Rupert Murdoch’s newspapers – the first he ever owned & published in Adelaide South Australia – have fake archives of what has been published – news article published have been erased or altered for the false records which are being sold [as archives] by Australian state and national public libraries. They fake archives have also been exported to British Libraries UK London.
Crimes and corruption are concealed by corrupt journalism and the fake archives of newspapers. False and misleading information published in Rupert Murdoch’s News Ltd. [News Corp. Aust.] Adelaide SA newspapers have assisted to create Billions of dollars of secret never accounted for SA state taxpayer debt concealed with SA state Treasury’s SA Asset Management Corp.
News media and SA governments of both political parties have an alliance to cooperate to deceive SA taxpayers in order to continue to remain unaccountable. Details of never publicly disclosed State Bank of South Australia bankruptcy taxpayer debt can be viewed below.
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
In 1983 the Savings Bank of South Australia (SBSA established in 1848 – a SA state government guaranteeing deposits was never used) celebrated achieving one billion dollars in customer deposits.
In 1984 the Savings Bank of SA was renamed the State Bank of SA & its charter changed to allow more risk in its business practices.
In 1985 the new State Bank of SA purchased Beneficial Finance Corporation for one billion dollars.
In 1986 SBSA’s Tim Marcus Clark, in several single pages on his SBSA Managing Director letterhead addressed to ‘Dear State Banker’ (not sent to all staff as implied), boasted of new Corporate loans & acquisitions that included;
Two $200 million loans to the National Safety Council of Victoria discovered in 1989 to be a Ponzi scheme. In 1989 NSCV CEO Executive Director John Friedrich [an alias for Friedrich Hohenberger wanted in Germany on fraud charges] a fugitive from justice for a year, captured, allowed bail then found dead few days after the start of his trial in July 1991.
a $200 million loan to Equiticorp NZ – Tim Marcus Clark Managing Director Equiticorp NZ & SBSA
the purchase for $80 million of Oceanic Capital Corp. The sale later to have been found to benefit Equiticorp NZ
the purchase of part of companies named in news media as developers of a marina to be built at Marino Rocks (details summarized below)
& other, all of which soon became ‘non-performing loans’ and bad debt that became public debt never recovered and forever concealed from taxpayers.
SBSA’s future was to be corporate loans – SBSA retail banking business &employees were to be a minor consideration. My expressing concern at the bank’s corporate loan &ownership arrangements of acquisitions – [the bleeding obvious] compromising the independence of and ability of those who make the decisions – was met with a person with an attitude problem would have such an opinion.
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 in a news article ‘State Bank silent on mystery firm [view below] that was the only ever news media reference published or broadcast by any news media. Australian law enforcement financial regulation authorities’ (& then ASC) reporting, not required for “Off Balance Sheet” companies.
(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 – a 5 second news segment, Minister Lenehan in a state of panic surrounded by media microphones saying “But we already know what’s there” – an angry looking presenter then proceeding to the next news item.
1986 William Turner as Director of Pro Image Studios borrows $20Mill. from SBSA (info. 1986) never publicly disclosed.
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 (info. found 2014) Where did this $20 Million come from? Was it the proceeds of crime?
October 1987 – In October 1987 I had at my request had a meeting over a cup of tea with SBSA Chief General Manager Ken Matthews [Savings Bank of SA prior to 1984] to seek some reassurance on the future of the bank, after which he with his influence arranged for me to be again working in the bank’s ‘relieving staff’ at bank branches covering staff annual leave & long service leave “Where” he said“I seemed to most content”. He declined to discuss issues of SBSA corporate loans which were of concern to me. His reaction [facial expression] when I asked him what he felt about the proposed Marino Rocks marina development [close to the suburb where he lived] but his declining to say, prompted me to attempt to politely change the subject. The marina development appeared to be a sensitive issue. It seemed bizarre that Mr Matthews would even allow me to consume his time in a private meeting.
After my further telephone contact, I the next day receive a visit at a bank branch from SBSA Chief General Manager Ken Matthews [last CEO of Savings Bank of SA]who advised me that I “have too much leave owning to me & must reduce it”. He declined to discuss anything. He would have at that time known of “Pro-Image Studios Ltd. records a profit of almost $20 million for the financial year 1987/1988” but “a loss of approximately $2 million was disclosed in the management accounts”. I assumed that a Marino Rocks marina would never be built, the developers would take full advantage of their circumstances & SBSA’s/BFC’s corporate lending practices would bankrupt SBSA. My meeting with Ken Matthews over a cup of tea was solemn occasion. We both knew, he better than me, that ourcarefully managed bank established in 1848, his life’s workdrastically altered in 1984 was bankrupt, destined to be an economic burden for future generations, and that it happened on our watch. Power over others, ego and hubris prevented authorities from giving any consideration to the possible consequences of their decisions.
