaced it
The "Osrich" Approach to Funds Management on the Gold Coast.
Re: Remind you of anyone???
Where did they file those financials?
Anybody seen $167,000,000 I seem to have misplaced it
The "Osrich" Approach to Funds Management on the Gold Coast.
Where did they file those financials?
Attachments
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Joke ?
This is a joke right ??
This is a joke right ??
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Credentials
So McIvor loses 167M of innocent investors money and is then allowed to continue dealing with the assets of the fund... These kinds of credentials would not get you a bank tellers job.
Losses of this magnitude and wasteful spending on expenses as outlined by the receiver would tend to indicate that a complete change of management is needed. What faith have investors got in ASIC and the receiver when this is allowed to continue. The moment the CEO was fired without the receiver's consent action should have been taken immediately... Whilst the receiver pontificates over the issue and collects more fees investor's money is being flushed down the toilet. If David Whyte does not take a firm stance against McIvor his credibility will be completely lost and there will be calls for his removal. Its a game with other people's lives that should not be taken lightly...
So McIvor loses 167M of innocent investors money and is then allowed to continue dealing with the assets of the fund... These kinds of credentials would not get you a bank tellers job.
Losses of this magnitude and wasteful spending on expenses as outlined by the receiver would tend to indicate that a complete change of management is needed. What faith have investors got in ASIC and the receiver when this is allowed to continue. The moment the CEO was fired without the receiver's consent action should have been taken immediately... Whilst the receiver pontificates over the issue and collects more fees investor's money is being flushed down the toilet. If David Whyte does not take a firm stance against McIvor his credibility will be completely lost and there will be calls for his removal. Its a game with other people's lives that should not be taken lightly...
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