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Originally Posted by
Roger
Its a criminal breech of the Securities Act to operate a finance company without a prospectus and investment statement, up to five yars imprisionment and $300,000 fine, likewise running a funds management business without said docummentation.
For the purposes of subsections (2CB) and (2CBA) - Restrictions on offer and allotment of securities to the public, a person is an eligible person if the person is 1 or more of the following:
* (a) wealthy (as defined in subsection (2CD)):
* (b) experienced in investing money (as defined in subsection (2CE)):
* (c) experienced in the industry or business to which the security relates (as defined in subsection (2CE)).
I'd hazard a guess that Aorangi investors are eligible persons under the act and can proceed without a prospectus.
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It is fraud to take in investment money with promises of first ranking mortatge security when it appears reading between the lines that much of Aorangi's investments are secured by anything but.
What the Statutory Manager says is:
1) A limited number of investors have signed a formal authority for investment in a contributory first mortgage over land.
2) Some investors, who believed their investments were secured over land, may not in fact have this security.
While it may be possible that there is a breach - there is no statement that there is a breach. Just because you believed your investments were secured over land, that is not evidence that Aorangi is in breach.
I believe that if any of the Aorangi investors was unhappy - had asked for their money back - they would have got it.
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Throw in inadequate record keeping, poor and inadequate systems and is it any wonder SM's were appointed ?
This is a governace question and NOT a justification for Statutory l Management.
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As I predicted recently, the guys who initially ran the investigation from the national enforcement unit of the companies office would not have initiated recommendations regarding SFO and SM if there wasn't proper grounds.
So, you think that the NEU should be allowed to act on any whim or fancy because they are never wrong?!? Your position on this matter is a serious worry - you have the perfect mind set for a police state.
This report does not go anywhere near justifying the action of the SFO to put Allan Hubbard into statutory management.
I would expect that if this was put before a High Court judge - they would have been out on their ear. Now that is the standard by which our system of justice demands accountability from public officials.
Allan Hubbard's judicial review will be very interesting to read - if the unconscious Nazi's in the MoC allow it to proceed.
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I predict there's a lot more skeletons to come out of the closet.
Of course you do. You have all the evidence you need - that NEU investigators are "regular" guys. (Also, NEU and SFO are two separate agencies - despite Adam Feeleys stated plans).
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Further its my contention that it would take a team of skilled forensic accountants several months, at least three, to conduct thorough due diligence on SCF so even if there is an interested party, how could the transaction be finalised by 31 August ?
That's a matter of opinion - based on an over excitable imagination.
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Enumerate - I have thought long and hard about investing in the pref shares, like I suspect many others on here I have come through the GFC licking more than the odd wound or two and what really matters most to me now is seeing that Directors have credibility. Ah's is under the microscope and its not looking too good. Where there's smoke there's fire.
You look at the Statutory Manager's report ... and you see a smoking gun?
You look at SCF and you associate the same problems there?
You assign guilt ...
Why don't you complete the process ... impose a punishment on SCF ... I am sure you can dream up something you would consider appropriate.
I remain back at square one. I cannot see ANY justification for Statutory Management. The issues of due process are now primary, in my mind. The Hubbard judicial review is the starting point to put Minister Power on notice that his officials have grossly overstepped the mark.