What should concern all of us is the fact that the Chinese will sanction those responsible even if for a political show. The ultimate sanction being the death penalty in a society of extremes where wealth and resources are scarce.
In Australia it is supported by the cult or worship of the rich and powerful. Sycophancy. Rich and Defiant and Cavallier and dishonest is seen as being part of the national psyche and character to be admired. "Larrikin" is the description used to legitimse the behaviour.
I have just completed the analysis of the Duke Group liquidation scandal and the Liquidators holiday at shareholders expense. $150,000 a year at least for the past 12 years with no reason (lawful) other than fraud the accounting firm to which the liquidators themselves were connected to helped perpetrate on the shareholders of this once vibrant merchant bank.
The defence of Hambros the British merchant bank since acquired by SGS against the prima facie case of fraud against it is that the offence occured so long ago, witnesses may be dead or too old to remember anything. Funny how the bank can afford to remember or act as a proxy mind for those who cannot remember.
The Chartered Accounting profession in Australia will now come under the spotlight. Already Malaysia and Singapore amongst other countries in the region including India and Hong Kong want a review of recognition for the qualification of those who seek to practice there.
The depth and scope of this fradu is breathtaking. it involves participants at some level including judges (barristers and lawyers then) former members of parliament and ministers of the crown, and yes the major accounting firms.
It is important to learn lessons from these cases becaue of its implications for the economy and the future of all Australians.
