This is going to be a looong process,,and it has not got to the courts yet.We need to remember that it is the investors that iniated theaction not GTP or Bingo bank.
In taking on this issue,it is encouraging to see that more people have signed up "re--K&M latest email",things are afoot not just in the lawyers corner.
As I understand as an example the issue that shotgun statements about advisers being less than diligent and getting the 10% commission is a distorttion of the facts that the advisers were paid out of the clients money.
It was paid from a GTP fund,seperate from the investment,and yes you could say it was clandestined and was indirectly paid from the client,but it needs to be proved,and if it WAS then that is fraud by GTP.
Next issue,the subsidary companies that the ANZ took from GTP in the 9 tree schemes that gave ANZ almost 30% voting advantage,Mac grath Nicholls secured the trees in each of the schemes for the ANZ,and investors supposedly voted to go to Gunns in this shotgun arrangememnt as a new RE.
Next issue did any investor get a bank statement from Bendigo when they invested initally in GTP?
Taxation says they have to sight the investment,to makeit a legitimate tax deduction under the ATO rules for MIS,well the question goes begging how do you claim a deduction when the trees were not planted AKA tiwi Islands. 2007/08
Who did the land valuations for the forestry? How did GTP keep buying theland for trees and cattle farms,and where did they get the money,that is GTP
Were you the investor not TOLD that YOUR money was to be wholly and solely to pay for YUOR interest,that is Steven Cloe as the RE of GTP was managing the interest of your trees and had to make sure that you were not disadvantaged
To use the GFC as an excuse does not cut the cloth
GTP Price at posting:
12.0¢ Sentiment: None Disclosure: Not Held
