What a disgusting move.
It is known that Deloitte advised some clients that an event of default had occured on March 27, thus notification was not necessary from the client to trigger an event of default as this had automatically occured through the terms of the AMSLA. They then went on to state that netting occured as at 31 March valuation.
Those who are feeling sick about what is taking place please check any correspondence you may have had with Deloitte as this advice/statement was general and not specific to an individual account.
opes clients get a pre-christmas shock-read!, page-2
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