If the ARL board is so darn smart and experienced, how did they not do due diligence and took on assets from Wellington Capital Ltd that came with overinflated valuations, accept due debt from Forest Resort that is never going to eventuate and implicated themselves in a dodgy deal which contravened the corporations act?
So experienced in their various fields of expertise, ARL had to then bring on board FTI Consulting and Castlereagh Capital to help manage/market a paltry few leftovers!!
Quote ARL;
'The Board of ARL is made up of leaders in their respective fields with significant legal, banking, business turnaround and corporate governance experience'
I strongly suspect the real reasons that WCL offloaded the probable worthless PIF (or tried to) was to quarantine themselves from liability and distance themselves from conflicts of interest. I agree with Duped, Wellington Capital Ltd needs to remain accountable for their abysmal performance and alleged contraventions/breeches relating to the PIF. Its not done and dusted yet, I am hoping it is just the beginning and the once business woman of the year will have to account for her decisions/actions.
Premium Income Investors were offered from WCL:
"Spirit, tenacity and acumen combine to form the ethos of Wellington Capital.
Wellington Capital has a reputation for high standards of client service, innovation and devising successful commercial solutions to complex issues.
Our success has been fuelled by strong, longstanding relationships which have been built on trust, a commitment to delivering commercial advice and focussing on helping clients achieve their long term aspirations
Wellington Capital is differentiated by its innovative style, which enables it to design suitable solutions for its clients.
Our team are experienced fund managers and provide corporate advisory services including advising on mergers and takeovers, project financing"
Does WCL think they can NOT deliver, just walk away and not be held accountable???? Hopefully this decision will now not have to rely on a vote when so many of us ultimately don't trust the accuracy of those results regardless!!
OCV
octaviar limited
