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Wellington Capital PIF/Octaviar (MFS) PIF

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It's a well known fact that this thread is monitored by Wellington Capital on a daily basis. Perhaps WC may like to respond to you Mary Lynch as to how many PIF investors are no longer with the PIF for reasons other than selling their units on the NSX. Honesty and compassion appears to be sadly lacking with WC senior management and 'MOST' other staff members.
 
Hi Mary,

I'm so sorry to hear of your illness; my husband and I do send our very best wishes to you in your treatment and recovery.

During the period of time when I was ringing investors to garner support for the PIFAG and Castlereagh Capital leading up to the June 23rd EGM, I spoke to a number of elderly investors where either they or their spouses/partners had stress related illnesses including cancer and heart attacks. There had also been at least two deaths of investors where the PIF units were tied up in estates. There were instances where investors desperately needed their money back to pay medical bills. One spouse was in hospital and not expected to recover; his wife was so upset and frustrated at their situation. She was convinced his cancer was directly related to the stress of the PIF.

Some of the conversations were heart-wrenching and make me very angry that MFS and Wellington Capital/JH are getting away with the unconscionable. It's way past time for ASIC to step in. The QLD court certainly let us down. I thought justice was blind but in this case, the judge just turned a blind eye.

Cookie1
 
Dear Mary

Very sorry to hear of your illness, wishing you all the best!!

I would like to think that one day (very soon) that those who have wrecked so many peoples livelihood will be held accountable and pay for their crime.

Stay safe everyone!!

Regards MAE
 
Mary,

Your message was very moving. I am distressed to read that you believe that financial stress may have contributed to your illness. How can one ever deal with People Without Conscience?

Sincerely,

selciper
 
Aaaah don't you just love how perverse Australian law and the administration thereof is:

http://www.smh.com.au/it-pro/securi...-ripped-off-20111018-1lvx1.html#ixzz1b6Xp3KXE

Simple lesson: finance companies will do anything 'not illegal' to spin their way out a mess they make for themselves. Oh how naiive some Australians are about the true nature of Australia. In a dog eat dog Australia you don't want to be a lone little dog. In hindsight this guy perhaps should have sent an annonymous tipoff or initiated legal action for breach of privacy.
 
Duped said:
Aaaah don't you just love how perverse Australian law and the administration thereof is:

http://www.smh.com.au/it-pro/securi...-ripped-off-20111018-1lvx1.html#ixzz1b6Xp3KXE

Simple lesson: finance companies will do anything 'not illegal' to spin their way out a mess they make for themselves. Oh how naiive some Australians are about the true nature of Australia. In a dog eat dog Australia you don't want to be a lone little dog. In hindsight this guy perhaps should have sent an annonymous tipoff or initiated legal action for breach of privacy.
Click to expand...

From that Fairfax article "The firm said they may go after him for costs relating to the matter"

Good one Minter Ellison. We all know how quickly legal and IT costs can escalate. So it appears you effectively threatened to crush him. You forced him to go to the press. What choice did he have. I wonder how First State Super now feel about this issue being published to the world. (What is it that Leslie Winkle calls Sheldon Cooper?) Lawyers don't seem to do businessparticularly well. All force and no ... well ... business.
 
Hi Mary

We too are saddened and sickened by how your life has played out BECAUSE of the despicably dishonest and deliberately deceitful actions of a handful of people and sadly many others that have stood by and let them destroy good people.

The body is not meant to be in a constant state of stress and angst and deteriorates when it is. So I have no doubt that the actions of these despicable nasty people have caused widespread ill health & death among the Unit holders. What's so frustrating is that you can't walk into a dairy and steal a loaf of bread without repercussions yet these scum bags can absolutely RUIN the rest of thousands of Unit holder's lives by STEALING every dollar they have worked for over all the decades of their lives. Why don't ASIC care? Every year they procrastinate (waiting for MORE evidence before asking a couple of pertinent questions??) MORE illness & grief is suffered by good people.
 
marcom said:
Is it possible as part of the CA that we obtain Court approval under S 247A of the Corporations Act for a forensic accountant to inspect the PIF books with the view to amending the Statement of Claim to include all of the amounts that The Fat Slug (herein refered to as TFS in deference to John H's sensitivity to references to JH) has pilfered from our fund?

CORPORATIONS ACT 2001 - SECT 247A
Order for inspection of books of company or registered managed investment scheme

(1) On application by a member of a company or registered managed investment scheme, the Court may make an order:

(a) authorising the applicant to inspect books of the company or scheme; or

(b) authorising another person (whether a member or not) to inspect books of the company or scheme on the applicant's behalf.

The Court may only make the order if it is satisfied that the applicant is acting in good faith and that the inspection is to be made for a proper purpose.

(2) A person authorised to inspect books may make copies of the books unless the Court orders otherwise.

(3) A person who:

(a) is granted leave under section 237; or

(b) applies for leave under that section; or

(c) is eligible to apply for leave under that section;

may apply to the Court for an order under this section.

(4) On application, the Court may make an order authorising:

(a) the applicant to inspect books of the company; or

(b) another person to inspect books of the company on the applicant's behalf.

(5) The Court may make the order only if it is satisfied that:

(a) the applicant is acting in good faith; and

(b) the inspection is to be made for a purpose connected with:

(i) applying for leave under section 237; or

(ii) bringing or intervening in proceedings with leave under that section.

(6) A person authorised to inspect books may make copies of the books unless the Court orders otherwise.
Click to expand...

