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Re: Octaviar MFS Premium Income Fund PIF
As long as they are not "internal" PIF units!!!
As long as they are not "internal" PIF units!!!
Wellington Capital PIF/Octaviar (MFS) PIF
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Re: Octaviar MFS Premium Income Fund PIF
Yes you are right about OCV moving shares.
Both the Commsec and NAB listing are fothe same "TRADE" which shows the Condition Code: "EP." This the code for Exercising a Put-Option, but I don't know who the recipient is, Possibly Wellington Capital, probably something to do with obtaining the PIF.
The event was: At 7.05 this morning 26,000 OCV shares @ a value of $4.75 each, were traded to whoever, as completion payment of a Put-Option between them.
This answer may raise more questions than it solves!
Best wishes to all.
Hi guys, I posted this in the OCV thread... thought it may as well go here too.
Anyone notice that 1 trade went through today? Or thats atleast what is showing up on my comsec.
It was for 123,500 shares... heres a pic:-
View attachment 21893
Please explain???
By the way any general news on this dog?
Cheers
Yes you are right about OCV moving shares.
Both the Commsec and NAB listing are fothe same "TRADE" which shows the Condition Code: "EP." This the code for Exercising a Put-Option, but I don't know who the recipient is, Possibly Wellington Capital, probably something to do with obtaining the PIF.
The event was: At 7.05 this morning 26,000 OCV shares @ a value of $4.75 each, were traded to whoever, as completion payment of a Put-Option between them.
This answer may raise more questions than it solves!
Best wishes to all.
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Re: Octaviar MFS Premium Income Fund PIF
Forget about ASIC being a knight in shining armour. ASIC and similar institutions are about the giving the perception of public order. Punitive for deterant and all that. Not providing counsel.
We're on our own with this one. Don't hold out ANY hope for Federal government help.
Don't forget that the tax office is ahead of us in the queue for recovering funds. To the tune of $56M.
Especially in our case where the Liberal Party brand is involved. Peacock was at the helm of MFS Ltd from January 07.
Forget about ASIC being a knight in shining armour. ASIC and similar institutions are about the giving the perception of public order. Punitive for deterant and all that. Not providing counsel.
We're on our own with this one. Don't hold out ANY hope for Federal government help.
Don't forget that the tax office is ahead of us in the queue for recovering funds. To the tune of $56M.
Especially in our case where the Liberal Party brand is involved. Peacock was at the helm of MFS Ltd from January 07.
Re: Octaviar MFS Premium Income Fund PIF
Latest News from the Gold Coast Bulletin regarding Octaviar
This gets smellier with time
June 27, 2008 04:57pm
Mystery surrounds King's castle
Nick Nichols
27Jun08
WHO owns Elysian Fields, the plush polo complex set up by embattled MFS founder Michael King seven years ago?
According to property records, ultimately it is 36-year-old Benowa man Bradley Lloyd Jones.
Mr King is not the beneficial owner of Canungra Property and Subdivisions Pty Ltd, the company listed in RP Data as owning three lots that comprise the 187ha Elysian Fields which sits along Beaudesert-Nerang Road and the Mundoolun Connection Road at Wonglepong.
He is not even listed as a director of the company.
Mr Jones, along with Lee-Anne Kym Murray of Clear Island Waters, are directors, while Mr Jones is the sole shareholder.
Ms Murray is company secretary to several companies associated with Mr King, among them Australasian Investments, Moonlight Australia, Black Teak and Fortmore, through which Mr King and MFS co-founder Phil Adams hold shares in MFS, now known as Octaviar.
Fortmore was placed into liquidation last month with contingent liabilities of $112 million.
Mr King was reported to be selling Elysian Fields for between $25 million and $30 million in the face of insurmountable debts that, two months ago, he said would almost certainly bankrupt him.
Mr King's financial situation was triggered by a rush of margin calls on his MFS share portfolio after the company's share price imploded earlier this year.
But the vexing question that remains is: who is Mr Jones and what is his connection to Elysian Fields?
It is possible he holds the beneficial interest in the company on behalf of a third party under a separate agreement.
Bradley Lloyd Jones is director of 12 companies, including Canungra Property and Subdivisions. Elysian Fields appears to be the only Queensland property it owns.
There is a charge over the company, held by OPI Pacific Finance, the embattled New Zealand subsidiary of Octaviar.
Attempts to contact Mr Jones were unsuccessful yesterday.
Many of the companies he controls are headquartered at Gold Group Chartered Accountants in Southport.
