senate enquiry

Let's hope that ARL and FTI Consulting are following these events closely at the Senate Enquiry .
I have no doubt whatsoever that many PIF holders would like to know where several million dollars in unexplained
fees have been used for in the few months that they have had control of our assets. The transfer of these assets were entirely illegal according to ASIC current proceedings in the High Court. From memory a judgement on this case is due to be made in May .

A Senator has likened a disgraced Newcastle administrator to the Queensland doctor on trial for killing three of his patients.
A Senate committee yesterday heard evidence about the Australian Securities and Investments Commission taking five years to ban bankrupt Newcastle administrator Stuart Ariff, whose dealings cost scores of companies millions of dollars.
Newcastle University Professor Scott Holmes is hoping the case is a catalyst for change.
"Ariff has been of one benefit only and that is to shine a light on this whole industry," he said.
Senator Louise Pratt likened Ariff to former Bundaberg surgeon Jayant Patel, saying Ariff had established himself as the "Dr Patel of the insolvency world".
Ariff gave in-camera evidence to the inquiry on Tuesday.
Senate Economics References Committee chairman, Senator Alan Eggleston, says witnesses have given disturbing evidence to all four hearings.
"Certainly there's a lot of very sad stories and it's terrible to think that if there had been better regulation some of these businesses would have survived and still be trading today, so there's obviously a need for consideration to be given to a different system to administer and register insolvency practitioners," he said.
A key insolvency group says Ariff's actions should not be indicative of systemic corruption in the industry.
Insolvency Practitioners Association CEO Denise North says Ariff's case is an isolated one.
"It's interesting that while people say things about systemic corruption there are not other allegations about people stealing in the way that Stuart Ariff has done," she said.
"He's engaged in criminal activity. He's admitted to that in court. He didn't follow the law and he didn't follow our code of practice."