Wellington Capital PIF/Octaviar (MFS) PIF

[selciper]

This documentary via YouTube shows the UK Fraud Squad in action. Much emphasis os placed on the detrimental effects the losses have on the elderly and the jetset lifestyles of fraudsters.

http://www.youtube.com/watch?v=bGAPTj4dqZY

 

[seamisty]

CEOs - the new corporate fraudstersds
CHIEF Executive Officers (CEOs) are the fastest growing percentage of corporate fraudsters, according to a survey by forensic audit firm KPMG.

In its report titled “Who is the typical corporate fraudster?”, KPMG’s analysis of global patterns of fraud, it says 26 percent of fraudsters are chief executives – up from 11 percent in 2007.

The report indicates that a typical corporate fraudster is a senior finance executive, and that 32 percent of all employees who commit fraud work in corporate finance.

http://www.iol.co.za/sundayindependent/ceos-the-new-corporate-fraudstersds-1.1144649


HMNN, I wonder if KPMG have statistics on ex employees?


'Two former KPMG execs get stiff jail terms for tax shelter'
http://www.theaustralian.com.au/bus...ec-10-years-jail/story-e6frg906-1225697633903


'Ex KPMG manager pleads guilty to insider trading with Promentum'
http://www.proprint.com.au/News/239...guilty-to-insider-trading-with-promentum.aspx


'Ex-boss of city business body faces fraud charges' http://www.geelongadvertiser.com.au/article/2010/08/16/201291_news.html

 

[selciper]

Rather fail with honour than succeed by fraud.
(Sophocles)

 

[seamisty]

Another potential dismal failure relating to Wellington Capital is the Wellington Property Securities Fund. The same board of directors as the PIF had the 'pleasure' in presenting their report. The auditors Crowe Horwath did not express any pleasure, quite the contrary and expressed concerns as to whether the fund had the ability to continue as a going concern.
http://www.wellcap.com.au/assets/wpsf/2011_annual_report_wellington_property_securities_fund.pdf

 

[charles36]

Another potential dismal failure relating to Wellington Capital is the Wellington Property Securities Fund. The same board of directors as the PIF had the 'pleasure' in presenting their report. The auditors Crowe Horwath did not express any pleasure, quite the contrary and expressed concerns as to whether the fund had the ability to continue as a going concern.
http://www.wellcap.com.au/assets/wpsf/2011_annual_report_wellington_property_securities_fund.pdf

SEAMISTY I would say Wellington has not had a good year so far. PIF, PRINT LOGISTICS, PROPERTY SECURITIES, CHERIE HEARTS G8, S8 (class action contemplated) FOREST RESORT (Court Action) Could not be classed as an outstanding success. What next?

 

[elizaman]

Another potential dismal failure relating to Wellington Capital is the Wellington Property Securities Fund. The same board of directors as the PIF had the 'pleasure' in presenting their report. The auditors Crowe Horwath did not express any pleasure, quite the contrary and expressed concerns as to whether the fund had the ability to continue as a going concern.
http://www.wellcap.com.au/assets/wpsf/2011_annual_report_wellington_property_securities_fund.pdf

With all due respect, read and convey all of note 25 in the report.

 

[seamisty]

A bit more info.

Wellington Property Securities fund 100% own 6 and 8 Pikki St Maroochydore. I see that 6-18 Pikki St Maroochydore is up for sale as a mixed use development site .

6 Pikki St was listed as being for lease until recently and of interest was previously the address for Sunnycove management ltd.

Remember Sunnycove? Directors and Executives:
Mr Andrew Kemp (Chairman)
Mr Mark Roberts (Managing Director)
Mr Matthew Madsen (Director)
Mr Craig Wallace (Director)
Some familiar names in there?

MFS Diversified did some sort of a deal with Sunnycove to manage some Village Life centres.

