Yes, I do not think ARL are going broke as it appears they are...

Yes, I do not think ARL are going broke as it appears they are financing the operating costs from the asset realisations and as long as the terms of settlement ensure + cash flow there is no issue with company regulations.

I think the ARL loss relates to the difference of the carry over value to the latest valuations (which we are not party to - commercial in confidence).

As also indicated on other postings the difference between the WCL loan mortgage amounts and the carry over values is also a contentious issue.

Also is how WCL determined the asset realisation values.

Another issue is the nature how the MFS loans originated in the first place which one would assume WCL and ASIC would have notified the relevant fraud authorities to investigate on some of these loans, which I doubt has happened.

To loan far in excess of the reasonable valuations smacks of the similar current bank issues also with the senate.

I would propose that we all again complain again very bitterly in earnest to ASIC with a copy to the Senate enquiry, whilst the iron is hot before the enquiry heats up.

I am very sure ASIC will now take very particular attention to our complaints as it is now on the Senate desk and with several submissions still awaiting approval.

The best addresses appear to be to get some reaction are;

ASIC;
Mr Greg Medcraft
Chairman
ASIC
Australian Securities & Investments Commission
GPO Box 9827
Sydney, NSW 2001. DX653

Mr David McGuinness
Senior Executive – Enforcement Financial Services
Australian Securities & Investments Commission
GPO Box 9827
Sydney, NSW 2001. DX653

SENATE:
Economics, Committee (SEN)
[email protected]
Dr Sean Turner Principal Research Officer | Senate Standing Committees on Economics | Department of the Senate