Good find. But will it achieve what we want it to achieve. Will it force WC to produce evidence of a dodgy method for valuing the PIF assets. Dodgy enough to convince a court that WC hasn't complied with the Corp Act.

And if so, will there be restrictions on how you use that info. (What does "good faith" and "proper purpose" mean?)

What's preventing WC from using PIF money to fight the court application and then lodge an appeal.

Remember this is Jenny 'Not Illegal' Hutson we're talking about here. She'll simply refuse to do anything she doesn't have to. She's the gatekeeper. For whom? I'm not sure because she was quick to dilute existing investors holdings with that placment of new units.

Will the info we want actually be in the "books"
The Act defines books as
"(a) a register; and (b) any other record of information; and
(c) financial reports or financial records, however compiled, recorded or stored; and
(d) a document"

"information" is merely defined as "includes complaint"

The definition of "financial records" is:
"(a) invoices, receipts, orders for the payment of money, bills of exchange, cheques, promissory notes and vouchers; and
(b) documents of prime entry; and
(c) working papers and other documents needed to explain:
(i) the methods by which financial statements are made up; and
(ii) adjustments to be made in preparing financial statements"

"working papers and other documents needed to explain: (i) the methods by which financial statements are made up" might cover the method/details of valuing the assets. But where does it say that WC must create such working papers and documents? If not clearly defined then what's stopping WC just saying that there are no papers that can be defined as "working papers" or documents that can be defined as "others documents needed".

And recall that the Gordon J decision revealed that the Hutson lead board didn't have an adequate paper trail to justify their decision to amend the constitution. So perhaps the Jenny 'Not Illegal' Hutson lead WC board similarly didn't generate any "working papers or other documents needed" for the asset valuations.

The only proscribed requirements I can find in the Corporations Act (S295) demanding any sort of believeability of the numbers WC presented is telling directors to declare they comply with the "accounting standards" and are a "true and fair view". The latter seems a pretty low hurdle to clear given that PIF units have traded at a fraction of WC's estimate of PIF's NTA for 3 years now.

Haven't got time now to swim the Accounting Standards channel http://www.aasb.gov.au/Pronouncements/Current-standards.aspx
 
Mary Lynch said:
Where do I find the post box Simgrund?
Click to expand...
Hello Mary,
Look up on the top blue bar above AUSSIE STOCK logo of the home page.
Find "Notifications", press arrow and select "inbox".
From there you can receive, send, etcetera.
CHECK THIS SPOT FOR MESSAGES/MAIL

Mary, do you play chess?
We could set up PIFAG v WC competition on the board playing via E-mail.
Interested?

Be well, pls. visit forum more often.
 
selciper said:
Does anyone know how the CA is progressing? It seems a long time since heard any news about it.
Click to expand...

We wonder as well.
This is IMF site last updated early this month.
I am offering chess games while in waiting mode.
Cheers,

HTML: 
PIF (Premium Income Fund) Investors v KPMG & Ors
Date of Funding: 	13 Jul 2009 (Announced)
Plaintiff: 	Mark Hodges & Charles Hodges ATF Charles Hodges Superannuation Fund
Defendant: 	Andrea Jane Waters; Michael John Andrew and Others trading as KPMG; Wellington Investment Management Limited (formerly MFS Investment Management Limited); Various former officers of MFSIM
Court: 	Federal Court (NSW)
Cause of Action: 	Breach of duty of care; contraventions of sections 601HG, 601FC, 601FD of the Corporations Act.
Estimated Completion: 	July 2013
Important Date(s): 	
16-Dec-2009 : 	Hearing of various applications before Justice Perram
	
Current Stage: 	Further application to file further pleading likely to be heard in July - September 2011 period.

 	Last Updated: 05/10/2011
 
simgrund said:
Another "reform" way too late for us.


An end to the reward holiday
John Collett
October 19, 2011

Read more: http://www.smh.com.au/money/super-a...ard-holiday-20111018-1lttf.html#ixzz1bHSaD7bv
Click to expand...

Nice find.

Really shines a light on the poor level of ethics that self regulation in the industry allowed. And these people think they are doing no wrong. Just like many once thought that slavery, racism and sexism (rule of thumb?) wasn't wrong.

Proposed law seems good for the Queensland hotel operators. Perhaps even the Forest Resort Creswick?

Hmmm .... how to sidestep the law? The hotel gives massive discounts on room rates and picks up the lost $ by charging much more for conference room hire, catering, surcharges, fees, bonusus for quality service, out of pockets such as need for more staff during the conference, etc etc. The Funds generously offer to increase the $ they stump up for UNobtanium Level corporate sponsorship. Would that do it?
 
ASICK said:
http://www.smh.com.au/business/end-looms-for-equitrust-after-police-raids-20111020-1m9l1.html

This article might give rise to some hope.
Click to expand...

They should have paid Jenny 'Not Illegal' Hutson's WC to be a consultant.

Or perhaps PIF is shielded by its link to MFS/Octaviar which is too big/interconnected to be seen/allowed to be examined. Y'know connected to Peacock, KPMG etc. And apparently Deborah Beale. Ex of Bill Shorten, son in law of our GG. Wikipedia tells me Debbie Beale' grandfather was our Ambassador to the US.

There's an interesting mention of a bloke from a "Fortress" in the book $hitstorm. Something about him being the bloke in the US that our diplomats go to? Or something like that. Anyone got a copy? I'll have to get it from the library again to check the reference.
 

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