Page 34 of 34 FirstFirst ... 24 30 31 32 33 34
Results 496 to 507 of 507

Thread: Senate hearing - Wednesday

  1. #496
    Apprentice
    Join Date
    Sep 2017
    Location
    Singapore
    Posts
    48
    vCash
    5070000
    Quote Originally Posted by Perth Girl View Post
    They're ignoring you Moz!
    I think it was posted a bit late in the day for those Eastern Staters! Most of the activity seems to be in the morning!

    or else they just let it go through to the wicket-keeper

    Just read that Coleman going to the Rebels on 2 year deal.

    1 Not allowed! Not allowed!

  2. #497
    Champion Bakkies's Avatar
    Join Date
    Sep 2017
    Posts
    1,082
    vCash
    5114000
    Who pays the ARU levy in WA?

    RugbyWA? Are they being directly charged it by RA?
    Pretty sure the whole point was that it gets paid to the RA then gets referred to the relevant state union to distribute out. This was rather than the RA distribute funds to comps like the Shute Shield which then get wasted on player payments by the clubs who are crying poor.

    0 Not allowed! Not allowed!
    'I may be a Senator but I am not stupid'


    https://omny.fm/shows/the-alan-jones-breakfast-show/cameron-clyne

    Link to Senate Report http://www.aph.gov.au/senate_ca

  3. #498
    Legend Contributor Alison's Avatar
    Join Date
    Aug 2006
    Location
    Perth
    Posts
    5,829
    vCash
    5616000
    TWF Contributor!

    Suggested text for letter/email to ASIC

    Hi all

    The very amazing Sam Nunn has drafted the following to send to ASIC and is happy for everyone to copy it. I reckon if everyone who reads this site sends this to ASIC they will have to take notice!

    "I refer to the 2017 Senate Inquiry, Community Affairs Reference Committee: the Future of Rugby Union in Australia and in particular recommendations 4 and 5 of the report generated by the Inquiry that ASIC investigate the conduct of both the Australian Rugby Union and transactions relating to the Melbourne Rebels, in particular transactions occurring in the period from 2015 to 2017.

    I understand that ASIC has been provided the evidence gathered in the course of the Inquiry by Senator Linda Reynolds who has been instrumental in this Inquiry.

    For the reasons expressed in the Senate Inquiry report and as a concerned member of the rugby public I respectfully request that ASIC give due consideration to pursuing the Inquiry’s recommendations and act on the evidence provided by Senator Reynold’s Office to investigate the lawfulness of the conduct of the both the ARU and those involved in transactions relating to the Melbourne Rebels."

    9 Not allowed! Not allowed!
    Last edited by Alison; Yesterday at 09:47.
    I may be wrong...but I highly doubt it, because I'm an Alison
    (Note for dullards: this 'signature' is not meant to be taken seriously)

  4. #499
    Champion Bakkies's Avatar
    Join Date
    Sep 2017
    Posts
    1,082
    vCash
    5114000
    Well written

    I have sent this to the Waratahs and NSWRU

    Dear Sir or Madam,

    I am writing to express my concerns in to the governance of Rugby in this country. I will put this to the Waratahs too as I am not sure who is responsible for what these days given the entity changes.

    In the recent Senate Inquiry it was unveiled that the Western Force didn't receive significant money from the so called Australian Rugby Union, they were also under funded like other unions outside of Victoria so it is wrong for Roger Davis to target the Western Force as receiving money hand over fist to the detriment of New South Wales Rugby. The target should be the reckless governing body for Rugby in this country and the Melbourne Rebels who have wasted tens of millions of dollars that should have gone to the actual grassroots of the game. Particularly Country Rugby clubs who have to travel long distances to games and for that matter training.

    There was an article put out by Wayne Smith in The Australian stating that the Rebels are most likely to be $700,000 over the salary cap. That is disgraceful as it is affecting your recruitment and we still don't know who is funding their contracts as the Victorian Rugby Union certainly don't have the money.

    I have recently read so far as yesterday that the clubs have been informed by yourselves that they will have to pay a state levy per player to cover debts and I have no reason to doubt it; that is utterly shameful. It is time to man up against the governing body who have destroyed the game in Australia for the sake of putting money down a bottomless pit in Melbourne. Push another vote of no confidence against the board at an EGM and in particularly their embarrassing Chairman so they could be rid of. I have no faith in them whatsoever of appointing a competent Chief Executive Officer and the Chief Operating Officer and Chief Financial Officer positions still remain vacant.

    This time you should get the support of the Queensland Rugby Union as you hold the voting power to vote out the Chairman and his board. You have to also support RugbyWA (I don't mean financially as you have your own issues) who are now in voluntary administration due to the incompetency of Mr Pulver and Mr Clyne at board level. The ASIC investigation also has to be backed as you need to know where the money has gone to the detriment of grassroots and schools Rugby and also to throw the book at the people responsible for the financial mismanagement.