Wellington Property Securities trust is also invested in Westlawn property Trust, a company that owns 307 Queen St Brisbane where Wellington Capitals' office is
located.
Jenny Hutson previously did the corporate legal work for Westlawn Finance and Westlawn Property Trust.

 

[seamisty]

Another potential dismal failure relating to Wellington Capital is the Wellington Property Securities Fund. The same board of directors as the PIF had the 'pleasure' in presenting their report. The auditors Crowe Horwath did not express any pleasure, quite the contrary and expressed concerns as to whether the fund had the ability to continue as a going concern.
http://www.wellcap.com.au/assets/wpsf/2011_annual_report_wellington_property_securities_fund.pdf

Print Mail Logistics also used Crowe Horwath as their auditor for their annual 2011 report who declared "

Emphasis of matter
Without qualifying our opinion, we draw attention to Note 1(a), in the financial report, which indicates that the
company and consolidated entity incurred losses of $38,674 and $335,087 respectively during the year
ended 30 June 2011 and, at that date, the company’s and consolidated entity’s current liabilities exceeded
their current assets by $1,670,287 and $1,556,188 respectively. These conditions, along with the other
matters set forth in Note 1(a), indicate the existence of a material uncertainty that may cast significant doubt
about the company and consolidated entity’s ability to continue as a going concerns and therefore, whether
they will be able to realise their assets and discharge their liabilities in the normal course of business."

Following that Print Mail Logistics called an AGM on the 10th October (today) of which one of the resolutions was for ' Change of Auditor'

The outcome?? You guessed it!!! Print Mail Logistics now have a new auditor!!!




 

[charles36]

The suspense is killing me, how long do we have to wait for the final death knell of the PIF. We took the chance (PIFAG) had great support but no matter how much support we generated we could not have won under the circumstances that existed last time. Nobody predicted the actions of Wellington Capital.

 

[Duped]

With all due respect, read and convey all of note 25 in the report.

With pleasure elizaman.

First WC issues PDF's that aren't text readable. Now this PDF WC released is some sort of weird layout (in columns?) that can't be easily Copy+Pasted. Silly games really. Excel to CSV to Word and then Find-Replace made relatively short work of stitching it back together. [emphasis added]

"[FONT=&quot]The Directors have prepared the financial report of the Fund on the going concern basis, which assumes that the fund will be able to discharge its liabilities and realise its assets in the ordinary course of business on the following basis:[/FONT]

• [FONT=&quot]Although one of the covenants in the bank loan has been breached at 30 June 2011, the bank has not requested any facility reduction and has provided confirmation dated 29 September 2011 that they are satisfied with the conduct of the facility in relation to the Wellington Direct Property Trust.[/FONT]
• [FONT=&quot]The bank has indicated that they will seek to extend to 31 July 2012 when the existing facility expires at 31 October 2011.[/FONT]
• [FONT=&quot]The properties held by the Fund remain strong and have been fully leased.[/FONT]"

Element of surprise is key for creditors isn't it? Keep em thinking they're in the clear until you turn up unannounced to change the locks? I imagine the bank would be well aware that if they get all heavy handed they risk motivating the borrower to strip the cupboards of all assets long before the bank gets around to excercising their rights.

Bottom line is that one of the covenants was breached. The bank can collect? So perhaps the bank is licking its lips for extra pounds of flesh they can demand in return for extending the existing facility. Look what Fortress got from MFS/Octaviar when Fortress turned the screws. Fortress got an extra fifty odd million $ converted from unsecured to secured at the 11th hour.

Oh and what penalties is the Trust up for now it's breached? All sorts of clauses can kick in once there is a breach.

Maybe WC will pull what they did to PIF. Pay off the bank by borrowing from a top secret lender at 20%/25%. Yikes.

