Wellington Capital PIF/Octaviar (MFS) PIF

[marcom]

In todays AFR: http://www.afr.com/p/national/asic_lawyer_warns_cuts_will_backfire_EgVNUUAfLfmv3CJn3nmXLN

ASIC lawyer warns cuts will backfire

ASIC has been savaged by one of its own lawyers for slashing staff in a key investigative unit just as it sees a big rise in cases that need action.

I ask what were they doing before the slashing staff reduction?

 

[selciper]

In todays AFR: http://www.afr.com/p/national/asic_lawyer_warns_cuts_will_backfire_EgVNUUAfLfmv3CJn3nmXLN

ASIC lawyer warns cuts will backfire

ASIC has been savaged by one of its own lawyers for slashing staff in a key investigative unit just as it sees a big rise in cases that need action.

I ask what were they doing before the slashing staff reduction?

This article, quoting mind-numbing ASIC management speak, was written about eight weeks ago. It's all about typical public service in-fighting at its worst.

http://www.afr.com/p/national/asic_lawyer_warns_cuts_will_backfire_EgVNUUAfLfmv3CJn3nmXLN

 

[Duped]

Creek St rings a bell, Creek Street Holdings Pty Ltd HMNN??
I am on a crappy airport computer will do some further research during the next few days. I wonder how many of these big companies like PWC have previously felt compelled to dodge unfavourable reports to the big end of town with the possibility of losing business as a result? I think there could be a shift in the equation, is it possible that supporting the previous big end of town is now causing embarassment to reputable some bussineses ??

Thanks Seamisty. Creek St is in Brisbane's financial district. So there are plenty of companies calling it home.

So the Wellington charade appears to be resorting to forum shopping for a friendly Auditor. Shop around for an auditor with a lesser reputation to protect? This is heading in the direction of the sort of thing that Madoff did http://seattletimes.nwsource.com/html/businesstechnology/2008533585_madoff18.html

Tutt tutt. Now we're getting spelling/grammar mistakes in announcements: "The have a high level of Partner involvement, allowing clients direct access to their Partner’s knowledge and depth of experience." Sloppy sloppy sloppy.

 

[selciper]

The link I gave didn't seem to copy correctly. Here goes again.

http://www.hcamag.com/news/breaking...ed-to-change-unproductive-assumptions/117324/

 

[charles36]

Thanks Seamisty. Creek St is in Brisbane's financial district. So there are plenty of companies calling it home.

So the Wellington charade appears to be resorting to forum shopping for a friendly Auditor. Shop around for an auditor with a lesser reputation to protect? This is heading in the direction of the sort of thing that Madoff did http://seattletimes.nwsource.com/html/businesstechnology/2008533585_madoff18.html

Tutt tutt. Now we're getting spelling/grammar mistakes in announcements: "The have a high level of Partner involvement, allowing clients direct access to their Partner’s knowledge and depth of experience." Sloppy sloppy sloppy.

Any auditor has to be aproved by the Government Regulator and I would think the first thing that the Regulator may ask of any new candidate, "What can you do to correct an audit without satisfactory documentation. PWC could not do it how come you can?" What I really want to know who pays for this debacle? Any suggestions?

 

[seamisty]

Thanks Seamisty. Creek St is in Brisbane's financial district. So there are plenty of companies calling it home.

So the Wellington charade appears to be resorting to forum shopping for a friendly Auditor. Shop around for an auditor with a lesser reputation to protect? This is heading in the direction of the sort of thing that Madoff did http://seattletimes.nwsource.com/html/businesstechnology/2008533585_madoff18.html

Tutt tutt. Now we're getting spelling/grammar mistakes in announcements: "The have a high level of Partner involvement, allowing clients direct access to their Partner’s knowledge and depth of experience." Sloppy sloppy sloppy.

Interesting.

Name : CREEK STREET HOLDINGS PTY LTD 026219759
Name Start: 22/12/2010
Status : Registered
Type : AUSTRALIAN PROPRIETARY COMPANY
Class : LIMITED BY SHARES
Subclass : PROPRIETARY COMPANY

Principal Place of Business
LEVEL 22 307 QUEEN STREET BRISBANE QLD 4000
Start Date: 22/12/2010

Directors
RACHEL CLAIRE WEEKS

Secretary
RACHEL CLAIRE WEEKS


Class: ORD 026219759
ORDINARY SHARES
Number of Shares/Interests Issued : 100
Total Amount (if any) Paid / Taken to be Paid: 100.00
Total Amount Due and Payable : 0.00
Members
Class : ORD No. Held: 100 026219759
Beneficially Held: NO Paid : FULLY
114 248 458 WELLINGTON CAPITAL LIMITED
GPO BOX 694 BRISBANE QLD 4001
ABN (Australian Business Number) 45 114 248 458

I wonder if by any chance Creek St Holdings Pty Ltd ever held placement/ordinary units in the PIF?
Maybe a PIF unitholder could check, I understand PIF unitholders have the right to inspect the PIF unitholder register held by Wellington Capital Pty Ltd of the same address as Creek St Holdings Pty Ltd!!!

 

[Jadel]

Interesting.