A Gold Group representative yesterday said she would forward a message to Mr Jones.
A search of the Elysian Fields website shows the property's general manager is a Brad Jones.
It was unclear whether this Mr Jones was the same as the Canungra Property and Subdivisions director.
The property manager also did not return calls yesterday.
Elysian Fields was assembled in two stages, beginning in 2000, at a total cost of $6 million.
Early sale records also show no connection to Mr King, although he has called Elysian Fields his home for most of his period at the MFS helm.
It has been reported that Mr King spent a total of $20 million on the property to develop it into one of the best polo facilities in the country.
But one agent yesterday described $25 million to $30 million understood to be sought for Elysian Fields as ambitious.
He said the market had softened for high-priced properties, with Elysian Fields seen by another as overcapitalised.
Mr King has been running the property as a business since his fall from grace, with the Elysian Fields website listing it as an accommodation, wedding and sporting venue.
In May, he told The Gold Coast Bulletin he had been holding fee-paying polo tournaments there in order to meet interest payments on the property.
Mr King could not be contacted for comment yesterday.
Meanwhile, the company he founded was rocked this week by a raft of new claims by creditors.
OPI Pacific Finance has launched a $270 million damages claim against Octaviar which, along with a further $147.5 million sought by its former flagship investment vehicle, the Premium Income Fund, brings total debts owed by the company to more than $1 billion.
The latest claims cast into doubt Octaviar's ability to stave off liquidation, although directors this week said they were still negotiating with creditors.
Jenny Hutson, who now controls the Premium Income Fund through Wellington Capital, this week said loans made by the fund to MFS last year were 'inappropriate' and she had enlisted a top Sydney barrister to fight the case.
The Australian Securities and Investments Commission yesterday declined to comment on whether it was investigating the claims made by Ms Hutson.
It was also claimed yesterday that OPI Pacific Finance had been the recipient of a raft of 'non-performing loans' transferred from MFS.
The allegations form part of the claim by OPI against Octaviar, which is now in the hands of S8 founder Chris Scott, who controls about 8 per cent of the company's now worthless stock.
Latest News from the Gold Coast Bulletin regarding Octaviar
This gets smellier with time
June 27, 2008 04:57pm
Mystery surrounds King's castle
Nick Nichols
27Jun08
WHO owns Elysian Fields, the plush polo complex set up by embattled MFS founder Michael King seven years ago?
According to property records, ultimately it is 36-year-old Benowa man Bradley Lloyd Jones.
Mr King is not the beneficial owner of Canungra Property and Subdivisions Pty Ltd, the company listed in RP Data as owning three lots that comprise the 187ha Elysian Fields which sits along Beaudesert-Nerang Road and the Mundoolun Connection Road at Wonglepong.
He is not even listed as a director of the company.
Mr Jones, along with Lee-Anne Kym Murray of Clear Island Waters, are directors, while Mr Jones is the sole shareholder.
Ms Murray is company secretary to several companies associated with Mr King, among them Australasian Investments, Moonlight Australia, Black Teak and Fortmore, through which Mr King and MFS co-founder Phil Adams hold shares in MFS, now known as Octaviar.
Fortmore was placed into liquidation last month with contingent liabilities of $112 million.
Mr King was reported to be selling Elysian Fields for between $25 million and $30 million in the face of insurmountable debts that, two months ago, he said would almost certainly bankrupt him.
Mr King's financial situation was triggered by a rush of margin calls on his MFS share portfolio after the company's share price imploded earlier this year.
But the vexing question that remains is: who is Mr Jones and what is his connection to Elysian Fields?
It is possible he holds the beneficial interest in the company on behalf of a third party under a separate agreement.
Bradley Lloyd Jones is director of 12 companies, including Canungra Property and Subdivisions. Elysian Fields appears to be the only Queensland property it owns.
There is a charge over the company, held by OPI Pacific Finance, the embattled New Zealand subsidiary of Octaviar.
Attempts to contact Mr Jones were unsuccessful yesterday.
Many of the companies he controls are headquartered at Gold Group Chartered Accountants in Southport.
A Gold Group representative yesterday said she would forward a message to Mr Jones.
A search of the Elysian Fields website shows the property's general manager is a Brad Jones.
It was unclear whether this Mr Jones was the same as the Canungra Property and Subdivisions director.
The property manager also did not return calls yesterday.
Elysian Fields was assembled in two stages, beginning in 2000, at a total cost of $6 million.
