In late 2008 we became victims of the NAB.
Complaints to James Wickham Manager NAB were ignored and the corrupt process proceeded.
In their panic as the Global Financial crisis bore down they placed our Companies into external administration. After giving us written notice 12 days earlier to repay the $1.8 Million exposure to these Companies.
The three projects that the Companies had with the NAB had combined valuations of $7.5 Million. But by bringing in an external administrator (PKF) we were unable to pursue re-financing as ASIC does not allow Companies in this position to seek funds. Absurd and ridiculous but that is our present system.
11 days earlier on the 31st October 2008 our main funder Grenfell Securities had receivers appointed, which meant we were unable to borrow further funding to advance our projects with this lender. It had taken some two years to recover from cyclone Larry which devastated Mission Beach in March 2006. In the time between the cyclone and the collapse of Grenfells we had one project approved ready for development being the Beach Club & Spa. The Company also had approval in principal for the Fairways Country Club which had taken some 12 years of battling against the conversation movement. Cassowary Conservation (C4). The Fairways project was to be developed on cane fields, but they insisted in frustrating the development. Even though there was not one tree on the 62acres of land.
So now we are in the hands of the NAB vultures, and didn't they run up their fees fast.
PKF with nothing to show, other than instructing valuers to carry out valuations on each property, lets say $7,500 for each valuation. In total $22,500.00. Also a stupid attempt to auction one property.
Not a good time to auction as the banks have shut down lending to developers to buy development sites. Lets say their cost for marketing and the auction was $15,000.00, and the valuations $22,500.00, a total of $37,500.00. Remembering at this point they have not achieved a sale, only bastardised the properties.
We receive a PKF bill for $317,289.00. An outrageous figure that cannot be justified. "Greed at its highest level".
But guess what the NAB does not care; there is plenty between their outstanding amount and what can be achieved. Given that their competent enough to get a sale and not give the property away.
After all that's our money or was our money.
I bet there are a lot of NAB victims that would like to tell their story and vent their anger. I am just lucky and privileged to have our website as my platform. Maybe one day there will be such a platform for other victims to tell their story.
Ironically the NAB'S slogan now is "MORE GIVE LESS TAKE"
Well you Greedy Bastards !!!
Your move cost us three projects, a loss of $17.5 Million and stopped 43 jobs.
Cousins Property Group Pty Ltd
PH: 0410 780 238
UPDATE NEW INFORMATION RELEASED ON THE NAB. DECEMBER 2011 - UPDATED 2012
In June 2008 Cardwell Country Estate was in the Planning and Environment Court seeking approvals for the Cardwell Country Estate project.
Certain delays with government agencies added to extra costs. A request for further funding to the NAB was rejected. At this stage we had spent $250,000 (Not NAB money) on consultants and further reports to achieve this approval. A further request to the lending manager in Cairns for funds was rejected a second time.
Cousins Securities with its projects at Ravenshoe, having now achieved approval for Sunrise Estate requested further funding to commence stage 1 while a funder was found to fund stage one of construction. This request was also rejected.
The third project being the Wild River Timber Plantation having a debt of $115,000 to the Nab was put on the market late 2007 for sale at $3.75M to assist in future working capital and retire debt on both developments.
The total debt on these three projects at this point July 2008 was $1.9M.
We required some $210,000 to proceed with approvals for Cardwell and working capital until the sale of the Timber Plantation or re-finance.
Our request was rejected and we defaulted on the $1.8M, and the Companies were placed under the control of PKF who the NAB appointed in November 2008 (see previous information)
In 2006 when the loans were taken out, we were told by the NAB that the funds would be available to move the projects to the next stage given that the valuations had increased sufficiently.
In July 2008 when we requested further funding from the NAB, we were not told by the NAB that they did not have any money. The NAB did not make us aware that it was insolvent.
Had the bank warned us earlier of its own position we would have sort a re-finance out of the NAB.
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We are now aware of the months leading up to November 2008, that the NAB, was drained of funds to assist its clients, and in earlier November had to borrow funds from the US Federal Reserve to keep it a float. For 250 days straight between the 6th Nov 2008 and the 15th July 2009 the NAB survived by secretly borrowing USD1.5Billion per day, from the US Federal Reserve. The NAB had already raised AU$3 Billion from the Australian Stock Market to bolster its capital earlier in the year (at least the shareholders new about this)
The NAB did not have to send our Companies to the wall. But an arrogant and insolvent NAB decided this was the easiest way for them to clear the decks and would have also done this to many other Companies and businesses at this period. I complained about the process to James Wickham Manager NAB and was told that no arrangements could be made other than a total payout to save the Companies.
The NAB being a listed disclosing entity is required to comply with the continuous disclosure regime under ASX listing rule 3.1 and s 674. It did not advise its shareholders that it was going to borrow, and was borrowing this money. Some USD $378 Billion.
Between early 2008 and 2009. How many other Companies were sent into liquidation by the NAB because it lied to its clients in earlier years that it would be in a position to have funds available in 2008 for the advancement for their businesses If needed.
But as we now know in 2008 the NAB lied and did not disclose its true position. That it was trading insolvent and also breaking every rule in the book and getting away with it.
Cousins Property Group Pty Ltd
Ph: 0410 780 238
Cyclone Yasi on the 3rd February 2011 flattened Mission Beach for the second time in 5 years, only this time more severe as it was a category 5. The properties that were left over from the Grenfell collapse were still under the Companies care. The Hibiscus Caravan Park which the Company were still operating and which was designed to be the M.I.C.E Centre for Mission Beach was totally destroyed. After this cyclone the properties were liquidated.
