SeamistyAfter the white wash that ASIC called the WC...

Seamisty

After the white wash that ASIC called the WC investigation Westpoint is not any better.

Westpoint used to provide investors with a newsletter I think called onpoint.

In it they would provide a nice collumn chart.

The chart showed expected total revenue, bank debt, promissory note debt and profit for a project.

Only problem was that say for the York Street project the promissory note debt was not 30 million as shown but 78 million if I recall correctly.

Now if you added the real promissory note debt and bank debt it was greater than sales revenue and therefore the reported expected profit was actually a loss.

This was not just on one project but many where the actual promissory note debt from investors was far higher than investor were told.

Apparently though this is not criminal in any way nor is it misleading ??????

Back on PIF I know you provided information in relation to matters and so did I that stunk to high heaven. What about the two mail outs which someone with ASIC powers could have found out who WC gave the registry to and who mailed out 20000 leaflets for a non existent organisation.