opes prime update in relation to rrs sp, page-31

joel baby, its a complete mess, some shares have been switched and some have been sold we wont know the extent of the damage until its happened.

BMN was a sale as market participants exchanged shares.

PLV was a crossing and it still lives in the same home BUT different broker.

are you confused! well good this is how the banks rape and pillage the small guy and OPES are the facilitator, this will get uglier,

INVESTORS could lose hundreds of million of dollars following the shock collapse of Melbourne finance house Opes Prime.

The corporate watchdog, which has launched a special investigation into the company's affairs, is believed to have won a court order preventing the company's chief executive Lirim Emini leaving the country.

It is believed Australian Securities and Investment Commission investigators want to speak to Mr Emini, whose whereabouts were unknown last night.

The company's biggest creditor, ANZ Bank, yesterday seized shares worth about $1 billion and appointed a receiver who took control of Opes Prime's offices in Collins Street.

Accountants Deloitte said yesterday there were a number of cash and stock movement "irregularities in relation to a small number of accounts".

"The shortfalls in these accounts led the directors to believe the trading operations could not continue," it said in a statement.

It added that all client accounts had been frozen.

Leading businessman Peter Gillooly told BusinessDaily yesterday that he had quit as chairman of the company on March 18 because of his concerns about Opes Prime.

"I resigned two weeks ago because I had lost confidence in the information that was being provided through to the board," he said.

"And other than that, I can't say anything.

Company secretary Alun Stevens quit the company the same day.

Receiver Sal Algeri, of Deloitte, confirmed Mr Emini had not been present at Opes' Collins St offices for the past week.

"I understand he's on sick leave or some sort of leave," he said.

The company's remaining directors, Julian Smith and Anthony Blumberg, called in administrators Ferrier Hodgson at 4.30pm on Thursday.

Main creditor, the ANZ, called in receivers Deloitte half an hour later, at 5pm.

ANZ is owed about $600 million and Merrill Lynch about $400 million.

Administrator John Lindholm, of Ferrier Hodgson, said he was confident there would be a substantial return of funds to the stockbroking firm once the banks sold off the stock.

"I'm hopeful there'll be a substantial sum of money to be distributed amongst the client creditors," he said. ASIC had been "front and centre" at Opes' office yesterday morning, he said.

It is believed ASIC investigators yesterday took copies of computer hard drives and other files.

In a statement, ANZ said that at market prices the portfolio "is sufficient to cover the amount outstanding from Opes Prime".

It said it was "unlikely to incur a material loss on this exposure".

A Merrill Lynch spokeswoman declined to comment.

It is believed the discrepancies emerged as work was done preparing Opes for a back-door ASX listing.

Mr Algeri said there were irregularities in the accounts of two subsidiaries, Opes Prime Stockbroking and Leveraged Capital.

"Leveraged Capital had accounts that were irregular," he said.

"What had happened last week was the directors presented the bank -- they believed there were some problems with their funding requirements."

ANZ granted more funding in return for additional security, he said.

"On Tuesday, Wednesday (this week) this stuff was being uncovered," Mr Algeri said.

Company documents show that Mr Emini, Mr Smith and Mr Blumberg personally guaranteed a loan from the ANZ last Thursday.

It is believed that the obligations over Mr Smith and Mr Blumberg have since been lifted.

Opes announced a plan this month to backdoor list on the ASX through the shell of Reco Financial Services which would have valued Opes at more than $100 million.

Late last night Reco told the stock exchange it had called the deal off.