The following is the text of an email that I forwarded to Hon. Adam Bandt, MP, Federal Member for Melbourne on the 3rd October, 2013, concerning the trading of CuDeco(CDU) Limited Securities on the ASX:
"Dear Hon. Adam Bandt, MP,
I wrote to your former leader, Senator Bob Brown, Senator for Tasmania, on the 30th December, 2011, concerning the trading of CuDeco(CDU) Securities on the Australian Securities Exchange(ASX), and asked for a Parliamentary Inquiry to enable full investigations to be made. The Australian Securities and Investments Committee(ASIC) rejected all claims that I made to the Chairman on the grounds of costs to do the necessary audits. Unfortunately, I did not get a reply back from Senator Brown.
I would like to bring to your attention that in recent times two formal complaints by a CuDeco Shareholder have been lodged with the Chairman, Australian Securities and Investments Commission(ASIC).
Accordingly, copies of these complaints have now been published on the web.
The Reports assess trading that took place during the period the M&G Group acquired a substantial holding in CuDeco(CDU) Limited through an on-market buying campaign conducted during late 2010.
The Research is important as it identifies a number of trading issues that still require addressing by the Regulator, but importantly, the findings have application to recent trading and in fact all trading taking place throughout 2013.
When the trading behaviours are assessed in line with a recent judgment by the High Court of Australia, a good deal of the trading taking place in CuDeco(CDU) Limited over an extremely long period of time appears to be highly manipulative.
Importantly, the recent period where the M&G Group disposed of their major holding also appears associated with similar trading behaviours.
The Reports represent two official complaints which have been lodged with ASIC, during August/September, 2013. The two Reports contain very comprehensive research material.
The title of the Research papers are:
“CuDeco Shareholder Research” Document.
8.2 A Review of Trading Associated with the Accumulation of Shares by the M&G Group.
It is available on the web from the following links:
http://www.scribd.com/doc/168461175/8-2-ASIC-Complaint-2013-2 or Blog: http://www.scribd.com/cudeco_research
It is apparent from the “CuDeco Shareholder Research” Document that there is widespread manipulative activity taking place that is both sanctioned and generally ignored or dismissed by the Regulatory Authorities. A Parliamentary Inquiry seems to be a necessity to overcome the problem. The upcoming Senate Inquiry into the Australian Securities and Investments Commission(ASIC) would be a good opportunity.
Yours sincerely,
Maxw..."
Referred for the information of CDU shareholders concerned.
cheers,
Max
CDU Price at posting:
$2.00 Sentiment: Buy Disclosure: Held