Early sale records also show no connection to Mr King, although he has called Elysian Fields his home for most of his period at the MFS helm.
It has been reported that Mr King spent a total of $20 million on the property to develop it into one of the best polo facilities in the country.
But one agent yesterday described $25 million to $30 million understood to be sought for Elysian Fields as ambitious.
He said the market had softened for high-priced properties, with Elysian Fields seen by another as overcapitalised.
Mr King has been running the property as a business since his fall from grace, with the Elysian Fields website listing it as an accommodation, wedding and sporting venue.
In May, he told The Gold Coast Bulletin he had been holding fee-paying polo tournaments there in order to meet interest payments on the property.
Mr King could not be contacted for comment yesterday.
Meanwhile, the company he founded was rocked this week by a raft of new claims by creditors.
OPI Pacific Finance has launched a $270 million damages claim against Octaviar which, along with a further $147.5 million sought by its former flagship investment vehicle, the Premium Income Fund, brings total debts owed by the company to more than $1 billion.
The latest claims cast into doubt Octaviar's ability to stave off liquidation, although directors this week said they were still negotiating with creditors.
Jenny Hutson, who now controls the Premium Income Fund through Wellington Capital, this week said loans made by the fund to MFS last year were 'inappropriate' and she had enlisted a top Sydney barrister to fight the case.
The Australian Securities and Investments Commission yesterday declined to comment on whether it was investigating the claims made by Ms Hutson.
It was also claimed yesterday that OPI Pacific Finance had been the recipient of a raft of 'non-performing loans' transferred from MFS.
The allegations form part of the claim by OPI against Octaviar, which is now in the hands of S8 founder Chris Scott, who controls about 8 per cent of the company's now worthless stock.
Re: Octaviar MFS Premium Income Fund PIF
It will be very interesting once the books of Octaviar/MFS are fully opened and we can see where all these loans have gone.
I often wonder if the directors ever gave themselves loans to buy property like polo fields ect. without going thru the proper channels hoping they won't be found out or charged interest.
God I hate these BAST#### and hope they rot in hell.
It will be very interesting once the books of Octaviar/MFS are fully opened and we can see where all these loans have gone.
I often wonder if the directors ever gave themselves loans to buy property like polo fields ect. without going thru the proper channels hoping they won't be found out or charged interest.
God I hate these BAST#### and hope they rot in hell.
Re: Octaviar MFS Premium Income Fund PIF
Me thinks criminal proceedings are now becomming a realty after the article in the GC Bulletin today.
Messrs. Peacock and King who were chairman and managing director respectively of MFS and Mr Hutchings PIf ceo at the time that all these what appear to be transgressions and fraudulant transactions took place with the PIF funds need to be hauled up to face a criminal enquiry.
In fact I would think that the new RE of the PIF that is WC should lay charges against them as soon as possible with the Police.
Perhaps a time of incarceration in the police cells would help loosen their tongues and jog their memories and assist all in recovering the $147.5 million owed to the PIF.
The buck stops at those who are ultimately responsible.
Me thinks criminal proceedings are now becomming a realty after the article in the GC Bulletin today.
Re: Octaviar MFS Premium Income Fund PIF
Hi 2CentsWorth,
I saw this too and wondered, but after rereading Wellington's media release it says that they bought the shares from a 'subsidiary of Octaviar' so I dont think that would effect a trade in OCV shares?
Cheers
Hi 2CentsWorth,
I saw this too and wondered, but after rereading Wellington's media release it says that they bought the shares from a 'subsidiary of Octaviar' so I dont think that would effect a trade in OCV shares?
Cheers
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Re: Octaviar MFS Premium Income Fund PIF
Dear Forum readers - this is the PIF Action Groups latest media release - thanks to our intrepid Action Group members, Joan & Mick Campbell and Sue Clifford of Port Macquarie. Good on you and congratulations, dear folks, for your hard work on behalf of all investors.
Media release via Port Macquarie News under:
Fund failures sink Hastings families
27/06/2008 4:00:00 AM
SOME Hastings retired people with their savings tied up in troubled investment funds are struggling to stay afloat.
While the 1750 locals who have money invested in Donovan Oates Hannaford Mortgage Corporation (DOHMC) are still receiving regular payments from the failed mortgage broker, an unknown number of Hastings investors in Gold Coast-based MFS have received no income from it since January.
Retired Pembrooke couple Joan and Mick Campbell are among those who have copped the “double whammy” by having retirement savings invested in both groups.
