asic useless as usual pif should also sue, page-3

Hi Gardie, good to see you are still around. Seems most funds can and have manipulated their figures for years. ASIC is probably too shite frightened to intervene with a single case involving substantial misappropriation of figures/funds etc because then they would have to act on all of the dodgy dealings of the past and present funds.
In our case I blame ASIC for a considerable amount of PIF losses because they could have intervened and did not on many occasions.
ASIC is deserving of a thorough investigation into itself IMO as to why it has failed to regulate for so long.
Any wonder the likes of Michael King and co can still be directors of new/other companies?

The constant recycling/reshuffling of staff amongst different companies/firms/businesses etc is to keep as many allies as possible.

This media article from 2010 comes to mind:

INSOLVENCY specialist Mark Korda (Korda Mentha)told a public examination into the collapse of MFS yesterday that the decision to appoint Jenny Hutson's Wellington Capital as the manager of the Premium Income Fund was the ''lesser of all the evils we could have done''.

Ms Hutson was acting as an adviser to the MFS board at that time, raising doubts it was an arm's length transaction. ''At the time of the transaction, I don't think they were independent,'' Mr Korda said.


Read more: http://www.smh.com.au/business/wellington-capital-appointment-lesser-of-two-evils-20100915-15cqd.html#ixzz2TJiZEQKh

Asset Resolution was a purpose structured company orchestrated by Wellington Capital Ltd IMO to distance themselves from then allowing FTI consultancy to be invited along with their advisory skills to share the few remaining
spoils. Bearing in mind FTI is made up largely of previous Korda Mentha employees!!Talk about going full circle, everyone benefitted financially apart from those who owned the spoils!!!