Wellington Capital PIF/Octaviar (MFS) PIF
- Thread starter breaker1
- Start date
Hopefully it is, SPLITPIN but not 100% sure in right place.
I logged on just now, after 2 yrs absence n got to this point but in all things Internet I hv discovered what you see might not necessarily be where you think you are!
Hi all NOR here hope this is a new Start to a happy end for all us pif..
Great to be back on this forum. Brings back many happy/sad memories and discussions.
Michael
Hear, hear, I'll drink to that
I think you are right seamisty; it took me a while to remember how to find the thread and login. See yr pvt msges
Great to be back on this forum. Brings back many happy/sad memories and discussions.
Michael
Hi all, also testing to see if we are indeed back :xmastree
http://www.financialstandard.com.au/news/view/36806426
A submission to the Senate inquiry into the regulator's performance provides yet another testimony of a culture of "cronyism and favouritism" which includes threats and harassment of employees.
The testimony comes from a former employee of the Australian Securities and Investments Commission (ASIC) who worked in the regulator's stock exchanges operation from 2010 to 2013.
The submission states that "many ASIC employees are too intimidated by senior management."
"Typical responses [to matters of concern] include: you don't do that here, people who complain are gotten rid of, I've seen things done here to staff and don't want the same to happen to me, they'll get rid of you, there's nothing you can do, it's the way things work here."
The former employee lists several examples where ASIC failed to act to companies neglecting to provide information or cases of misbehaviour.
In one of the cases, ASIC failed to provide a company with information to assist it to fulfill its regulatory obligations and therefore the company did not provide the necessary information.
"Senior manager response was to berate me for raising these concerns and to shout that 'ASIC didn't care about such matters and that another regulator could bother about them,'" the former employee said.
The person recalls that after raising those concerns, "some 54 versions of ASIC's final report were produced with input from five different staff members. Any issues of possible contention such as those I raised were written out."
The document also includes a case where the former employee was "reprimanded by for seeking this advice and my concerns used as a reason to place me on probation. To retain my employment I was directed to "improve" my handling of such matters."
A submission to the Senate inquiry into the regulator's performance provides yet another testimony of a culture of "cronyism and favouritism" which includes threats and harassment of employees.
The testimony comes from a former employee of the Australian Securities and Investments Commission (ASIC) who worked in the regulator's stock exchanges operation from 2010 to 2013.
The submission states that "many ASIC employees are too intimidated by senior management."
"Typical responses [to matters of concern] include: you don't do that here, people who complain are gotten rid of, I've seen things done here to staff and don't want the same to happen to me, they'll get rid of you, there's nothing you can do, it's the way things work here."
The former employee lists several examples where ASIC failed to act to companies neglecting to provide information or cases of misbehaviour.
In one of the cases, ASIC failed to provide a company with information to assist it to fulfill its regulatory obligations and therefore the company did not provide the necessary information.
"Senior manager response was to berate me for raising these concerns and to shout that 'ASIC didn't care about such matters and that another regulator could bother about them,'" the former employee said.
The person recalls that after raising those concerns, "some 54 versions of ASIC's final report were produced with input from five different staff members. Any issues of possible contention such as those I raised were written out."
The document also includes a case where the former employee was "reprimanded by for seeking this advice and my concerns used as a reason to place me on probation. To retain my employment I was directed to "improve" my handling of such matters."
- Joined
- 6 December 2009
- Posts
- 64
- Reactions
- 0
Yeeha. We ARE back! So excited to see all the familiar names!! There's strength in numbers. And the more information shared the better. What's still left is OUR money so here's hoping there are officials out there with integrity & conscience who can do something to return the remaining funds to the investors and not allow it all to be whittled away in fees for another 2 years.
JHC Holdings is YONG's Venture Capital, Joint Venture (JV), Mezzanine Funding or Development Management arm, another added service to YONG's developer clients, land owners, local or international high net worth individual investors, for their development funding by way of JV or pure development management services. The development funding will either from JHC Holdings, its subsidiaries or from YONG's high network individuals. Even for large public companies like Delfin Lendlease, around 70% of their projects are joint venture with land owners or fund managers.
Currently, JHC has a land banking of around 2,500 lots on around 5,100,000m ² land with eventual completion value around 1 billion fully owned by Peter Huang and his wife and is planning to increase it to around 10,000-20,000 lots in the future through Joint Venture and Development Management while potentially making YONG a $1 billion company.