    The governing body is certainly not your friend so fight against them.

    Regards

    5 Not allowed! Not allowed!
    'I may be a Senator but I am not stupid'


    https://omny.fm/shows/the-alan-jones-breakfast-show/cameron-clyne

    Link to Senate Report http://www.aph.gov.au/senate_ca

  5. #500
    Legend Contributor Alison's Avatar
    Join Date
    Aug 2006
    Location
    Perth
    Posts
    5,829
    vCash
    5616000
    TWF Contributor!
    Hi all

    I've just made an edit to Sam's text above to change the date at the end of the first para from "2017" to "in the period from 2015 to 2017" so it covers all the Andrew Cox dealings as well as the Aug 2017 transfer of the Rebels from Cox to the VRU.

    2 Not allowed! Not allowed!
    I may be wrong...but I highly doubt it, because I'm an Alison
    (Note for dullards: this 'signature' is not meant to be taken seriously)

  6. #501
    Immortal GIGS20's Avatar
    Join Date
    Sep 2006
    Location
    Rockingham
    Posts
    17,201
    vCash
    1268000
    The Bronze Star of Faith
    Quote Originally Posted by Alison View Post
    Hi all

    I've just made an edit to Sam's text above to change the date at the end of the first para from "2017" to "in the period from 2015 to 2017" so it covers all the Andrew Cox dealings as well as the Aug 2017 transfer of the Rebels from Cox to the VRU.
    I would suggest you add something about the ARU Annual reports for the same period since Recommendation 5 wasn't Rebels it was ARU annual reports that needed investigation.

    If you could write it (or get somebody who can English betterer than me could) that'd be great

    2 Not allowed! Not allowed!
    C'mon the

  7. #502
    Champion valzc's Avatar
    Join Date
    Mar 2012
    Location
    Shenton Park
    Posts
    1,833
    vCash
    65486874
    And I will be adding to that letter the quote from ASIC's website of the Chairman Greg Medcraft:
    Opinion piece - insider trading

    Greg Medcraft, ASIC Chairman

    Oliver Curtis was found guilty on 2 June 2016 of involvement in an insider trading conspiracy, one in which 45 trades netted him a personal profit of $1,433,727.85. He has never admitted his guilt. On Friday 24 June, Mr Curtis was sentenced to two-years' imprisonment, to serve a minimum of one year in jail.

    His co-conspirator John Hartman has admitted guilt, pleading guilty to related, and unrelated, insider trading offences in 2010. He was ultimately sentenced to three years imprisonment, with a single pre-release period of 15 months.

    It remains to be seen whether any opportunities for appeal may be identified by Mr Curtis' legal team, so I am reluctant to discuss the specifics of the case.

    More broadly, this case demonstrates the resources and the determination ASIC will apply in its quest to prosecute insider trading.

    The Curtis case is the latest in a string of market integrity cases brought over the past five years, with an impressive 'success' rate, and increasingly so.

    Since 2011, 35 people have been criminally prosecuted for insider trading as a result of ASIC investigations, with a conviction rate of over 85%.

    In March 2016, former Hanlong managing director Hui Xiao was sentenced to eight years and three months' jail for insider trading, and that was after we had him extradited from Hong Kong.

    Not so long ago it was a truism to say "insider cases never get up". The law was stacked against you. It was too hard to prove. It was too easy for traders to cover their tracks. The definition of "insider knowledge" was too tricky to establish, and how could anyone know for certain which way the market would turn? Et cetera.

    I'm not sure that this was ever the case, but it was a widely held view. It certainly could not be argued now, and the market has been put on notice. Insider trading is a crime and it is increasingly likely to be detected. It will be investigated and, where possible, prosecuted.

    Should we bother? Does it really matter? Yes and yes, and the law is quite clear why.

    Its aim is to enable "confident and informed decision making by consumers of financial products". Insider trading is a serious offence because it can undermine the integrity of financial markets, the integrity of which is "of the utmost importance to the economy and society," as our counsel told the Supreme Court last Friday.

    This is not a victimless crime. Those on the other side of the trade – those who were not "in the know", certainly suffered. They did not make the $1,433,727.85 that Curtis did, and were denied a fair and equal chance to make a profit from their trading.

    We are all affected, at least indirectly, by insider trading. Just as we are all beneficiaries of living in a society where the rule of law is respected, where markets are assumed to be fair and transparent and where it is assumed sensible, informed decisions are possible.

    Australia is considered a good place in which to do business. You are supposed to get a 'fair go', and most of the time that's exactly what happens and therefore businesses and markets elsewhere are also more likely to interact with us too.