I was excluded from the implementation process of SBSA’s September 1988 Award Restructure [of staff pay rates] & was from that time on leave [Long Service, 2 years annual leave, accumulated rostered days off and leave ‘in lieu of travel’] until April 1989.
ERASED**1989 May News Ltd.’s ‘The Advertiser’ newspaper published 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 taxpayer debt never recovered.
29 May 1989 My employment with SBSA was terminated – no reason/explanation was offered
June 1989 I contacted SA Shadow Treasurer Stephen Baker MP for my electorate of ‘Waite’, provided him with and explain SBSA’s corporate lending information – conflicts of interests etc. – that will cause its inevitable bankruptcy & requested that he raise issues in parliament to address or remedy the likely bankruptcy of SA. He refused to do so & eventually said that he “would be accused [by newspapers] of politicizing the bank”. Murdoch’s Adelaide newspapers had published warning to knockers who “suffered from the tall poppy syndrome wanting the state to fail” that inquire into & question what the bank was doing. Stephen Baker MP would later run off whenever he saw me at the local Shopping Centre where his electoral office was located.
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” – SBSA/BFC company ‘Kabani’ in a 2 Oct. 1990 news article [appearing below] headlined ‘State Bank silent on mystery firm’ the only news media reference ever published or broadcast, apart from a 11 Feb. 1991 news article ‘Warning sign were there for more than 14 months’ ref. to this same 2 Oct. 1990 news article that states, according to information SA Premier/Treasurer John Bannon provided to SA parliament, that mystery firm ‘Kabani’ “had assets of $100 million”.
1990 Dec. Burloch withdraws from Marino Rocks marina Development announced in a 18 Dec. 1990 news article ‘Marino Rocks project tenderer to face court over tax liabilities’ [see below]
ERASED** 1991 Feb. SBSA announces that its “Off Balance Sheet” entities [now many] BFC have Assets [of $359 Million] Greater than Liabilities [of $267 Million] – referred to in the text of the news article of 11 Feb. 1991 ‘Warning sign were there for more than 14 months’.
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
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 Dollars) A front page 11 Feb. 1991 news article headlined ‘Taxpayer rescue bank’ has within the altered archives of newspapers published, become the first newspaper published reference to the State Bank of SA bankruptcy.
A February 1991 front page ‘The Advertiser’ newspaper news article headlined ‘Taxpayers rescue bank written by journalist David Hellaby and Nick Cater is now according to the historical record, the fake archives of newspapers published, has become the first newspaper published reference to any bankruptcy problem published by the newspaper. Nick Cater in News Corp. news articles headlined ‘Journalsim giving up the search for the truth’ published 2 Nov. 2013 and “Aunty stick to the facts’ published 1 Feb. 2014 criticizes the ABC for its news media inaccuracies. In an ABC TV telecast [referred to in an earlier of this WP Blog site] Nick Cater refers to his BBC career in claiming to be a trustworthy journalist. Nick Cater is well aware of the fake archives of his employers newspapers, SBSA bankruptcy crime & corruption concealed but does not reply to correspondence.
The 11 Feb. 1991 news article ‘Warning sign were there for more than 14 months’ refers to, with wrong dates, previously published news articles headlined ’58 firms in State Bank web’ and ‘Our companies in red-State Bank’ – [as published 5 Dec. 1990 & 7 Dec. 1990; they were published in Feb. 1991, but sill evidence they were published – even though now erased from the fake archives of newspapers published : not appearing in archives as published on any date] – with text ref. to the changing valuations of SBSA’s “Off Balance Sheet”, text of news article says OBS liabilities of $267 Million but article collages of news article headline ‘Our companies in red –State Bank’ says OBS liabilities of $276 Million.
Turner Bankruptcy File (Victoria) No. 1085 of 1990 indicates Turner NOT Bankrupt Oct. 1989. As stated in 5 Oct. 1989 news article ‘The man behind SA’s great marina fiasco’ – 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. [Bankruptcy has since changed from 3 to 7 years]
Question ? – Is the Turner $30 Million bankruptcy debt the same SBSA “Off Balance Sheet’ debt of $31 Million [OBS liabilities greater than assets] announced by SBSA in Feb. 1991? [reviewed from assets greater than liabilities]
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)
March 1992 I contacted journalist David Hellaby& suggested that he should if he could view the bankruptcy file for William Turner.
