A summary of events of Australian government(s), law enforcement & news media corruption
The bankruptcy of the State Bank of South Australia – its illegal “Off Balance Sheet” companies’ debt details never publicly disclosed and SA public debt still concealed – false and misleading information published by Adelaide SA News Ltd. (a SA state monopoly) concealing SBSA crimes & maladministration and law enforcement corruption.
Marino Rocks marina State Bank of South Australia connection – Taxpayer debt concealed. How taxpayers have concealed from them, the fact that they have paid tens of millions of dollars for a marina development that does not exist.
ERASED**in the following information, denotes that the information was published in “The Advertiser” newspaper and has been erased from newspaper archives. (discovered as erased in 2004)
1986 – 1987 and later events #DS – denotes David Simmons as Director. (TS 2%) – denotes 2% held in trust by solicitors Thompson Simmons & Co.
#DS State Bank of South Australia (SBSA) (D.Simmons Chairman of the Board of Directors.)
#DS Beneficial Finance Corporation (BFC wholly owned by SBSA)
#DS KABANI – acknowledged as “Off Balance Sheet” of BFC – SBSA Oct.1990 Australian law enforcement financial regulation authorities’ (& then ASC) reporting, not required.
(TS 2%) MINTERN. 1986 Alan Burloch paid (via KABANI) $20Mill. for 49% of MINTERN (info. 1986)
(TS 2%)CRESTWIN. 1986 William Turner paid (via KABANI) $10Mill. for 49% of CRESTWIN (info. 1986)
(TS 2%) MINTERN <“some cross ownership”>CRESTWIN (TS 2%) (info. 1986)
MARINO ROCKS MARINA (Developers Turner and Burloch) SBSA – BFC connection to Turner, Burloch, the Marino Rocks marina & associated debt has never been publicly disclosed.
1986 – 1987 Environment Minister Lenehan (Bannon govt.) exempts marina development from Environmental Impact Statement (ABC TV 7-30 Report only)
1986 William Turner as Director of Pro Image Studios borrows $20Mill. from SBSA (info. 1986)
1987/88 “Pro-Image Studios Ltd. records a profit of almost $20 million for the financial year 1987/1988” “a loss of approximately $2 million was disclosed in the management accounts” (ASC Derek Parker 1995 information was never reported by news media) http://www.aic.gov.au/media_library/conferences/business/parker.pdf (this information was found 2014 – No Australian news media considered it news worthy in 1987/88)
ERASED**1989 May News Ltd.’s ‘The Advertiser’ newspaper publishes a front page news article headlined “State Bank $200 Mill Loan to Equitcorp NZ” (Mng. Director Tim Marcus Clark common to both SBSA &Equitcorp NZ – the debt eventually became public debt never recovered.
29 May 1989 My employment with SBSA was terminated
1989 Oct. 5th. front page (afternoon daily News) “William Turner announces he is Bankrupt” News Ltd.’s the ‘News’ newspaper published false & misleading information in a news article headlined “The man behind SA’s great marina fiasco” (see file ‘Turner 5 Oct 1989 Adelaide PM News Ltd.’)” Alan Burloch buys Turners assets “for some Millions of Dollars” (news article appears below)
1989 Oct. 6 – SBSA paid my Mortgage Loan in full by SBSA (an interest rate of 30% p.a. had been applied for the previous 4 months)
1990 Oct. State Bank of SA announces that it has “Off Balance Sheet Entities” – ‘Kabani’ (file ‘Kabani 2.10.1990’ appears below)
1990 Dec. Burloch withdraws from Marino Rocks marina Development (tax problem – file ‘Burloch 18.12.90’)
ERASED** 1991 Feb. SBSA announces that its “Off Balance Sheet Entities” through BFC** have Assets greater than Liabilities. THEN a few days later
ERASED** announces that its “Off Balance Sheet Entities” have an overall debt of $31 Million with Assets Less than Liabilities (Located UK. July 2011 unable to obtain a copy – copy machine broken but still referred to in file ’11 Feb 1991 pg 6 SBSA’ below – a news article referring to previous news articles published)
ERASED** 1991 Feb. SBSA published announcement need for “Billion Dollar Bailout” (The front page newspaper headline that has been erased from publicly accessible records refers to the first Billion $s)
Turner Bankruptcy File (Victoria) No. 1085 of 1990 indicates Turner NOT Bankrupt Oct. 1989. File No. 1085 of 1990 indicates bankrupt 6th. July 1990 to 6th. July 1993. File also indicates Turner has a debt of $30 Million but has no indication of his creditors.
Question ? – Is the Turner bankruptcy debt the same “Off Balance Sheet’ debt Announced by SBSA in Feb. 1991 ? (Now removed from archives) Yes it is!
Turner Bankruptcy debt from 6th. July 1990 would need to be “On Balance Sheet” for SBSA – BFC to be written off for financial year ending 30th. June 1991.