The Hibiscus Caravan Park and the adjoining allotment which made up the site for the re-development for the M.I.C.E Centre sold for $700,000.00.The Company borrowed and paid $2.8m for these two properties. Other properties that the Company had, that had approval in place such as the Beach Club & Spa were sold off for $500,000.00 which in 2010 had a valuation of $4.6million. Grenfell receivers have now completed the sale of all the properties affected by cyclone Yasi.
ALL PROPERTIES NOW SOLD OFF BY THE CONTROLLERS PKF/BDO PLYING THEIR PARACITIC TRADE ON BEHALF OF THE NAB
We are now aware that all 6 properties have been liquidated by these controllers PKF/BDO appointed by the NAB, for a total sales price of $1.495 million.
This amount equates to $6 million under Company valuations.
Since 2008 when these controllers were appointed, the NAB has run up interest on the accounts along with fees of some $750,000, and is still adding $8,000.00 per month as at today’s date.
The controllers PKF/BDO have received fees for their incompetent handling of the sales of these properties of more than $420,000.
After the sale of all the properties there is still nearly as much debt ($1.5 million) as there was when the NAB wrongly placed the Controllers into our Companies.
Bank statements show that the NAB has failed in its duty to pay the GST component of each of these sales to the Tax Department. This GST Tax evasion has recently also been exposed, with regards the CBA and Bank West. These Greed Merchants have also evaded paying this tax, until now.
This and other issues relating to the sales of these properties will be fully investigated, along with the relationship between the NAB middle management and the Controllers that they put in place.
2008 - NAB INSOLVENT seeks funds off shore from the US Fed.
2008 - NAB cannot fund commitments to its clients.
2008 - NAB requested for further funding to finalise approvals on projects. Funding denied.
2008 - NAB places Controllers into Cousins Securities and Cardwell Country Estate.
2008 - November Our total debt to NAB $1.81 million.
2008 - November Company valuations on properties $7.8 million.
2010 - July total debt to NAB with PKF fees and NAB interest now $2.58 million.
2010 - July Cardwell Country Estate sold for $700,000.00 ($1.5 million under valuation). Attempts were made to block the sale but Controllers settled the sale. The GST component was not paid to the Tax Department as shown in this Bank Statement. This component should have been paid from the Cardwell Country Estate Bank account, after the sale proceeds were deposited, 4th August 2010. The NAB closed this account on the 16th November 2011. On the 29th October 2008, the amount demanded by the NAB was $979,171.38. All company properties were then sold off by the NAB and the closing balance on the 16th November 2011 was still $887,424.72. A note on the final statement(number 11) says, "Account closed. Thankyou for banking with us & we look forward to being able to assist in the future."
2011 - May Sunrise Estate sold for $400,000.00 ($2.6 million under valuation) GST component was not paid to the Tax Department as shown in this Bank Statement. The GST component should have been paid from Cousins Securities Bank account, after the sale proceeds were deposited, 14th October 2010 ( deposit forfeited) 6th May 2011 property settled.
2013 - January - Wild River Plantation sale Lot 634 - 1000 acres sold for $185,000.00, Lot 635 - 1500 acres sold for $210,000.00. Bank accounts show on the 22nd January a deposit of $53,945.00, being settlement funds for Lot 635. The GST component was not paid to the Tax Department as shown in this Bank Statement. The GST component should have been paid from Cousins Securities Bank account, after the sale proceeds were deposited. The bank does not show the deposit from Lot 634 only a part of the sale funds from Lot 635.
From all the above sales some $140,000.00 should have been paid in GST to the Tax Payer.
Prior to the Controllers taking over our Companies, the Wild River Timber Plantation was put on the market for $1,500 per acre. We were prepared to except $750.00 per acre. Which would have meant a sale price of $1.875 million.
We are currently aware that a neighbouring property of some 5,000 acres is on the market for $8 million. This property is superior, but gives an indication of prices sought in this area with River frontage. Our properties had Wild River frontage.
Statements on all accounts show that the NAB is still running up their monthly interest rates, at $8,000.00 per month. Even though all of the properties have now been sold.
After the sales of all the properties, the Companies are still in debt for some $1.5 million to the NAB. The NAB in bringing in the Controllers shut these Companies down, as we were then unable to borrow as PKF immediately notified ASIC that External Controllers had been appointed. They did not need to do this but in doing this, it completely shut down my capacity to borrow funds to re-finance. The controllers have charged huge fees for their roll in over seeing the sales campaign of these properties. They have been incompetent in all respects.
It shows the current system under worsening credit availability needs to be changed urgently. Government needs to look at this closely, because at the end of the day there is going to be no one left standing once these parasites have finished.
The greed and incompetence of the banks and their puppets cannot continue. It’s too late for our Companies along with many many others but we need to take a stance now and stop any further rot, because the system is rotten presently due to the greed and incompetence by such banks as the NAB, along with their so called Controllers and Valuers.
I am determined to follow this through with an investigation and expose how these greed merchants have been able to give these properties away, charge huge fees and interest and not even have to be responsible for the payments for the GST components to the Tax Department.
The family has worked very hard over the past twenty years to build up these Companies which had great potential only to be destroyed by this ruthless criminal organisation known as the NAB. Our other Companies have survived through this and we are determined not to have dealings with any institution like the NAB again.
The NAB will be made accountable for their actions.
Cousins Development Group
21 May 2013.
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 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
- NAB VICTIM
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- Court rules NAB unable to recover Gold Coast millions due to breach of banking code
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