The recent headlines in Fairfax published Sydney Morning Herald and The Age on July 19th had been loudly blaring that $100 million and possibly up to three times more in investor losses has occurred. People reading these articles could be excused for thinking that some serious losses have incurred and that land banking is clearly an illegitimate financial strategy.
Yet, the ANR decided to do some investigation of these statements just to check how accurate Fairfax’s claims are, especially considering they claim to be a truly independent newspaper.
Surprisingly, the figure of $100 million is not only grossly inflated but evidence, which is publicly available shows that not $10 million nor $1million but in fact not even a single dollar of investor losses has occurred.
How could Fairfax- the bastions of truth and independent news get it wrong?
Well, they got it wrong because once again Fairfax is deceptively misleading the public over land banking by claiming that a project has collapsed in Bendigo- thus owing investors money. However, according to those aware of the development, this is a complete fabrication, as no such thing has happened.
The development and the option holders in it were assigned to another company sometime ago, which Fairfax only acknowledges at the bottom of the article but projects it otherwise throughout the rest of the piece. They claim that up to $30 million has been lost in this project alone, although they know very well it’s false information and that no losses whatsoever have occurred.
Fairfax has been allegedly colluding with ASIC to not only defame the land banking concept, but also constantly defame the CEO of 21st Century Education and Media Group of Companies- Jamie McIntyre. Moreover they are also misleading the public by stating that somehow investors have lost money, even though it simply isn’t the case.
Fairfax was reported to the Press Council last year after falsely claiming that investors lost money in an associated Shepparton land banking project. However, prior to publishing they were completely aware that such statements are untrue.
Investors would have lost money if it wasn’t for the 21st Century Group being a white knight and buying the land project off liquidators. 21st Century took over $4.7 million in option liabilities to protect investors, which once again is publicly available information. So how could Fairfax once again get it wrong?
Fairfax was informed of this last year, yet why do they still deliberately choose to mislead the public?
The attacks by Fairfax and their collusion with the ASIC to defame McIntyre have ramped up ever since he entered politics by founding the centre right party- 21st Century Australia, which clearly challenges the political ideology of Fairfax and the extreme left wing socialist agendas it promotes.
Moreover, the attacks intensified last year when McIntyre launched Australia’s latest national newspaper, the ‘Australian National Review’ (ANR), which exposes many deceptive stories planted by mainstream media companies such as Fairfax, thus effectively making ANR a competitor.
The defamation attacks on McIntyre appear as an attempt to damage his business interests. It is believed that these false accusations are primarily designed to cut off funding for his political party and his media company that publishes the Australian National Review.
When asked for comment, a spokesperson for the land banking projects said that anyone believing Fairfax newspapers’ claims is clearly being misled and one must question how many other articles published by Fairfax are deliberately fabricated.
“We have known ASIC’s and Fairfax’s agenda for sometime now. The widespread misconduct and abuse of power in Australia is indeed sad. It’s unfortunate to witness how far they will go to shut you down if you dare to expose the greedy industries that profit by deceiving society or stand up to government departments abusing their power.
“This appears as a deliberate, concerted and planned attack to destroy the land banking industry and 21st Century Groups’ Australian business interests as a way to cut off funding for the 21st Century Australia Party and the company’s media interests”, said a spokesperson from the land banking projects.
ANR exposed alleged collusion and misconduct within the ASIC and Fairfax several months ago in an article entitled ‘ASIC and Fairfax for hire’.
* Jamie McIntyre is a shareholder in 21st Century Media, which has the publishing rights for the Australian National Review.