March – April 1991 Supreme Court of Victoria Judgment CTB BNZ v Pro-Image Studios debt http://law.ato.gov.au/atolaw/view.htm?DocID=JUD%2F4ACSR586%2F00002 “The company is insolvent.” but permitted to continue to operate. The original court file has been “lost” – CTB & BNZ retrieve $46 million – see Summary of this website below [Unsecured creditors would likely include the State Bank of South Australia] (This ato.gov.au website information was found 2014)
ERASED** 1993 Sept. William Turner – discharged Bankrupt 6th. July 1993 charged by the Australian Securities Commission (ASC) with multiple breaches of the companies’ code. (see ASC Media Release ref. ASC 93/225 that News Ltd. Published word for word in a news article that is now erased from records of newspapers published – file ‘ASC.Turner Pro- Image 27.9.1993’
ERASED** 1995 Nov. All Australian Securities Commission (ASC) charges against William Turner dropped. No explanation provided. See ASC Press Release file ‘ASC 95-177 Pro-Image Turner 10 Nov 1995’ appearing below (The ASC has lost my correspondence of 2005 but provided the ASC Press Release ASC 95-177 (appearing below) in 2015
ERASED** 1995 Nov. SA State Treasurer (Stephen Baker. Liberal party MP for my SA electorate of ‘Waite’) announced an unexpected improvement to the State’s finances of $20 Million, no details of origin were given – Treasurer Baker promised to announce origin “in a couple of months’ time” but failed to do so. SA Treasurer Baker & all others since (& SA MPs of both political parties) refuse to indicate their recollection of events & newspaper articles published reporting them. SA MPs in 1980s & 1990s when news articles (now erased) were published are MPs in government & opposition now in 2015.
2015 The Australian Securities & Investment Commission ASIC has evaded acknowledging specific issues raised of crimes, corruption & maladministration of Australian law enforcement including impropriety of ASIC Chief Legal officer Michael Kingston* – then refused to allow my further communication with ASIC – An ASIC letterhead letter dated 4 March 2015 from an unidentified author, referred to as “our finalisation letter”, states “Our records confirm that Pro-Image Studios was deregistered on 19 December 2014.” “Further, ASIC does not intend to comment on the actions of our predecessor, the ASC’s conduct of enforcement proceedings.” see ASIC letter 4 March 2015 ASIC ref. 4345/15 file ‘ASIC 4 March 2015 ref. 4345-15’ (below) the author unidentified. ASIC Chief Legal officer Michael Kingston* does not acknowledge delivery of my correspondence.
Inter-company loans of BFC (& illegal “Off Balance Sheet” companies of changing value) were considered assets for accounting purposes. No provision was made for any bad debt losses. Inflated values of assets concealed bad debts known to be unrecoverable.
The Marino Rocks marina developers have never been reported in the media as linked to or in debt to SBSA. Their debts (to taxpayers) have been secretly written off. Information appearing above concerning SBSA’s relationship to the Marino Rocks marina developers has twice (July 1991 & August 1994) been edited from my sworn testimony of the forum in which I had given it.
Appearing below from http://law.ato.gov.au/atolaw/view.htm?DocID=JUD%2F4ACSR586%2F00002 Judgment by: Fullagar J. of Supreme Court of Victoria Judgment Commonwealth Bank of Australia and Bank of New Zealand (BNZ Securities) successfully retrieve $46,000,000 from Pro-Image Studios with “payment of92,684,398 fully paid ordinary shares of 50c each – Mr Nettle for the Australian Securities Commission supported the making of the declaration that for a consideration consisting of the release of the immediately enforceable debt amounting to $46,342,199 due to the defendants by the plaintiff, will not constitute an issue of shares at a discount within the meaning of the Corporations Law”. “The company is insolvent. If it were now wound up its shareholders and unsecured creditors would receive nothing while the 2 secured banks would receive something like 91c in the dollar.”
“About 2800 shares in the company have so far been issued and they have been trading on the stock exchange at prices around 5c per share up to the time of the hearing in the Practice Court. If the proposed conversion of debt to equity is carried out, it will bring about a surplus of assets over liabilities arising from the elimination from the liabilities of the debt of $46m-odd and an increase of the same amount in shareholders’ equity, having the effect of creating a real net asset value for all of the issued shares.” ……… “It therefore appears that the proposed issue of shares to the 2 defendant banks will be greatly to the benefit of shareholders and unsecured creditors.”………..“The only anxiety I have felt about the present case, in addition to that occasioned by my differing from another judge, is upon the question whether all the relevant facts are before me with sufficient precision to justify a declaration in the form sought. The original court file has been “lost” but all the parties appearing before me, including the Australian Securities Commission, have assured me that the substitute file of documents put before me is accurate and adequate.”