Andrew Hastie MP

Federal Member for Canning

PO Box 968

Mandurah

WA 6210

 

Dear Mr Hastie

 

The Sterling Group Collapse and ASIC Fiasco: $28.6 Million Compensation

 

I am following up on my email and letter dated 14th July 2019. I do not want to be fobbed off with a reply from an assistant. It is time to man up, stand up for us and fight for us. Do you remember this from your first speech in Parliament:

 

“I have been taught how to identify a problem, create a solution and then work closely with others to get things done. I have not been afraid to ruffle feathers when needed and I am no stranger to accepting responsibility

 

We need an immediate solution to the problem of over 100 elderly retirees who have lost their life savings and potentially losing the roof over their heads through no fault of their own.

 

At a rally in Mandurah on 26th July 2019 the devastated victims of the Sterling collapse, under the guidance of consumer advocate Denise Brailey, identified and discussed that the following are Federal issues. They have also been included in her letter to the Prime Minister:

 

Centrelink: Landlords inability to seek rental assistance; 

Impact on the national economy re “Lease for Life” scams; 

ASIC negligence; Fake rescue offers from $2 companies; 

Liquidators accepting bogus offers;

Dangerous Buyer Beware policies; 

ASIC permitting constant streams of companies to rise and fall; 

Corporation breaches by directors; 

Failure to call in the AFP; 

Failure to protect out international reputation re white collar crime; 

Banks approval of the leases in relation to lending; 

Landlords being groomed in “secure future;” 

False claims re ASX fundraising; 

Information Memo’s used instead of Prospectuses – outlawed in 1999?

Using TRUST in the P/L name but no proper trust account in place;

Worthless and misleading guarantees; 

Characters known for collapses and registration of multiple companies in the stream;

Banks involved with inappropriate lending and credit checks. Verification; 

Property Management all linked into the system via shares; 

Lawyers who designed and profited from the inappropriate Contracts;

You may have contacted Hon Michael Sukkar MP about our plight but he has bare faced lied to us by saying that an internal inquiry within ASIC was taking place.

 

This is not happening and an inquiry has never been ordered. Madeline King MP read out a strong message of support in Parliament on 29th August, we need more people like her on our side. I am appalled by your lack of empathy for us and your ridiculous contribution in Question Time of a Dorothy Dixer.

 

We are an angry group and we will not give up; we will not go away. Please use your position and influence to fight for us and help us obtain $28.6 million compensation from ASIC or Treasury, it matters not where the funds come from.

 

A Royal Commission into ASIC is also required as ASIC is clearly not performing in its job of consumer protection.