This is a mobile optimized page that loads fast, if you want to load the real page, click this text.

Equititrust?

Status
Not open for further replies.
Jump to new
How convoluted can this whole scandal get. Instead of immediately intervening at the beginning of the court appointed receivership and erring on the side of caution by appointing totally independent solicitors, its evident across the affidavits sworn and lodged in the Supreme Court that BDO was working with Tucker & Cowan Solicitors and David Kennedy.

I repeat that if BDO weren’t aware of the MS Asia beneficial ownership in 2012 when did they find out ?

BDO are definitely aware of the scandal now, but what Equititrust investors want to know is when did they actually find out and what measures were taken to address the issue of monumental conflict and maintain confidential information on priority and recoveries that could have impacted the return to Equititrust investors.

These are fair question that BDO needs to answer to the people it serves.







http://www.equititrust.com.au/Pdfs/...d Whyte sworn 31 May 2013 (Volume 2 of 2).pdf
 

Attachments

  • upload_2019-4-11_14-20-51.jpeg
    479.4 KB · Views: 4
Why was BDO giving Tucker & Cowan this amount of work when BDO knew they were conflicted to a level beyond belief from the outset of the receivership...

The fact that Tucker held his SMSF money with Equititrust and Tucker and Cowan claimed they were owed $500,000 in legal fees at the outset of the receivership would have been disqualifying factors for any other insolvency firm.

Yet BDO went against all prescribed principles of avoiding a conflict of interest through the use of a controversial law firm which attempted to put Equititrust into receivership via an application to the Supreme Court of Queensland. BDO were appointed by the Supreme Court of Queensland at ASIC’s insistence to ensure that Tucker and Cowan didn’t appoint their own receiver. As pathetic as ASIC is, even they knew when enough was enough and stepped into the proceedings through prescribed intervention to ensure there was not a conflict of interest.

To then add insult to injury, to long suffering Equititrust investors, the later discovery of the MS Asia Deal involving Tucker, Kennedy and Tucker & Cowan makes this so much worse... Tucker & Cowan wearing yet another hat were acting for MS Asia which was partly owned through concealed shareholding by none other than David Tucker and former CEO David Kennedy... The rest as they say is history...

The liquidator is now suing Tucker, Kennedy and Tucker and Cowan.








How on earth can this be allowed to happen ?







http://www.equititrust.com.au/Pdfs/Receiver/Remuneration/2014-05/Affidavit of David Whyte sworn 14 May 2014 (volume 2 of 2) (compressed).pdf
 
What does this mean ???

“Reviewed Tucker & Cowan Invoices in relation to Walsh matter / reviewed breakdown of funds paid by EPF and EIF” ???

So there was a review of fees that BDO was paying Tucker & Cowan.

Was the EIF administered by BDO paying part of the fees to Tucker & Cowan and the EPF paying the other proportion of fees ?

It’s a relevant question. Who on the part of the EPF was paying their share of the legal fees owing to Tucker and Cowan ? Worrells ?

Equititrust investors should get clarification...





http://www.equititrust.com.au/Pdfs/... 14 May 2014 (volume 2 of 2) (compressed).pdf
 
The MS Asia deal is now so toxic that no one wants to be within a $17.5M / km radius of it...

When money shafted from investors becomes radioactive, that memories start to lapse as to its whereabouts and a faux nonchalant indifference develops as to finding in which sunny tax haven it lies... Then you know that people don’t want their fingerprints on it or any possibility that it has in some way made its way back home to its country of domicile.
 
When BDO were faced with complex problems of competing interests at the outset of the receivership of Equititrust the use of Occam’s Razor to select a “totally independent firm” of solicitors was the only solution.
 
A Lawyer, a Former CEO and a Friendly Receiver walk into the Supreme Court.... Not a joke, but because someone couldn’t keep their cakehole shut, they’re gonna have to “pony” up with the cash...
 
This is the ARITA Code of Conduct which “allegedly” governs the insolvency profession.

6.1.2 Relates to conflicts. How on earth could BDO given this provision have allowed Tucker & Cowan to act as solicitors for the receivership of the EIF Fund which they administered.

The fact that they did allow this and the fact that the MS Asia deal was being cooked up by Tucker and Kennedy at the same time is so obscene it’s beyond words.

Where is ARITA now ?

The liquidators need to refer this monumental conflict to the regulators as it’s clear Tucker & Cowan solicitors were acting on both sides of the ledger for BDO and for MS Asia.

This scandalous situation was at the expense of Equititrust investors whilst everyone on either side were trousering massive fees...

BDO in allowing solicitors to act for them who were conflicted from the very start, who then went on to act for, and be involved in MS Asia, where the liquidators are now suing those involved for $17.5M should be known as a :

Bad
Dumb
Organisation

 
Just look at the date when Tucker sought to appoint David Clout as liquidator to the fund.

