senate inquiry my submission re cdu

Hi CDU'ers,


The following is an abridged copy of my submission to the
Senate Standing Committee on Economics,forwarded to the Senate, Parliament House, Canberra on the 1st August, 2013. Thanks to posters for their on-going comments on CDU trading.

"Senate Economic References Committee – Submission re CuDeco(CDU) Limited.

Dear Senators,

Herewith is my submission to the Senate Economic References committee concerning the Inquiry into the performance of ASIC. The data comprises copies of correspondence that I have had with

1. The Chairman, Australian Securities and Investments Commission(ASIC).

2. The Prime Minister of Australia.

3. Hon. Bernie Ripoll, MP, Parliamentary Secretary
to the Treasurer.

4. The Commonwealth Ombudsman.

5. The Commissioner of Police, NSW.



This correspondence will give you some idea of the difficulties and frustration that I have encountered into getting an investigation into the trading of CuDeco(CDU) Limited Securities on the 18th August, 2010, and into an unsigned document “F..... S..........”, circulated to subscribers at the time. It is my opinion, manipulation of the CDU share price has occurred, and so an investigation was warranted.

As background, I have been corresponding with the Australian Securities and Investments Commission(ASIC) since 2011. I have been requesting a full Audit and Inspection of CuDeco(CDU) trading on the Australian Securities Exchange(ASX), especially on the
18th August, 2010; and an investigation into an unsigned document “F..... S..........”,circulated to subscribers at the time. The situation that I find myself in is that ASIC will not undertake to do the necessary forensic audits on CDU securities for me.

ASIC claim that they have conducted extensive enquiries and research, but will not undertake a closer examination with a full Audit and Inspection of CDU securities traded on the ASX on the 18th August, 2010. I have been left with the impression that ASIC appear to be protecting the ASX from a 100% examination of this day’s trading of CDU securities.

ASIC will not comment on the “F..... S...........”unsigned document. Notwithstanding,that this is a case similar in style to the recent ASIC investigation into the Whitehaven Coal hoax. In actual fact, I got no response whatsoever from ASIC, the Commissioner of Police, NSW, or the Commonwealth Ombudsman on this suspicious document.

A “CuDeco Shareholder Research” document is being undertaken privately by another CDU shareholder. Reports completed up to the present time reveal a need for closer
examination of share trading on the ASX. The research revealed that four other companies examined had similar issues found in CuDeco. In fact, the situation could extend to companies right across the ASX.

The “CuDeco Shareholder Research” document can be availed of on

http://www.s......com/cudeco_research/collections


A lot of damage that has occurred to the CDU share price has been as a result of shorting.

From the Statistics that I have collected for the months May, June and July, 2013, the shorting of CDU securities has been relentless.

With shorting, the entity lending the shares for shorting, has no intention of selling the shares, however, the entity is aware of the damage shorting does to the share price.The lender of the shorted shares is going to get the shares back later, and in the meantime can pick up more shares at a cheap price, as well as receive a return for lending the shares.

Shorting is a curse to fair trading on the ASX. In the case of CDU, anyone with the knowledge that M & G are selling down their holding, were on to a sure winner in
shorting CuDeco. Moreover, it is not only CuDeco suffering from this practice.

In the case of abstruse Nominee Accounts that link into even more obscure Nomine Accounts, and so forth, virtually infinitum, ASIC does not want to go down this investigatory path claiming “insufficient resources”.

Until we can get complete transparency on issues such as these, and possibly this can only be done politically, the stock markets will always be subject to some sort of manipulation.

The recent decision handed down by the High Court ruled that buying or selling shares on the share market to maintain a share price should be considered market
manipulation. This should give ASIC and the Government more scope to fully investigate my claims.

In addition, I have written to the Government on many occasions since 2011. The Hon. Bernie Ripoll, MP, Parliamentary Secretary to the Treasurer, Parliamentary Secretary for Small Business, has written back to me, and referred me to ASIC for a response to my requests. I have also made representations to Senator the Hon. George Brandis SC, Shadow Attorney General, Senator Nick Xenophon, and Independent Members Hon. Bob Katter, MP, Mr. Tony Windsor, MP, Mr. Robert Oakeshott, MP, and
Mr. Andrew Wilkie, MP, for a Parliamentary Inquiry, without any previous success.

I recently wrote to Senator John Williams, National Senator for NSW, for his support.

I hope this submission is helpful in enabling the Committee every success with the Inquiry.

Yours sincerely,

Maxw...."


Referred for the information of CDU shareholders concerned.


cheers,

Max