The former high-flying MFS investment and tourism group ran into trouble last year and its Premium Income Fund (PIF), with $755 million invested in it, was “frozen” in January; no withdrawals have been allowed or dividends paid since.
Mr and Mrs Campbell have close to $100,000 invested in PIF and the interest payments they received from it went towards their daily living costs.
Sue Clifford is another local PIF investor whose retirement was funded from dividends and who, without that income, is now juggling funds to stay afloat. She already has liquidated a superannuation fund to meet debts.
Some retired people had all their savings invested in PIF and there are some “real hardship cases” as a result, she said.
People with money invested in DOHMC and PIF who are receiving a part pension face an extra problem, Mrs Campbell said, as Centrelink still considers the money invested in these two companies as assets and assesses it as such.
This means some people are receiving little or no income from their investments but cannot qualify for an increased pension because their assets are regarded as being unchanged.
MFS is now called Octaviar and PIF is now managed by Brisbane-based Wellington Investment Management.
As an indication of the level of local investment in PIF, Wellington is holding a series of “forums” with investors at six centres: Brisbane, Melbourne, Sydney, Gold Coast, Newcastle – and Port Macquarie.
The Port Macquarie forum will start at 10am on July 15 at The Westport Club.
Mrs Campbell is hoping to organise a meeting of Mid-North Coast PIF investors ahead of that date. But she has no access to a register of investors and is relying on them to contact her.
The Campbells can be contacted on 6585 9285.
In the latest development in the sorry saga, the financial press reported this week that Wellington is taking legal action against Octaviar to recover $147.5 million it alleges MFS siphoned from PIF in late 2007.
http://portmacquarie.yourguide.com....d-failures-sink-hastings-families/798681.aspx
Dear Forum readers - this is the PIF Action Groups latest media release - thanks to our intrepid Action Group members, Joan & Mick Campbell and Sue Clifford of Port Macquarie. Good on you and congratulations, dear folks, for your hard work on behalf of all investors.
Media release via Port Macquarie News under:
Fund failures sink Hastings families
27/06/2008 4:00:00 AM
SOME Hastings retired people with their savings tied up in troubled investment funds are struggling to stay afloat.
While the 1750 locals who have money invested in Donovan Oates Hannaford Mortgage Corporation (DOHMC) are still receiving regular payments from the failed mortgage broker, an unknown number of Hastings investors in Gold Coast-based MFS have received no income from it since January.
Retired Pembrooke couple Joan and Mick Campbell are among those who have copped the “double whammy” by having retirement savings invested in both groups.
The former high-flying MFS investment and tourism group ran into trouble last year and its Premium Income Fund (PIF), with $755 million invested in it, was “frozen” in January; no withdrawals have been allowed or dividends paid since.
Mr and Mrs Campbell have close to $100,000 invested in PIF and the interest payments they received from it went towards their daily living costs.
Sue Clifford is another local PIF investor whose retirement was funded from dividends and who, without that income, is now juggling funds to stay afloat. She already has liquidated a superannuation fund to meet debts.
Some retired people had all their savings invested in PIF and there are some “real hardship cases” as a result, she said.
People with money invested in DOHMC and PIF who are receiving a part pension face an extra problem, Mrs Campbell said, as Centrelink still considers the money invested in these two companies as assets and assesses it as such.
This means some people are receiving little or no income from their investments but cannot qualify for an increased pension because their assets are regarded as being unchanged.
MFS is now called Octaviar and PIF is now managed by Brisbane-based Wellington Investment Management.
As an indication of the level of local investment in PIF, Wellington is holding a series of “forums” with investors at six centres: Brisbane, Melbourne, Sydney, Gold Coast, Newcastle – and Port Macquarie.
The Port Macquarie forum will start at 10am on July 15 at The Westport Club.
Mrs Campbell is hoping to organise a meeting of Mid-North Coast PIF investors ahead of that date. But she has no access to a register of investors and is relying on them to contact her.
The Campbells can be contacted on 6585 9285.
In the latest development in the sorry saga, the financial press reported this week that Wellington is taking legal action against Octaviar to recover $147.5 million it alleges MFS siphoned from PIF in late 2007.
http://portmacquarie.yourguide.com....d-failures-sink-hastings-families/798681.aspx
Re: Octaviar MFS Premium Income Fund PIF
If, as it has been alleged, $147.5m. of our money was siphoned off, why has it taken so long to expose these alleged 7-8 months old worrisome transactions? I simply don't understand what the custodians, trusted managers and boards have been doing all this time if all this really happened. They were also circulating those cunning monthly newsletters to loyal investors. I actually believed their content - redemptions would be withheld for only a limited period, that we held quality investments etc. Then wham! The RBOS loan repayment was announced - out of the blue. And now, the latest losses. Obviouslty ASIC can no longer remain disinterested in all these events while we lose our savings.