There was a clear and undisputed animosity between Tucker and McIvor, Tucker having been thrown off the board as well as other allegations of threats towards Tucker which he outlined in his public examinations before the Federal Court.

Given that all these acrimonious events preceded the appointment of BDO, then add the claims by Tucker & Cowan of being owed in excess of $500,000 in legal fees, Tucker having his own Super invested in Equititrust, then add the fact that Tucker & Cowan bankrupted McIvor for unpaid personal legal fees of $25,000 how on gods good earth could BDO have assessed this and thought.... Um no, there is no potential for conflict here...

Just writing about the preceding collection of events related to Tucker & Cowan and Kennedy makes me feel as if we are operating in some kind reverso parallel universe where ethics and conflict of interest didn’t apply to Tucker & Cowan and Kennedy in BDO’s eyes...

Well let me tell you, THEY BLOODY WELL DO. Equititrust investors and the public in general are utterly disgusted that this was allowed to occur.

BDO need to have the receivership of the EIF taken away from them and fees reimbursed to the fund where an overlap and conflict of interest occurred.

The other fees that I have outlined earlier related to BDO private clients being added to the EIF Accounts need to refunded ASAP.



 




Mozzi still hanging in here - Comment -

OH WHAT A TANGLED WEB WE WEAVE WHEN FIRST WE PRACTICE TO DECEIVE!
 
Hi Mozzi

Good to hear from you...

You just keep hanging on...

The friends we thought we had in BDO, if we were to foolishly believe they had Equititrust Investors best interests at heart, were in fact working with the enemy. By work I mean they actually had Tucker & Cowan and Kennedy doing work for them while they did work for and had interests in MS Asia.

BDO by not using common sense and all known professional standards regarding Conflict of Interest at the outset of the receivership and taking away all work from Tucker & Cowan and giving it to totally independent solicitors, have put themselves in the situation they are now in.

Hall Chadwick who I initially thought were not on the right side of things should be commended for taking legal action against McIvor, KPMG and now Tucker, Cowan, Tucker & Cowan and MS Asia.

Given the plethora of information the liquidators now have after the public humiliation of David Tucker before the Federal Court, including crucial documents, dates and legal work done on behalf of MS Asia, a simple forensic analysis of dates against BDO’s fee statements will reveal all.

BDO have not acted independently in giving work to Tucker & Cowan and Kennedy nor have they adhered to ARITA Codes of Conduct.

BDO does NOT deserve to represent the interests of Equititrust Investors in the EIF any longer.


Mozzi said:
Mozzi still hanging in here - Comment -

OH WHAT A TANGLED WEB WE WEAVE WHEN FIRST WE PRACTICE TO DECEIVE!
Click to expand...
 
What an interesting story and good to see this rogues partner in the legal practice alerted the authorities. Trust Accounts are just that, a place where money can be held in “Trust”.

Partners in law firms have a duty to report Trust Fraud.

The judges comments at the end about living expenses “reasonable to their station in life” is ridiculous. This guys station in life is that of a thief and he shouldn’t have been allowed access to any of the bank accounts which are “still under investigation”

The point to the story is Trust Accounts of lawyers must remain sacrosanct...



 
However Tucker & Cowan wanted to spin it, the claim by the Liquidators was not struck out.
The money should have been held in trust for Equititrust Investors. Even the deed says this, yet under Worrells and Tucker & Cowan’s cosy little relationship this did not happen and the money went on a “holiday” overseas...



https://www.queenslandjudgments.com.au/case/id/321500
 
BDO reports to investors never mention the fact that Tucker and Cowan were doing legal work for BDO.

Why ?
 
BDO’s extensive involvement with Tucker & Cowan solicitors as well as David Kennedy during the receivership of the EIF is coming under greater scrutiny...
Investor’s are asking how could Tucker & Cowan be considered a firm at arms length and be independent...

The liquidators Hall Chadwick have at least taken legal action against Tucker & Cowan to recoup investors funds... BDO on the other hand doled out legal work to a firm with disqualifiable conflicts of interest...

BDO has failed the investors in doing this. BDO should resign the receivership or be removed by the court... Enough is enough...

#conflictofinterest
 
McIvor has been keeping the bench warm “permanently”, there will be others joining him in due course...

Litigation can be a b#tch in revealing evidence that some just don’t want our there...

 
Radio Silence from BDO regarding giving work to Tucker & Cowan a firm that had blaringly obvious conflicts of interest from the outset. Made so much worse since the discovery of the MS Asia deal and subsequent litigation.

Why won’t BDO respond to investors concerns and address the actual dollar value of the work given to Tucker & Cowan as well as any work given to David Kennedy as a consultant. BDO should have done everything to protect the investors, not work with the enemy.
 
Status
Not open for further replies.
Menu
Log in
Register
Cookies are required to use this site. You must accept them to continue using the site. Learn more...