July 1992 – I again contact Hellaby, he wants to meet me [I want to know what he has seen in Turner’s bankruptcy file & assume it was links to & loans from SBA] – he can come to my home Monday 13 July 1992. 10th July 1992 I have a nighttime home-invasion by purported police officers who steal all SBSA letterhead documents that they can find. 13 July 1992 Hellaby at my home states that “Turner’s bankruptcy file is the most amazing document he has ever seen”. Upon my inquiry he says that it “discloses a $30 Million debt but has no reference to his creditors”. My later inquires with the Victorian bankruptcy court confirm the $30 Million debt with creditors unidentified [blank file No. 1085 of 1990] & indicates bankruptcyfrom 6th. July 1990 – [to 6th. July 1993]
ERASED** 1993 Sept. William Turner – discharged Bankrupt 6th. July 1993 was 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. See ASC media release below.
ERASED** 1995 Nov. All Australian Securities Commission (ASC) charges against William Turner were dropped. No explanation provided. See ASC Press Release file ‘ASC 95-177 Pro-Image Turner 10 Nov 1995’ below. I requested/obtained ASC media releases only by my being aware of the information by having read the news article now erased from fake archives of newspapers.
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.
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.
SBSA bankruptcy debt concealed has become SA taxpayer debt concealed within SA State Treasury’s SA Assets Management Corp. SAAMC. No details – amount or how the debt[s] was incurred has ever been publicly disclosed.
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.
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.
ASC/ASIC – Australia’s federal financing reporting law enforcement authority Australian Securities Commission ASC has since been renamed Australian Securities Commission ASIC.
2015 ASIC has evaded acknowledging specific issues raised of impropriety, crimes, corruption and maladministration of Australian financial regulation law enforcement authorities. ASIC Chief Legal officer Michael Kingston refuses to acknowledge my correspondence.
I have received an ASIC letterhead letter dated 4 March 2015 from an unidentified author. The letter, 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.” The ASIC letter from an identified author appears below. ASC was involved in Supreme Court of Victoria court proceedings involving the bankruptcy of the company Pro-Image Studios Ltd. with secured creditors the Commonwealth Bank of Australia and Bank of New Zealand (BNZ Securities) seeking recovery of debts of $46 Million. The original Supreme Court of Victoria file was ‘lost’ according to a 24 April 1991 judgement made by Judge Fuller “differing from another judge”, that allowed bankrupt Pro-Image Studios Ltd. to issue “92,684,398 fully paid ordinary shares of 50c each” to cover the cost of debt to its secured creditors.
With the assets and debt liabilities of Pro-Image Studios Ltd. & William Turner impossible to separate from State Bank of SA’s assets and liabilities and illegal/secret “Off Balance Sheet” companies of indeterminate, incalculable and questionable value, it appears that the ASC was involved – “supported the making of the declaration” – in arrangements that would further assist the concealment of secret taxpayer debt within SA’s state Treasury. A bankrupt company was encouraged by the ASC & permitted to issues shares.
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.”
The Commonwealth Bank of Australia and Bank of New Zealand (BNZ Securities) would not grant a loans eventually totaling “$46m-odd” in liabilities to Pro-Image Studios Ltd. [William Turner Director] without very good assets guaranteeing those loans. What were those valuable assets?
Would William Turner sign up his and his company Crestwin’s assets to guarantee Corporate loans from ANZ & BNZ to his company Pro-Image Studios?
Would Commonwealth Bank of Australia and Bank of New Zealand consider such assets – Crestwin, Mintern, Kabani – so valued, & part owned by a SA state government guaranteed bank with SBSA Chairman of the Board of Directors also Director of BFC &Kabani, acceptable as to guarantee loans of tens of millions of dollars to Turner/Pro-Image Studios Ltd.? No better security for loans than a taxpayer funded government guarantee could exist.
Were the maneuverings of William Turner’s bankruptcy file 1085 of 1990 – 6 July 1990 not the previous financial year when reported by Murdoch’s the ‘News’ newspaper front page headline 5 October 1990 ‘The man behind SA’s great marina fiasco’ with Turner’s assets being sold to Alan Burloch – and
– the 24 April 1991 Pro-Image Studios v. Commonwealth Bank of Australia Supreme Court of Victoria Judgement of Judge J. Fullagar – “differing from another judge” [“original court file has been “lost”]
intended, with the assistance of the Australian Securities Commission [ASC renamed ASIC – Australia’s financial regulation authority], to allow the continued concealment of SBSA bankruptcy debt that was/is secret taxpayer liabilities within the corrupt unaccountable South Australian Assets Management Corporation SAAMC within SA’s State Treasury?
…….. Throughout 1985 – 1990 Murdoch’s Adelaide SA newspaper[s], of his state newspaper publishing monopoly, published many news articles warning [threatening] any who considered attention to & scrutiny of the State Bank of SA’s & its managing Director Tim Marcus Clark activities as appropriate. They were said to be knockers and whiners who wanted to see the state fail and suffering from “the tall poppy syndrome”.