 

[charles36]

WHOLESALE PREMIUM INCOME FUND. Another fund failed to pass muster. Price Waterhouse Cooper, the auditors for the WPIF have indicated: DISCLAIMER OF OPINION: Because of the significance of the matters described in the basis of the disclaimer of opinion paragraph, we have not been able to OBTAIN SUFFICIENT APPROPRIATE AUDIT EVIDENCE to provide the basis for an audit opinion. Accordingly we do not express an opinion on the financial report. Well, does the Board of Wellington, know more than the auditors about audits? A certain Director has signed off on the Financial statements "As giving a true and fair view of financial position." What a dilemma. Lawyers on one hand and qualified Auditors on the other. Lawyers have made the judgment but the auditors require appropriate evidence which has not been produced. Not much of a decision I would think. May be time to change these Auditors also Wellington?

 

[charles36]

SEAMISTY I would say Wellington has not had a good year so far. PIF, PRINT LOGISTICS, PROPERTY SECURITIES, CHERIE HEARTS G8, S8 (class action contemplated) FOREST RESORT (Court Action) Could not be classed as an outstanding success. What next?

I cannot keep up, Another one WPIF

 

[JohnH]

I cannot keep up, Another one WPIF

Charles, I can think of no other reason than that this is all a game to JH and her cronies. It is unbelievable that they can operate in this cavalier manner without any intervention from ASIC. Presumably she sees it purely as a game of strategy, and just doesn't realise or accept that the pawns (us) are in fact real people, in many cases elderly, and in many cases struggling to survive as a result of the mess that has been made with our funds.

 

[charles36]

Charles, I can think of no other reason than that this is all a game to JH and her cronies. It is unbelievable that they can operate in this cavalier manner without any intervention from ASIC. Presumably she sees it purely as a game of strategy, and just doesn't realise or accept that the pawns (us) are in fact real people, in many cases elderly, and in many cases struggling to survive as a result of the mess that has been made with our funds.

John H, There is an old saying "every dog has his day and when he does (he does something to every other dog's tree" I believe the Forensic Accountants should be able to look at the fund on behalf of unit holders and give the true picture of what has happened, what is happening and some guide for the future. While ever the fund does not have a true audit of the valuation of our assets the fund will just languish on the NSX to the detriment of all unit holders. Wellington Capital have been busy cementing themselves as the RE of the fund and while the present position stands there is little point in trying to remove WC. However, at some time the Government Regulator may see their way clear to do something to help. Here's hoping. In the meantime stay 'POSITIVE."

 

[seamisty]

Print Mail Logistics also used Crowe Horwath as their auditor for their annual 2011 report who declared "

Emphasis of matter
Without qualifying our opinion, we draw attention to Note 1(a), in the financial report, which indicates that the
company and consolidated entity incurred losses of $38,674 and $335,087 respectively during the year
ended 30 June 2011 and, at that date, the company’s and consolidated entity’s current liabilities exceeded
their current assets by $1,670,287 and $1,556,188 respectively. These conditions, along with the other
matters set forth in Note 1(a), indicate the existence of a material uncertainty that may cast significant doubt
about the company and consolidated entity’s ability to continue as a going concerns and therefore, whether
they will be able to realise their assets and discharge their liabilities in the normal course of business."

Following that Print Mail Logistics called an AGM on the 10th October (today) of which one of the resolutions was for ' Change of Auditor'

The outcome?? You guessed it!!! Print Mail Logistics now have a new auditor!!!




Perhaps Print Mail Logistics should consider replacing their corporate adviser, Ms Hutson managing director from Wellington Capital as well as their auditor? It was Ms Hutson that organised for PML to be listed on the NSX and commence trading on the 23rd November 2009 http://www.nsxa.com.au/ftp/news/021722273.PDF

In just short of two years Print Mail Logistics has been traded a total of just 16 times!!

 

[selciper]

One way of remaining positive in this situation is to be reminded that nobody's streak of good luck goes on forever. Clearly, luck has already been pushed too far, and the effect of this will be felt deeply by the groups who have adversely affected our lives.