If, as it has been alleged, $147.5m. of our money was siphoned off, why has it taken so long to expose these alleged 7-8 months old worrisome transactions? I simply don't understand what the custodians, trusted managers and boards have been doing all this time if all this really happened. They were also circulating those cunning monthly newsletters to loyal investors. I actually believed their content - redemptions would be withheld for only a limited period, that we held quality investments etc. Then wham! The RBOS loan repayment was announced - out of the blue. And now, the latest losses. Obviouslty ASIC can no longer remain disinterested in all these events while we lose our savings.
Re: Octaviar MFS Premium Income Fund PIF
Hi All
Can anybody tell me the name of the chief ASIC honcho in my experience you get better results going strait to the top
I think we should now write a formal letter demanding an immediate investigation the lies deceit and misrepresentation are now tantamount to fraud on a grand scale
Hi All
Can anybody tell me the name of the chief ASIC honcho in my experience you get better results going strait to the top
I think we should now write a formal letter demanding an immediate investigation the lies deceit and misrepresentation are now tantamount to fraud on a grand scale
Re: Octaviar MFS Premium Income Fund PIF
Former IBM vice-president and executive director of services for Accenture Asia Pacific, John Bligh, has been appointed as the new chief executive of the Australian Securities and Investments Commission (ASIC).
Mr Bligh, who took up the post in February, has also been appointed as ASIC's Victorian regional commissioner.
As chief executive, Mr Bligh will be responsible for IT, finance, HR and consumer service delivery.
His role as regional commissioner will see him liaising with the Victorian businesses, and taking responsibility for financial services and investor and consumer communities.
Maybe this dude? Cheers, Seamisty
John Bligh named as new CEO of ASIC:::
Former IBM vice-president and executive director of services for Accenture Asia Pacific, John Bligh, has been appointed as the new chief executive of the Australian Securities and Investments Commission (ASIC).
Mr Bligh, who took up the post in February, has also been appointed as ASIC's Victorian regional commissioner.
As chief executive, Mr Bligh will be responsible for IT, finance, HR and consumer service delivery.
His role as regional commissioner will see him liaising with the Victorian businesses, and taking responsibility for financial services and investor and consumer communities.
Maybe this dude? Cheers, Seamisty
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Re: Octaviar MFS Premium Income Fund PIF
I have been doing some legal research into this situation and have uncovered some very interesting information which I want to share with you:
Breaches of Corporations Act Section 601FD by Officers ( also S 601FC for the Responsible Entity and S 601FE for employees) of the corporations named in the WC action can attract the following penalties (Schedule 3):
Subsection 601FC(6) 2,000 penalty units or imprisonment for 5 years, or both.
Subsection 601FD(4) 2,000 penalty units or imprisonment for 5 years, or both.
Subsection 601FE(4) 2,000 penalty units or imprisonment for 5 years, or both.
Penalty Units are $100 - 2,000units = $20,000 fine.
Note that the WC media release only mentions S601FD in relation to Officers, which seems to cover Directors as well as other people in the organisation who were a party to the decision and those naughty boys and girls who failed in their duty to put their hand up when the breach was found.
The Act also provides for a court to make civil penalty orders - effectively banning directors for periods specified by the court, fines and any other nasties ASIC dreams up after the horse has bolted.
Imprisonment would presumably be reserved for blatant cases of what the Act describes as intentional or reckless contravention.
Then again I suppose deliberately dumping $147.5 million of worthless loans into the fund could be found to be both intentional and reckless. And remember that according to Wellington's media release these loans were pre-existing Octaviar loans, some of which went to PIF and some to OPI NZ. They were all known quantities - non performers - so I suppose that could be intentional and reckless!
Once a RE uncovers a breach of the Act, the RE is required to:
S601FC(l) report to ASIC any breach of this Act that:
(i) relates to the scheme; and
(ii) has had, or is likely to have, a materially adverse effect on the interests of members; as soon as practicable after it becomes aware of the breach;
I'm sure the leading silk would have raised this one with JH. Enter the guys in trench coats!!
And if you have been wondering what ASIC has been doing all these months just look at Section 601FF appropriately titled Surveillance Checks by ASIC
S601FF(1) ASIC may, from time to time, check whether the responsible entity of a registered scheme is complying with the scheme's constitution and compliance plan and with this Act.
