It’s a great idea, Wooduk! Of cause we all can make submissions to the Parliamentary Inquiry. Just writing a few pages will do and you can submit it even electronically.
Please just visit the following APH website to see what are going on.
Just as Senator Cash said in the report, "Not a lot of individual investors have made submissions, but there have been many from interest groups" - so the investors and share/unit-holders voices are largely muted. I think this would result in unfavoured conclusions against investors and share/unit-holders at the end of the Inquiry. (Inquiry will conclude soon in one or 2 months)
Guys, so it's time for us to take actions now!!!
I think what we need is to push the following points in the submissions to the Inquiry.
1) The MIS business is a biggest financial fraud in Australian history; it is a (kind of) Ponzi scheme (of Australian style of cause!);
2) ATO/ASIC tax rulings were wrong and should be abandoned immediately;
3) ASIC is incompetent in doing its watchdog jobs;
4) Present GTP and TIM self-appointed receivers/liquidators/administrators should be removed and replaced by Government appointed RI;
5) Secured and unsecured creditors and shareholders should be ranked equally;
6) The recourse clauses in investor loans should be declared null and void; Any recourse should be limited to the underline MIS scheme only;
7) Losses of MIS investors should be compensated/claimed back from their commission-taking financial advisors/planners; Some of them had taken millions of dollars in commissions, and some (or most?) of them were insured against such mistakes of theirs;
8) The major offenders of the fraud should be brought to justice immediately;
9) ... etc. Any more suggestions?
So let’s act now - to voice our views in the Inquiry ... or ... it will be too late!
GTP Price at posting:
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