On the thread Opes:disclosure Disaster it mentions that :-
"If Opes and Tricom were the legal owners of their clients' stock – as has becoming horribly clear to Opes’ former clients over the past few days – then under the Corporations Act, Opes and Tricom should have informed the market where they held stakes of 5 per cent or greater in any company. Had they done so, this whole mess may have been avoided.
It is believed that ANZ does not have to lodge substantial shareholder notices due to an exemption under the Corporations Act, although this is also a point of contention with some company executives, including those at Aequs.
ASIC’s investigation into the Opes collapse must examine why Opes, Tricom and any other broker with similar client agreements did not lodge substantial shareholders notices in companies where they owned stakes of 5 per cent or more. "
There appear to be obvious breaches of the Law here with serious ramifications. Asic also seem to be missing in action. Surely they could start laying some charges.
When KRudd asked the banks to show restraint in the last round of interest rate rises they pretty much held the finger up and showed him who is really running this country. We clearly have a failed financial and regulatory system in Australia and this would be the opportunity to hold an inquest/commision of inquiry into this whole mess with the gaol of searching for some truth in this Opes saga and a more responsible regulatory system for the future.
I'll leave you with a little thought that just won't get out of my head.
Let's say I have a small mortgage (or in my case line of credit on the house) with a big bank. This bank goes bust. ( I think that if its happened in USA and Britian it could happen here.) Could the liquidator or receiver acting for any secured creditors of the bank repossess my house and flog it of to a "sophisticated investor mate" for the little bit that's owed and give me the finger. Do we have a law to stop this because it seems prety close to what's happening right now with Opes.
My faith in our Australian system is now so low I have to start digging a hole.