With all the publicity surrounding the MFS/Octaviar situation you would expect ASIC to at least read S601FF. Then again, we may well have an action against ASIC for failing to check the situation - damn staff shortages.
So, WC goes off to the Supreme Court and seeks an declaration of contravention against named officers. With this in hand JH can start to sue all parties - the Officers, the corporations, Indemnity Insurance etc and any one left standing after margin loans actions or still in a job at Octaviar. If these actions do not recover sufficient funds the she can start on the borrowers - picket the Sheraton and refuse to ever buy groceries in Germany!
Next ASIC comes in for civil orders, fines and yes the dreaded terms of incarceration - no Xmas cards this year! Although it seems to take ASIC about 3 to 4 years to get the miscreants.
The attached paper is worth reading also - it summarises the relevant sections of the Act and raises the prospect of further legal action against the Responsible Entity. This is covered in S601MA:
"CORPORATIONS ACT 2001 - SECT 601MA
Civil liability of responsible entity to members
(1) A member of a registered scheme who suffers loss or damage because of conduct of the scheme's responsible entity that contravenes a provision of this Chapter may recover the amount of the loss or damage by action against the responsible entity whether or not the responsible entity has been convicted of an offence, or has had a civil penalty order made against it, in respect of the contravention.
(2) An action under subsection (1) must be begun within 6 years after the cause of action arises.
(3) This section does not affect any liability that a person has under other provisions of this Act or under other laws."
Funny no one mentioned this provision of the Act! Remember WC has bought all the shares in MFS/Octaviar Investment Management Limited and has only changed the name - therefore continues to be responsible for the past conduct of the RE.
I certainly believe JH's comment that she will diligently pursue our missing funds - firstly she is legally obliged by the Act to do so and secondly, at some stage she will have us investors to deal with if she can not bring home the beacon!
But to get this into perspective, I think we need to support JH in her efforts to recover our funds (at our expense). I'm sure no receiver would be as diligent.
I have been doing some legal research into this situation and have uncovered some very interesting information which I want to share with you:
Breaches of Corporations Act Section 601FD by Officers ( also S 601FC for the Responsible Entity and S 601FE for employees) of the corporations named in the WC action can attract the following penalties (Schedule 3):
Subsection 601FC(6) 2,000 penalty units or imprisonment for 5 years, or both.
Subsection 601FD(4) 2,000 penalty units or imprisonment for 5 years, or both.
Subsection 601FE(4) 2,000 penalty units or imprisonment for 5 years, or both.
Penalty Units are $100 - 2,000units = $20,000 fine.
Note that the WC media release only mentions S601FD in relation to Officers, which seems to cover Directors as well as other people in the organisation who were a party to the decision and those naughty boys and girls who failed in their duty to put their hand up when the breach was found.
The Act also provides for a court to make civil penalty orders - effectively banning directors for periods specified by the court, fines and any other nasties ASIC dreams up after the horse has bolted.
Imprisonment would presumably be reserved for blatant cases of what the Act describes as intentional or reckless contravention.
Then again I suppose deliberately dumping $147.5 million of worthless loans into the fund could be found to be both intentional and reckless. And remember that according to Wellington's media release these loans were pre-existing Octaviar loans, some of which went to PIF and some to OPI NZ. They were all known quantities - non performers - so I suppose that could be intentional and reckless!
Once a RE uncovers a breach of the Act, the RE is required to:
S601FC(l) report to ASIC any breach of this Act that:
(i) relates to the scheme; and
(ii) has had, or is likely to have, a materially adverse effect on the interests of members; as soon as practicable after it becomes aware of the breach;
I'm sure the leading silk would have raised this one with JH. Enter the guys in trench coats!!
And if you have been wondering what ASIC has been doing all these months just look at Section 601FF appropriately titled Surveillance Checks by ASIC
S601FF(1) ASIC may, from time to time, check whether the responsible entity of a registered scheme is complying with the scheme's constitution and compliance plan and with this Act.
With all the publicity surrounding the MFS/Octaviar situation you would expect ASIC to at least read S601FF. Then again, we may well have an action against ASIC for failing to check the situation - damn staff shortages.
So, WC goes off to the Supreme Court and seeks an declaration of contravention against named officers. With this in hand JH can start to sue all parties - the Officers, the corporations, Indemnity Insurance etc and any one left standing after margin loans actions or still in a job at Octaviar. If these actions do not recover sufficient funds the she can start on the borrowers - picket the Sheraton and refuse to ever buy groceries in Germany!
