Now here is an intriguing dichotomy Plumbob. KPMG have subpoenaed WC files to find out exactly where the PIF money has gone . And this is exactly what we all want to know- what in the hell happened with our money ? And ironically we may only know if KPMG gain access to the WC files .From my Alzheimer riddled memory I seem to remember that at the first investors meeting with WC it was stated that we still had something like 450 million dollars in property and other asset valuations- I could be wrong ,my few existing few brain cells are functioning extremely slowly these days under assault from bottles of red wine. In any event the valuations by WC have proved to be farcically incorrect or these funds have been squandered on expenses . Also we know know from Bentley forensic examination that 100 million dollars was illegally taken out of out of fund by MFS directors to pay out the MFS dividend .Now what if any action is being taken to recover those funds on behalf of PIF investors by Bentleys or anybody else ?You just cannot state that a director has no knowledge whatsoever of his signature being used to withdraw 100 million dollars without any criminal intent by some party in these proceedings. Hutchins the supposedly entirely independent CEO of the PIF has stated that he has no knowledge of how his signature was placed on the 100 million transaction . Unbelievably ,about a year later, another 200 million dollars was withdrawn from our fund during the height of the GFC partly to pay out the Fortress loan and make other extraordinary investments decisions. ( Resolute Capital, that another saga that i will not expound into at this time). Hutchins once again denies any wrong doing in the 200 million withdrawal . It is an insult to a Neanderthals intelligence to conceive that many 100 of millions of dollars can go missing from an supposedly independent fund year after year without a competent CEO having no knowledge of these transaction or the underlying asset valuation of our fund . How on earth do you just take out 100 millions of dollars from a fund like confetti at a wedding party in this manner ? . Well clearly the PIF was operating as a Ponzi scheme for some considerable length of time, and you can also grossly inflate existing asset values to cover your tracks . We have all the hallmarks of a Bernie Madoff scheme in regards the PIF income fund , This crook has gone to jail for 150 years in a US federal prison. Not one of the directors of the PIF Income Fund, whilst under the control of MFS directors will ever see a day's incarceration in an Australian jail. Regrettably When KPMG gain access to these PIF files. it may not augur well for our class action . However we may finally gain some insight into actually what has happened to our money .
OCV
octaviar limited
