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
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 "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 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
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.
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.PDFPrint 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!!!
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'.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.
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
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