Next ASIC comes in for civil orders, fines and yes the dreaded terms of incarceration - no Xmas cards this year! Although it seems to take ASIC about 3 to 4 years to get the miscreants.
The attached paper is worth reading also - it summarises the relevant sections of the Act and raises the prospect of further legal action against the Responsible Entity. This is covered in S601MA:
"CORPORATIONS ACT 2001 - SECT 601MA
Civil liability of responsible entity to members
(1) A member of a registered scheme who suffers loss or damage because of conduct of the scheme's responsible entity that contravenes a provision of this Chapter may recover the amount of the loss or damage by action against the responsible entity whether or not the responsible entity has been convicted of an offence, or has had a civil penalty order made against it, in respect of the contravention.
(2) An action under subsection (1) must be begun within 6 years after the cause of action arises.
(3) This section does not affect any liability that a person has under other provisions of this Act or under other laws."
Funny no one mentioned this provision of the Act! Remember WC has bought all the shares in MFS/Octaviar Investment Management Limited and has only changed the name - therefore continues to be responsible for the past conduct of the RE.
I certainly believe JH's comment that she will diligently pursue our missing funds - firstly she is legally obliged by the Act to do so and secondly, at some stage she will have us investors to deal with if she can not bring home the beacon!
But to get this into perspective, I think we need to support JH in her efforts to recover our funds (at our expense). I'm sure no receiver would be as diligent.
Quincy
Jack of all trades master of 0
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Re: Octaviar MFS Premium Income Fund PIF
Hello.
I am a Noteholder with Australian Capital Reserve Limited (in Liquidation) ("ACR").
I am a member of (and have been running) the ACR Action Group which has been going for about 12 months now (NAG = Noteholders Action Group).
The contact you need to correspond with at ASIC (the so called "top dog") is Mr. Tony D'Aloisio. He is the Chairman of ASIC.
It is unusual to get a reply of any worth from ASIC but Tony D'Aloisio has himself actually replied to a couple of the many Letters that I have forwarded to him regarding ACR. He will probably delegate any request down the line though.
His E-mail address is (you will need to remove the spaces) : -
t o n y . d ' a l o i s i o @ a s i c . g o v . a u
Good luck to you all with your Action Group and I hope that you have some success in getting a suitable result in the return of your investment as well bringing the rogues in question to account. I've got to tell you that it is a long, hard road.
PS. my father has money invested in the Octaviar MFS Premium Income Fund.
Hello.
I am a Noteholder with Australian Capital Reserve Limited (in Liquidation) ("ACR").
I am a member of (and have been running) the ACR Action Group which has been going for about 12 months now (NAG = Noteholders Action Group).
The contact you need to correspond with at ASIC (the so called "top dog") is Mr. Tony D'Aloisio. He is the Chairman of ASIC.
It is unusual to get a reply of any worth from ASIC but Tony D'Aloisio has himself actually replied to a couple of the many Letters that I have forwarded to him regarding ACR. He will probably delegate any request down the line though.
His E-mail address is (you will need to remove the spaces) : -
t o n y . d ' a l o i s i o @ a s i c . g o v . a u
Good luck to you all with your Action Group and I hope that you have some success in getting a suitable result in the return of your investment as well bringing the rogues in question to account. I've got to tell you that it is a long, hard road.
PS. my father has money invested in the Octaviar MFS Premium Income Fund.
Re: Octaviar MFS Premium Income Fund PIF
Oops! I meant to inlude this item from today's Mlbourne Age
(28/06)
Lift administrator tackles MFS pair over $13 million
* Elisabeth Sexton
* June 28, 2008
*
THE administrator of margin lender Lift Capital has taken action to recover $13 million from the founders of the troubled property and tourism group MFS, Michael King and Philip Adams.
The case involves a $25 million margin-lending facility granted by Lift to a private company, Black Teak Pty Ltd, in July 2006. McGrathNicol partner Tony McGrath is suing Black Teak's two directors, Mr King and Mr Adams, and its secretary, Lee-Anne Murray, as guarantors of the loan.
Black Teak owns a little less than 1% of the shares in MFS, now called Octaviar.
In April, Octaviar said Mr King's total shareholding was 6.7% and Mr Adams held 6.5%. The shares have not traded since January, when they were suspended following a 75% plunge over two days.
Octaviar is under threat of being wound up by the Public Trustee of Queensland. A court hearing scheduled for September.