Long editorials on the front page of the business section of ‘The Advertiser’ newspaper written by Tim Marcus Clark were published. “We must develop or risk becoming an economic backwater”. Those newspaper articles are among the many that that have been erased from all publicly accessible records of newspapers published [the ‘archives’]. History now records Murdoch’s Adelaide newspapers not as the malicious, malignant news media that has been so detrimental to public interests but benign and even benevolent.
The billions of dollars of state public debt still remain unaccounted for despite a 1990s $50 million dollar Royal Commission of Inquiry. No-one asked ‘Where did the money go?’
Chris Kenny Adelaide SA journalist for News Ltd.’s [since renamed New Corp. Australia] claims to have written a book ‘State of Denial’ about the bankruptcy of the State Bank of SA. He was in Adelaide at the time of the reporting/publishing of the news articles by the ‘The Advertiser’ newspaper first disclosing the bankruptcy of the State Bank of SA with those news articles now erased from publicly accessible Australian library ‘archives’ of newspapers. Chris Kenny’s purported book makes no mention of SBSA’s “Off Balance Sheet” company ‘Kabani’ or have any other reference to SBSA’s changing valuations or numbers of such companies. The book does not ask ‘Where did the money go?” or disclose that all details of SBSA bankruptcy taxpayer debt continue to be concealed. Chris Kenny does not reply to correspondence but continues to denigrate South Australia in ‘Opinion’ news articles published by Rupert Murdoch’s newspapers.
The closest to an estimate of the amount of the SBSA bankruptcy public debt [published by news media] was an understated $3 Billion [1990s dollars? 2009 dollars?] published by ‘The Advertiser’ newspaper 27 February 2009 under the headline ‘The best I could do was not good enough’ in an interview with former SA Premier/Treasurer John Bannon. [now behind a paywall].
A SBSA bankruptcy taxpayer debt estimate of “$3.1 billion in nominal terms” – how calculated? – is referred to in the promoting of a book “Things Fall Apart – A History of the State Bank of South Australia”, “the result of 10 years’ work by lecturer in Politics at the University of Adelaide Dr Greg McCarthy” which is claimed to take a “detailed look at the Auditor-General’s reports and the Royal Commission” to which Dr McCarthy had unprecedented exclusive access denied to the public. The book “Things fall apart” is promoted on a University of Adelaide Internet website under the heading ‘New insight into State Bank collapse’ [https://www.adelaide.edu.au/news/news372.html].
The book is ‘described as a “post-mortem” of the disaster’. “Although these events happened a decade ago, it’s clear that the lessons from the State Bank collapse have still not been learned,”
Chris Kenny’s and Dr Greg McCarthy’s books ‘A state of Denial’ and ‘Things fall apart’ rather than disclose anything from which any lessons can be learned, evade and conceal the facts from which anything can be learned.
I haven’t read the book”Things Fall Apart – A History of the State Bank of South Australia”,but doubt it mentions SBSA’s “Off Balance Sheet” company ‘Kabani’, disclosures anything of the secret taxpayer debt or even asks ‘where did the money go?’. Dr McCarthy while receiving a University of Adelaide income from taxpayers would appear to profit from his book and the continued deception of SA taxpayers. Dr McCathy does not reply to correspondence.
Documents referred to above
‘News’ 5 Oct. 1989 false and misleading
The Australian Securities Commission will not comment on what appears to be its employees when the ASIC was named the Australian Securities Commission ASC involvement in corruption intended to conceal SBSA bankruptcy debt that became SA taxpayer debt concealed with SA Treasury’s SA Assets Management Corporation.Australian News Corp. Australia journalist Chris Kenny – employed by Rupert Murdoch – Associate Editor (National Affairs) claims to be an author of a book with the title ‘State of Denial’ about the bankruptcy of the State Bank of SA that created billions of dollars of taxpayer debt.
The puported book fails to make any mention of the State Bank of SA “Off Balance Sheet” companies or does not ask the question ‘where did billions of dollars that became unaccounted for public debt go?’ Chris Kenny claiming to be a journalist and author with his employer News Ltd. has by avoiding any news media reporting or public disclosure in his book of the ugly facts of events, deliberately set out to conceal the truth. Chris Kenny was in Adelaide South Australia in the 1980s and 1990s at the time of publication of the news articles reporting the February 1992 bankruputcy of the State Bank of South Australia. He refuses to indicate his recollection of events and the news artciles that have been erased from publicly accessible records of newspapers published that are now fake archives of the first newspapers that Rupert Murdoch had ever owned.