JHC is the advance of YONG's specialised Property Development Company - Paramount Property which successfully developed Sunnybank Hills Pacific Centre Complex in 2001 where YONG's headquarters is located along with many other different businesses. The Pacific Centre, Paramount Property's maiden project, won both the QMBA Brisbane Region Award and the QLD Wide State Award.
read more
News & Events
1st / November / 2013
JHC BuyS the Iconic Kooralbyn Resort
JHC Subsidiary has bought the Kooralbyn Resort from the receiver and the contract has gone unconditional from 31 October 2013. The previous 5 star resort sits on 333 hectares of future urban land in the Gold Coast Hinterland boasting a 100 room hotel built by Japanese in 1991 and 36 lodges built by the original owner Sydney Knights: Sir Peter Abeles and Sir Arthur George in 1973. It also has one of the best golf courses in Australia, a private airport, polo field, equestrian field and an international school. The polo field was the richest Australian Kerry Packer's favorite play ground. World no. 1 Cathy Freeman and world no. 2 Adam Scott as well as Jason Day etc all graduated from the school and it's the only school in Australia produced 2 Young Australian of the year: Olympian Cathy Freeman and scientist Scott Hocknull.
The property also has great future development potential including a 423 lot golf frontage subdivision. The resort is one of the only few resorts in Australia enjoying the integrated resort status (ITR) where any foreign person can buy the established home there, instead of having to buy only brand new properties.
1st / May / 2013
JHC has formally launched its new project - Crystal Place at 36 Ewing Road, Logan Central. It boasts 16 townhomes priced from only $299,000 which is below the bank valuation. 11 out of the 16 townhouses have also obtained NRAS approval so investor will be positively geared from the very beginning.
17th / September / 2012
JHC Holdings is formally appointed by one of China's largest developers as development manager to start the process for MCU for the property at 2236 Beaudesert Rd, Calamvale, potentially a $35 Million, 90 townhouses projects.
2nd / May / 2011
JHC Holdings has successfully completed and handed over all 5 projects for the State Government on turn key based.
9th / August / 2010
JHC Holdings acquired the 10,752 m ² Hillcrest retail warehouse property for positively geared incoming producing and future renovation property to further improve its value.
25th / July / 2010
JHC Holdings acquired another 168 Acres South Ripley property for future small lots land subdividivision and potential shopping centre development.
5th / February / 2010
JHC Holdings was formally appointed by the QLD State Government to deliver five social housing projects. The projects are located in Redcliffe, Albion, Brassal, Waterford West and Mermaid Beach.
Former Octaviar director loses stay appeal
Thursday, 12 December 2013 | Richard Mayo
The former deputy chief executive of failed property managed investment scheme Octaviar Ltd (formerly MFS Ltd) has failed in his bid to have civil proceedings against him and five others stayed.
Full article http://www.investordaily.com.au/34730-former-mfs-director-loses-stay-appeal
Thursday, 12 December 2013 | Richard Mayo
The former deputy chief executive of failed property managed investment scheme Octaviar Ltd (formerly MFS Ltd) has failed in his bid to have civil proceedings against him and five others stayed.
Full article http://www.investordaily.com.au/34730-former-mfs-director-loses-stay-appeal
Litigation update http://www.nsxa.com.au/ftp/news/021728066.PDF
I also see a couple more additions added to the Documents Filed. I wonder why there is an NSX announcement relating to todays court?
Date Filed
Document Title
Filed By
13-Dec-2013 Affidavit Kpmg
10-Dec-2013 Notice of Dispute
Investor update Dec 2013 http://www.nsxa.com.au/ftp/news/021728072.PDF
Business update::: http://www.nsxa.com.au/ftp/news/021728073.PDF
Business update::: http://www.nsxa.com.au/ftp/news/021728073.PDF
FTI Consulting cops some more negative press:
http://www.couriermail.com.au/news/...p-to-70-per-cent/story-fnihsrf2-1226786439354
http://www.couriermail.com.au/news/...p-to-70-per-cent/story-fnihsrf2-1226786439354
Is it indicative that Ms Hutson is now wearing black instead of red?
.............. John H aka MiaGain
I alluded to this some time ago on HC and the correct description of what the colour "Black" means.
