asic mail contents defined, page-7

Thanks for that info ThomastTE, So DEBORAH BEALE was the former wife of BILL SHORTEN, interesting, I certainly did not make that connection but here is one of the original media articles re the class action:http://www.theaustralian.com.au/business/news/auditors-in-1bn-mfs-suit/story-e6frg906-1225699981637
MFS Investment auditors KPMG sued for $1bn
Two of the respondents, Andrew Waters and Michael Andrew, are partners at KPMG and 10 of the 15 are former directors of MFS Investment Management. They are MFS founder Michael King, Guy Hutchings, John Whateley, Jack Diamond, Craig White, Deborah Beale, Steven Kyling, Stuart Price, Michael Hiscock and Paul Manka.

The main thrust of the action is that MFSIM made unsecured loans to related companies in the MFS group between 2005 and 2007. The bulk of the loans are apparently not being repaid and will not be repaid.

KPMG is named because of its alleged engagement from 2003 to audit the fund's compliance plan, to which the suit alleges MFSIM failed to adhere for four years from 2005 onwards.

In each case, the suit alleges, loans should not have been advanced without certain approvals required by the plan.

Those loans should not have been approved "because they were not on commercial terms satisfactory to the fund, did not comply with the fund's investment guidelines and the fund was not adequately protected in the case of a default", the suit alleges.