 

[seamisty]

One way of remaining positive in this situation is to be reminded that nobody's streak of good luck goes on forever. Clearly, luck has already been pushed too far, and the effect of this will be felt deeply by the groups who have adversely affected our lives.

selciper personally I am not a lucky person in the manner of being a winner or scoring a reward for nothing etc. After over three years of researching why my hard earned life savings were stolen from me I am convinced that there is a culture of corrupt practice and mutual undertakings between certain circles within the so called 'corporate hierachy.' I have never been a 'conspiracy theorist', but it is becoming obvious that certain names continue to be linked to business practices which are being exposed as 'unacceptable'.
Also I have had offers for my PIF units from others which I have refused because I consider that if I had accepted those offers then I would lose my 'voice' and my right to a share from any successful litigation returns. In the event that the CA, ASIC or Bentleys return some cash to the PIF fund, where will that money go? Who has the right to lay claim to it? Investors who have bailed out or those remaining in thhe fund? What rights do the placement investors have? Too many questions with no adequate answers so meanwhile I will just continue my research and post my findings.

 

[Cookie1]

selciper personally I am not a lucky person in the manner of being a winner or scoring a reward for nothing etc. After over three years of researching why my hard earned life savings were stolen from me I am convinced that there is a culture of corrupt practice and mutual undertakings between certain circles within the so called 'corporate hierachy.' I have never been a 'conspiracy theorist', but it is becoming obvious that certain names continue to be linked to business practices which are being exposed as 'unacceptable'.
Also I have had offers for my PIF units from others which I have refused because I consider that if I had accepted those offers then I would lose my 'voice' and my right to a share from any successful litigation returns. In the event that the CA, ASIC or Bentleys return some cash to the PIF fund, where will that money go? Who has the right to lay claim to it? Investors who have bailed out or those remaining in thhe fund? What rights do the placement investors have? Too many questions with no adequate answers so meanwhile I will just continue my research and post my findings.

Seamisty,

A huge thank you from me and the many other investors who regularly monitor this forum. Your diligent research (I don't know how you find out some of the things that you do and don't want to know) is so much appreciated. We wouldn't have a clue what is happening if it weren't for your contribution and the others as well.

Cookie1

 

[atlas1950]

Hi All,

Am I correct in saying that our next important date we should keep our eyes open for is at the end of October when Bentleys might distribute some of our frozen funds.

I know there is a lot of doom and gloom, and the way I see it, we have three areas of retrieving some of our investments.

1) Hopefully some release of our funds from Bentleys as stated from them about 3 weeks ago.

2) The eventual 1 cent distribution from WC. I am sure this one will come so that it will allow her to pay herself the .7% management fees.

3) The eventual distribution from our Class Action.

The CA is the one that I put a lot of faith into. IMF would not be putting there time and millions of dollars into it, if they felt we had no case. So let us not loose complete faith in all the hard work that we have done so far, and the name of the exercise now, I believe, is retrieving as much of our capital as possible.

Apart from my 3 points, can anyone think of any other areas where we could get some of our investment back.

Michael

 

[marcom]

Hi All,

Am I correct in saying that our next important date we should keep our eyes open for is at the end of October when Bentleys might distribute some of our frozen funds.

I know there is a lot of doom and gloom, and the way I see it, we have three areas of retrieving some of our investments.

1) Hopefully some release of our funds from Bentleys as stated from them about 3 weeks ago.

2) The eventual 1 cent distribution from WC. I am sure this one will come so that it will allow her to pay herself the .7% management fees.

3) The eventual distribution from our Class Action.

The CA is the one that I put a lot of faith into. IMF would not be putting there time and millions of dollars into it, if they felt we had no case. So let us not loose complete faith in all the hard work that we have done so far, and the name of the exercise now, I believe, is retrieving as much of our capital as possible.

Apart from my 3 points, can anyone think of any other areas where we could get some of our investment back.

Michael

We might also get something out of the ASIC case against MFS directors and others when ASIC get off their backsides and get the case going.