canberra deliveries

All letters to Canberra and Sydney were acknowledged as received so I feel it's O'k to post the core letter here.
Covering letter to Mr Shorten was posted on 1st March.

The Hon. Wayne Swan February 12,2012
Deputy Prime Minister & Treasurer URGENT
Parliament House Canberra

Dear Mr Swan,
cc. Mr David Bradbury MP, Mr Greg Medcraft Chairman ASIC, Mr B. Shorten 29/2

Re: Premium Income Fund, members, issues and deadlines

Your Office is, in every sense of the word, my last resort to reach an Authority who can make an honorable decision and act accordingly.

My name is Simon Grundel, a retiree and a member of a group of some 10,500 members of Premium Income Fund. PIF was previously tied to MFS (2007) group and then taken over by Octaviar. Following that collapse, we were forcibly taken over by Wellington Capital (2008) by blatant and fraudulent means.

I respect previous briefings you may have had on this issue.
This present situation, literally, makes ALL of these briefings obsolete.
I have addressed the highest level of redress, thought by me to reside with Mr Greg Medcraft, Chairman ASIC.
22 August 2011 I received a crushing response, which forces me to turn to you.
The Public is aware of your personal selection of Mr Medcraft for this responsible position. And the Public justifiably puts their trust in ASIC Authority.
This perceived Authority, in the following passage from Mr Medcraft’s letter to me via Mr MP Luke Hartsuyker’s office, has failed PIF GROUP.

Attach 1. [...ASIC responded to each of the complainants around 20 May 20 2011 stating that:
"Section 601GC(1)(b) of the Act provides that a responsible entity may alter the scheme if it reasonably considers
the change will not adversely affect members' rights. At law, the question is not a general a general question
whether members would be "worse off" if the change is made (for example it is not a general of prejudice or financial disadvantage).
It is a specific question that goes to the narrow matter of the effects of the amendments on member's rights as set out in the constitution,
for example, a member's right to withdraw from the Fund. Of course in making the amendment the responsible entity must act honestly
and in the interests of members in accordance with section 601FC of the Act.

Wellington Capital confirmed to ASIC that it considers the amendments to be within its power and in the best interests of the
members of the PIF. In these circumstances ASIC is not proposing to take further action in relation to the specific issues raised in relation to the Placement and Non-Renounceable Rights Issues”...]
letter G.Medcraft 25 Aug 2011

The Passage is in ITALLICS and the construct is incapable of being misinterpreted.
It clearly shows that ASIC accepts Wellington Capital statements, made by Jennifer Hutson, without reservation and verification.
As such, it explains to a large degree that:

ASIC Chairman applied favored and lenient approach to Wellington Capital
A cascading effect of this stance to lower rungs of ASIC operative authorities ensured PIF’s low priority with ASIC.

This in large measure explains debilitating neglect of PIF position. Not a lack of resources, not shortfalls in staff, but the attitude passed on from the top.

I also refer you to rest of attachments:
2. PIF OVERVIEW of ASIC priority investigations, prepared by myself
3. Judicial letdown of PIF; favouritism and incompetence by Judge Dowsett
4. & 5. Approaches to Director Deterrence Team; more documents provided
6. Example of early attempts to request preventative measures by ASIC
They are self-explanatory and emphasize PIF plight.

This submission is for the following purpose.

1. PIF remaining assets are disposed by Wellington Capital in breach of Corporation ACT:
a) WC conducting asset sales without approved Audit supervision
b) WC applying “in house” valuations in contravention of ASIC regulations
c) WC breaching s 601 FC ( c ) of the Corp Act; acting without member consent and against unit holders interests
2. WC accelerated the asset disposal without involvement of Liquidators.
WC originally opposed PIF liquidation for obvious reason of being investigated by appointed Liquidators.
Present actions by WC will bring in liquidation results, while avoiding by stealth probity by a number of accredited authorities.

ASIC has been provided with extensive, even exhausting number of files with relevant documents. With respect to ASIC expertise, my attachment 2 contracts to 1 page everything ASIC needs to conduct real investigation.
Additionally, on my 2nd ASIC visit 13 January 2012, Mr Matthew Le and Ms Thaw Thaw Htin of ASIC’s Sydney Deterrence Team asked me to provide more information, namely details of Corporate unit holders lodging complaints with ASIC and names of witnesses in PIF/WC affiliated court cases.
Firstly, these requests are totally irrelevant to my request for immediate FREEZE on asset sales, secondly they are grossly insulting to PIF members and myself as these requests only underline further ASIC’s lack of motivation explained above.

I stress that this submission is not another COMPLAINT as ASIC tends to categorise any calls for action from PIF.

Long suffering PIF members do not wish to stand over a smouldering stump of their former Money Tree, clutching bunches of documents marked “under ASIC investigation”.

Dear Mr Swan, you have appointed Mr Medcraft to this position.
You have the Authority to direct Mr Medcraft to perform duties entrusted to him by your commission.
ASIC has the Authority to apply immediately all powers of Corporation Act.
It is an accepted institutional behaviour for an Entity to step down while it is under investigation. Wellington Capital IS under ASIC INVESTIGATION yet was allowed
to destroy PIF asset base over the last 3 years and in the face of damning evidence.
In Japan, there were and continue incidents of hara-kiris by Corporate heads for far lesser white collar crimes than those perpetrated (there are judgments by courts) by Jennifer Hutson in her role as PIF Responsible Entity.
It is a shame that Australian Judiciary has in its ranks identities like Magistrate O’Shane, Justice Dowsett and some more that I am aware of.

My request to you is this:
· Bring into immediate effect by all means available to your position a FREEZE on PIF ASSET SALE by Wellington Capital, or as another alternative, suspension of WC Financial Licence.
· Place estoppel on sales conducted under deferral schemes; in-house valuations; during period without accredited Auditor; all other sales investigated and found fraudulent.
· Advise means available to PIF to be compensated for preventable losses but for an abject ASIC failure to protect PIF in accordance with their obligations.
Please consider calling me to meet with you to further explain the urgency of PIF position (with additional supporting evidence) and 10,500 mostly elderly, frightened retirees.
Many have passed away without seeing Justice and sadly, with some recovered assets for medical needs, we may have seen them still with us.

Please give this submission with attendant attachments your utmost attention.

Please advise at the earliest what relief you can provide in respect of preceding information.
Yours Respectfully, Simon Grundel