wellington capital, page-14

Hi Gardie
A full schematic of where the money went and how it was used was made after a great deal of research by some very clever individuals in the, then Premium income Fund Initiative , ( not me). I would have to dig it out of a file somewhere on one of my old hard drives .
Octavier( King)were only desperate in so much as they had enormous pressure put on them by Fortress to return the 100 million of their loan monies immediately : or else
A significant portion of the 200 million was surplus to requirements ,
Would you believe they even invested a considerable component of the funds in a new start up mortgage company, headed of course, by King himself ,this at the height of the GFC, every cent of that investment was lost . All of this information was provided to ASIC and to Bernie Ripoll the Financial Sevices Minister in personal appointments with PIFI committee members . I have no doubt that this information expedited ASIC eventual legal action against Octavier Directors .
A fact that is not generally known by the majority of PIF investors .