Mr McGrath's solicitor, Addisons partner Philip Stern, told the NSW Supreme Court yesterday he had been unable to serve papers on Mr Adams because he was living in Dubai.
Mr Adams, a former managing director of MFS, moved to the United Arab Emirates to head MFS International last year. Octaviar closed the office in March.
Mr King, who resigned as MFS chief executive in January, was disputing he had been served with the papers on the Gold Coast, Mr Stern said.
"My process server has given me a facsimile and affidavit of service, advising to the fact that he was served," he said.
"Mr King, in email correspondence, says he (the process server) is a liar."
Ms Murray had received her papers and she and Mr King had foreshadowed applying to have the case moved to Queensland, he said.
Lift Capital's directors called in Mr McGrath as voluntary administrator in April.
A boutique financier specialising in loans for share investment and managed funds, Lift's business model was unable to cope with the impact of the credit squeeze and sharemarket fall.
..........................................
.
Oops! I meant to inlude this item from today's Mlbourne Age
(28/06)
Lift administrator tackles MFS pair over $13 million
* Elisabeth Sexton
* June 28, 2008
*
THE administrator of margin lender Lift Capital has taken action to recover $13 million from the founders of the troubled property and tourism group MFS, Michael King and Philip Adams.
The case involves a $25 million margin-lending facility granted by Lift to a private company, Black Teak Pty Ltd, in July 2006. McGrathNicol partner Tony McGrath is suing Black Teak's two directors, Mr King and Mr Adams, and its secretary, Lee-Anne Murray, as guarantors of the loan.
Black Teak owns a little less than 1% of the shares in MFS, now called Octaviar.
In April, Octaviar said Mr King's total shareholding was 6.7% and Mr Adams held 6.5%. The shares have not traded since January, when they were suspended following a 75% plunge over two days.
Octaviar is under threat of being wound up by the Public Trustee of Queensland. A court hearing scheduled for September.
Mr McGrath's solicitor, Addisons partner Philip Stern, told the NSW Supreme Court yesterday he had been unable to serve papers on Mr Adams because he was living in Dubai.
Mr Adams, a former managing director of MFS, moved to the United Arab Emirates to head MFS International last year. Octaviar closed the office in March.
Mr King, who resigned as MFS chief executive in January, was disputing he had been served with the papers on the Gold Coast, Mr Stern said.
"My process server has given me a facsimile and affidavit of service, advising to the fact that he was served," he said.
"Mr King, in email correspondence, says he (the process server) is a liar."
Ms Murray had received her papers and she and Mr King had foreshadowed applying to have the case moved to Queensland, he said.
Lift Capital's directors called in Mr McGrath as voluntary administrator in April.
A boutique financier specialising in loans for share investment and managed funds, Lift's business model was unable to cope with the impact of the credit squeeze and sharemarket fall.
..........................................
.
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Re: Octaviar MFS Premium Income Fund PIF
The following article also appeared in the same edition of the Gold Coast Bulletin yesterday (p.111) titled "CVC waiting to pounce on Stella for a second time".
Juan
The following article also appeared in the same edition of the Gold Coast Bulletin yesterday (p.111) titled "CVC waiting to pounce on Stella for a second time".
Juan
- Joined
- 30 May 2008
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Re: Octaviar MFS Premium Income Fund PIF
Hi All,
We will be attending the first PIF investor information forum in Brisbane on the 7th of July. If you would like the Brisbane group to ask any specific questions of the RE please send them to:
P I F Action Group BNE@gmail.com (remove all spaces before sending)
We will endeavour to ask any questions recieved and post the responses after the meeting.
Hi All,
We will be attending the first PIF investor information forum in Brisbane on the 7th of July. If you would like the Brisbane group to ask any specific questions of the RE please send them to:
P I F Action Group BNE@gmail.com (remove all spaces before sending)
We will endeavour to ask any questions recieved and post the responses after the meeting.
Re: Octaviar MFS Premium Income Fund PIF
Dear AG members
I would like to inform investors in the Brisbane area that we will be holding an informal meeting prior to the meeting at the Greek Club to discuss all issues sometime next week
Pleae contact mailto:BNE@gmail.com to register your interst
Regards Chris
Dear AG members
I would like to inform investors in the Brisbane area that we will be holding an informal meeting prior to the meeting at the Greek Club to discuss all issues sometime next week
Pleae contact mailto:BNE@gmail.com to register your interst
Regards Chris
- Joined
- 30 May 2008
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- 0
