asic were notified of inflated pif assets 2011

Sent to Paul Eastment 14/10/11
I am very concerned that the PIF asset values are highly inflated and do not represent true market value. Would you please take into consideration these PIF unit holders concerns especially in view of the fact that the PIF auditors, PricecewaterhouseCoopers were not able to obtain sufficient appropriate audit evidence to provide the basis for an audit opinion. Also I consider it extremely negligent that WC has not informed the NSX of a' pending trial' relating to a significant claim against the PIF.
Also sent to both Wellington Capital ltd and ASIC at the same time:
'More disturbing I have also been advised that a potential purchaser who was showing interest in purchasing the Forest Resort has received a professional indicative valuation for the Resort as part of his due diligence into his potential acquisition. This valuation was prepared by a nationally respected valuation company qualified in national and international Hotel valuations. This Forest Resort valuation was prepared on an “As is valuation” basis which suggest a gross value for the hotel, land and golf course of $22,750,000. Understandably he immediately withdrew his interest when he was advised that the mortgagee in possession (Wellington) was advising the Resorts sale price was for $40,million which in his opinion had no commercial basis in regards to the reduced trading capacity of the property and its ability to support such an over inflated acquisition price. He also stated he had been aware of the Heritage golf course mortgagee sale in Melbourne (with two prime golf courses) which was a similar property category to the Forest Resort that was reported to have sold for around $13 million.
On what basis have the directors of Wellington applied in its annual report a $40.9 million book value against the Forest Resort’s current value (unaudited) where it appears the true current market value is closer to half its assigned value? Wellington has advised the Newcastle Stock Exchange that the Resort is purported to be on the market with three interested parties. Wellington should now disclose when it expects this sale to be completed and reconfirm that its forecasted sale of $40 .9 million shall be realized, or if not, why not following its directors disclosures in the annual report.'

My response from Paul Eastment | Senior Manager | Investment Managers and Superannuation | ASIC
'We will consider the issues you have raised'

My point is that ASIC were contacted in relation to over inflated PIF asset valuations by WELLINGTON CAPITAL LTD in 2011 (if not earlier?), had they intervened when first contacted perhaps we would not be in the mess we now find ourselves in with millions more units handed out and a fund worth SFA.
ASIC should be ducking for cover.