    This reputation helps make Australia "work", just as fair elections, a free media or a clean environment for growing food make Australia "work", and seem so appealing to those in places where this is denied.

    I have said elsewhere this week that poor culture often leads to poor outcomes for investors and consumers, impacts on the integrity of the Australian financial markets, and can erode investor and financial consumer trust and confidence.

    This applies as much to insider trading as it does business practices and conduct in general.

    Financial market participants must promote a compliance culture to ensure staff have an appreciation of the seriousness of insider trading. It needs to be impressed on employees that using or leaking details of corporate transactions has grave consequences, for themselves and those who receive the information. Whistleblowing procedures need to be robust to enable early action on transgressions.

    A key priority for ASIC is enabling fair and efficient markets. It is imperative that all investors have confidence in the integrity of our markets, and this starts with the people operating in it daily. It is their responsibility to help prevent insider trading occurring and to expose it when it does.

    For its part, ASIC has invested heavily in getting the right people, and right structures and the right systems in place to rigorously scrutinise the market and follow suspicious trading patterns, or act on information gained through other means.

    The bottom-line is simple: insider trading will not be tolerated. ASIC has the systems, the people and the powers to detect and prosecute breaches, and we will not hesitate to take offenders before the criminal courts.


    If ASIC are fair dinkum about chasing down the rorts then they HAVE to be concerned about the ARU shenanigans, which have blatantly continued on with no fears of retribution!

    3 Not allowed! Not allowed!

  8. #503
    Champion Bakkies's Avatar
    Join Date
    Sep 2017
    Posts
    1,082
    vCash
    5114000
    It's an even worse look when Unit Trusts are linked to dodgy not for profit organisations.

    0 Not allowed! Not allowed!
    'I may be a Senator but I am not stupid'


    https://omny.fm/shows/the-alan-jones-breakfast-show/cameron-clyne

    Link to Senate Report http://www.aph.gov.au/senate_ca

  9. #504
    Rookie lou's Avatar
    Join Date
    Aug 2017
    Location
    Melbourne
    Posts
    149
    vCash
    5204000
    Nice work valzc

    0 Not allowed! Not allowed!
    The truth shall set you free

  10. #505
    Rookie
    Join Date
    Mar 2017
    Location
    Perth
    Posts
    79
    vCash
    5050000
    I think insider trading would be hard to prove, but there are compliance issues around the sale of the Rebels to Andrew Cox. For example, it could be considered anti-competitive if Coles were to sell a packet of raisins to one customer for $1 one day and then charge a different customer $1.3M for the same packet the next day (or vice versa). When companies do things like that it hints that there's more going on - they're giving preferential treatment to one party over another to stifle fair competition. Practices like this could be breaching anti-competition laws.

    The question for me is why, I don't believe the ARU would be able to justify a price discrepancy like this. This itself warrants further investigation.

    0 Not allowed! Not allowed!

  11. #506
    Champion sittingbison's Avatar
    Join Date
    Jun 2011
    Location
    North Freo
    Posts
    2,113
    vCash
    5408000
    Unless they sell the Force license and IP back the RWA for $1 and admit this is the true value.

    Then RWA could sue them for extortion

    0 Not allowed! Not allowed!
    The long sobs of autumn's violins wound my heart with a monotonous languor

  12. #507
    Champion valzc's Avatar
    Join Date
    Mar 2012
    Location
    Shenton Park
    Posts
    1,833
    vCash
    65486874
    There’s also the issue of how the ARU actively sabotaged the ‘Own The Force’ campaign. Because of the continuous uncertainty about the Force, they created doubt around the scheme thereby discouraging everyone from investing. To me that smells of dirty trade - sabotaging a company from free trade with potential shareholders must surely be an offence. Without the ARU’s sabotaging, ‘Own The Force’ would have been a great success, but it proved too be too threatening to the ARU’s plans as we found out, hence they actively interfered in The Force being able to trade. Any of you legals out there au fait on the rules of fair trade?

    1 Not allowed! Not allowed!

Page 34 of 34 FirstFirst ... 24 30 31 32 33 34

Similar Threads

  1. Senate findings - Tuesday
    By wholetruth in forum Western Force
    Replies: 114
    Last Post: 16-11-17, 14:59
  2. Rugby leak claim probed by Senate
    By wholetruth in forum Western Force
    Replies: 12
    Last Post: 08-09-17, 18:28
  3. Replies: 6
    Last Post: 25-08-17, 18:06
  4. Murray hearing on Wednesday
    By NewsBot in forum News Feeds
    Replies: 0
    Last Post: 14-02-06, 22:16
  5. Murray hearing set for Wednesday
    By NewsBot in forum News Feeds
    Replies: 0
    Last Post: 14-02-06, 04:12

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •