As the year 2014 comes to an end, the Australian banking system is still in disarray; in fact it has never been worse.
We have seen the scandal of the Commonwealth Bank Financial Planners debacle with is so-called rogue planners, which has helped to lose some of its customers' life savings. CBA customers have lost millions of dollars.
This Article Dated 5th February 2014 appeared in the Gold Coast Bulletin
Quentin Tod Gold Coast Bulletin February 05, 2014 6:47AM
We are amused why this story was written. But we thought the story had some merit.
There are however a few points that the writer made that needs some attention to detail.
1. The writer says :- The 64-year-old Mr Cousins, on the Cousins Securities website, said the bank sold off six properties for $6 million less than the value the company put on them.
Mr Cousins says :- The Company did not put the value on these properties. These were valued by a registered professional valuers, who were also on the panel of Grenfell Securities. It was not on the Cousins Securities website it was stated on the Cousins Property Group website.
2. The writer says :- Most were vacant land intended for development and the holdings included the Hibiscus Caravan Park and a planned residential golf course development, both at Mission Beach.
Mr Cousins says :- All properties were under design and development. No land was land banked. Approvals were obtained on the Beach Club & Spa and others were pending approval. The Timber Plantation was a registered plantation growing timber, and the Hibiscus Caravan was fully operational.
3. The writer says :- A Cousins Securities liquidator's report in 2009 estimated that the realisable value of seven Cousins properties was $10 million and said that debt on those properties was $15 million.
Mr Cousins says :- The valuation on these properties were obviously carried out by HTW Valuers known to work for the banks and will value properties 70 cents in the dollar. As they are seen to be conservative valuers which the corrupt banks like.
4. The writer says :- Mortgagees, apart from NAB, included Grenfell Securities, which has since failed.
Mr Cousins says :- Grenfell Securities failed on Friday 31st October 2008, before the NAB decided to send my Two Companies to the wall. They have not since failed. There collapse in 2008 caused a roll on effect, as we could not then source money from the fund for further development, as the fund was frozen by the receivers.
5. The writer says :- The liquidator's report said there was an employee claim by Colleen Cousins against Cousins Securities for $600,000, representing payment for six years as a bookkeeper and administrator at $100,000 a year.
Mr Cousins says :- As Mrs Cousins was entitled to claim these wages as recommended by the accountants. Mrs Cousins was the only unsecured creditor as all others were paid by the family. The two secured creditors were the NAB and Grenfell Securities in liquidation.
6. The writer says :- In 2010 the Cousins Property Group, which is subject to a strike-off action.
Mr Cousins says :- At the time of writing this article in Feb 2014 Cousins Property Group was not subject to strike-off action as stated by the writer.
Just a few points I thought I might correct. But if the writer really wants to see what the NAB is about and how corrupt they operate, then he is only too welcome to visit www.bankvictims.com.au or www.bankvictims.com where their subsidiary, NAB-Clydesdale in the UK has ruined thousands of families and their lives. Also there is other relevant information at NAB Victim.
21 May 2014