Name : CREEK STREET HOLDINGS PTY LTD 026219759
Name Start: 22/12/2010
Status : Registered
Type : AUSTRALIAN PROPRIETARY COMPANY
Class : LIMITED BY SHARES
Subclass : PROPRIETARY COMPANY

Principal Place of Business
LEVEL 22 307 QUEEN STREET BRISBANE QLD 4000
Start Date: 22/12/2010

Directors
RACHEL CLAIRE WEEKS

Secretary
RACHEL CLAIRE WEEKS


Class: ORD 026219759
ORDINARY SHARES
Number of Shares/Interests Issued : 100
Total Amount (if any) Paid / Taken to be Paid: 100.00
Total Amount Due and Payable : 0.00
Members
Class : ORD No. Held: 100 026219759
Beneficially Held: NO Paid : FULLY
114 248 458 WELLINGTON CAPITAL LIMITED
GPO BOX 694 BRISBANE QLD 4001
ABN (Australian Business Number) 45 114 248 458

I wonder if by any chance Creek St Holdings Pty Ltd ever held placement/ordinary units in the PIF?
Maybe a PIF unitholder could check, I understand PIF unitholders have the right to inspect the PIF unitholder register held by Wellington Capital Pty Ltd of the same address as Creek St Holdings Pty Ltd!!!

That has already been done by our of our members Seamisty.

I will let you deduce the obvious result.

 

[Duped]

...

Directors
RACHEL CLAIRE WEEKS

Secretary
RACHEL CLAIRE WEEKS...

the PIF unitholder register held by Wellington Capital Pty Ltd of the same address as Creek St Holdings Pty Ltd!!!

I stand corrected. Thanks seamisty.

 

[marcom]

Now if CREEK STREET HOLDINGS PTY LTD 026219759 which is beneficially owned by Wellington Capital Pty Ltd at some stage (if not now) holds/held PIF shares well this amounts to a contravention of the PIF Constitution and the Corporations Act? Correct?

 

[charles36]

Now if CREEK STREET HOLDINGS PTY LTD 026219759 which is beneficially owned by Wellington Capital Pty Ltd at some stage (if not now) holds/held PIF shares well this amounts to a contravention of the PIF Constitution and the Corporations Act? Correct?

Will check, nothing surprises anymore Marcom.

 

[seamisty]

OK Bon voyage (wherever that might be) JH

Thanks JohnH, I am back from a quick trip away.

For anyone interested in an update of the recent Cherie Hearts/ g8 education legal proceedings in Singapore the case was wrapped up after Chris Scott took the stand on Friday. The outcome is to be delivered possibly in January.

 

[seamisty]

WOW!!! I am suffering PIF info overload!!! Thanks to all who are contributing, much appreciated.

Where are they now?? Time to pool info and start a register of our own?
An update of my own personal 'financial advisor' Donna Meadows from MFS/OCV who assured me all
was well with the PIF in late 2007/early 2008 and encouraged me to invest more. I also know of other PIF investors who were in the same situation.

Donna Meadows
Marketing and Business Development at Wealthfarm Group

no mention of previous MFS/OCV involvement

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[seamisty]

Out with the old, in with the new auditor



Scott Rochfort
October 25, 2011.

The manager of the clapped-out MFS-founded Premium Income Fund has again raised eyebrows among some of its 10,000-odd unitholders.

There was no mention of how PwC partner Tim Allman said in the PIF accounts he was unable to attain appropriate evidence on the $135.7 million valuation on the loans made by the mortgage fund to various developers - loans that make up 60 per cent of the fund's net assets

Full article: http://www.smh.com.au/business/out-...new-auditor-20111024-1mgci.html#ixzz1bjmjjfnD

 

[marcom]

Just had a look at the Wealthfarm Group web site and there is another MFS escapee working in their client team:

Judy Stead
Senior Client Services Officer

Judy joined Wealthfarm in April 2010 and has over 20 years experience in financial services, client services and office administration.

When not working, Judy enjoys boating, fishing, camping and spending time with family and friends.

No mention of MFS of course!

Anyone recognise any others?

 

[MAE]

"Where are they Now"

Are you familiar with facebook!!

You can search for friends, I was able to type in Michael King and his profile photo which is unmistakable, (polo horses) came up.

He has 277 friends to date, I have spotted a Craig White in his friends list, would this be the same Craig White from MFS days.

I was wondering if Michael King might like to add us PIF Investors to his friends list, mmm!!!

 

[seamisty]

WOW!! There's a whole swag of previously connected MFS/Living and Leisure staff with this company
http://www.signaturecapitalinvestments.com.au/IRM/content/about_directorprofiles.html

Directors:John Morrison, Paul Manka and Bruce McCormish
Company Secretary: Louise Edwards (another corporate lawyer)

Interesting media article relating to Signature Capital Investments
http://m.theage.com.au/business/former-multiplex-owner-in-9m-boardroom-battle-20110926-1ktii.html

YEEKS!!Its nearly as bad as Equititrust 'Signature hands over control to single entity'
http://www.theaustralian.com.au/bus...to-single-entity/story-fn91v9q3-1226164317178

 

[selciper]

I don't think that it's being over-optimistic to say that today's CBD piece is unwelcome at Wellington Capital. What happens if ASIC don't give the green light to the new auditor?

 

[charles36]

"Where are they Now"

Are you familiar with facebook!!

You can search for friends, I was able to type in Michael King and his profile photo which is unmistakable, (polo horses) came up.

He has 277 friends to date, I have spotted a Craig White in his friends list, would this be the same Craig White from MFS days.

I was wondering if Michael King might like to add us PIF Investors to his friends list, mmm!!!

Is JH there?

 

[66Joy]

Does anyone know what has become of Ian Zelinski ?

 

[AusInCA]

Now let me see if I've got this straight. With the resignation of PWC as auditor. The new auditor has an association with Ms Hutson. So Wellington now as well as being R.E. for PIF and also controlling the Registry function and also the Mail House involved, they also now have a link to the external auditor. It just keeps on getting more unbelievable.