The following is the text of a letter that I have forwarded to Mr. Chris Jordan A0 Commissioner of Taxation, Australian Taxation Office, Canberra. ACT. 2600 on the 15th March, 2013:-
"CuDeco(CDU) Limited - Trading
Dear Mr. Jordan AO
I apologise for addressing my letter of the 13th March, 2013, to the former Commissioner of Taxation, Mr. D’Ascenzo. I was unaware that you had taken up your appointment to the position in January. I wish you well.
In essence, my representations to you can be summarized as follows:-
The impact on shareholder wealth of dubious aspects of our current trading environment, (which includes CuDeco(CDU) shareholders insofar as I am concerned),represents a major issue for Australian financial markets.
At the centre of a compromised trading environment, the “CuDeco Shareholder Research” Document, has high-lighted severe problems associated with the following:-
1. Securities lending, and the short selling that it supports.
2. High Frequency Trading(HFT) programs and the un-level playing field they represent.
3. Extensive dark pool trades, and other “dark” off-market activity.
All the above issues have immense implications for the integrity and health of the Australian financial markets.
Importantly, also, for the National interest, the economy and the well-being of compulsory superannuation contributions of Australian workers. Aussie workers, who are forced to be invested in a perilous environment whether they want to or not.
The trading behaviors responsible for data anomalies in regard to CuDeco(CDU) Limited are highly likely to have been duplicated across the Australian Securities Exchange(ASX). Therefore, this suggests that CuDeco trading issues are also issues faced by investors in many other ASX companies.
The Author of the “CuDeco Shareholder Research” Document is currently examining an additional 17 companies in the ASX200 in an endeavor to find out what is going on.
One important aspect disclosed is that there may be serious implications insofar as the massive losses faced by Superannuation Funds in recent years, and in the years following the GFC. Such as, who are the entities who have positioned themselves to benefit from the immense amount of short selling that has occurred, and where have those profits been repatriated to?
There could be implications for Taxation Revenue collections. So I bring the matter to your attention for any action you may deem necessary to resolve the problems apparent in the System.
Yours sincerely,
Maxw."
Referred for the information of CDU shareholders concerned.
Cheers,
Max
CDU Price at posting:
$3.52 Sentiment: Buy Disclosure: Held
