ASIC has been asleep at the wheel while Dick Smith loses $500 million of investors’ money. In the past, Storm Financial lost $3.5 billion of investors’ money, is it because ASIC was too busy using taxpayers’ money to cause $6.8m in losses to innocent land banking investors?
Electronics retailer Dick Smith has gone into receivership after disappointing sales and banks’ refusal to keep it afloat following poor retail numbers.
Ferrier Hodgson partners, James Stewart, Ryan Eagle and Jim Sarantinos were appointed as Receivers and Managers of Dick Smith Holdings Limited and its subsidiaries.
The group will continue to trade as normal whilst the Receivers and Managers undertake an assessment of the business and offer it for sale.
According to a statement released by Chairman Rob Murray, “Sales and cash generation in December were below management expectations, continuing a trend experienced during 2Q2016. The Company explored alternate funding, however the Directors formed the view that any success in obtaining alternative funding would not have been sufficiently timely to support short-term funding requirements and allow the Company to order required inventory during the next four to six weeks”.
McIntyre is scathing, as are many other critics of ASIC not only because of the corporate watchdog’s gross incompetence at protecting investors, but also their deliberate and malicious actions to cause land banking investors losses to cover up an expensive and failed taxpayer funded investigation, which revealed there were no losses, so ASIC created them in order to avoid being exposed.
McIntyre said ASIC is similar to the report into unions, i.e. it’s not the few bad eggs that are in isolation doing things wrong.
It’s systematic and widespread corrupt culture in ASIC that believe they are above the law and are gaming the court system. They fool naive Senators that are too egotistic to know how ASIC gets around their useless Senate Committee Hearings.
McIntyre asks, “Who watches the watchdog to monitor its clear abuse of power and eradicate its corrupt toxic incompetent culture?
“No one”, he said.
McIntyre goes on to explain:
“The Senate offers no real oversight as busy politicians are easily fooled by ASIC time and again. Thanks to my 15 years of personal experience and research from ANR investigation into ASIC incompetence and deception, I could write a step-by-step manual on how they do this and cover their tracks.
“The courts are not aware of how ASIC game the court system. Moreover, ASIC lie to get taxpayer funded money to pursue its biggest critics for exposing their corrupt and incompetent ways.
“We need an honest ethical and transparent corporate regulator- one that’s actually competent.
“Unless the Government does something, ASIC is aware that they can continue to use taxpayer money, abuse their power, be completely incompetent and collect their taxpayer funded salaries on the way to private sector jobs because they have inside knowledge within the workings of the ASIC.
“As a proud Australian I think we as taxpayers and voters deserve something better than the current inept corporate watchdog.
“Secondly I can’t stand corrupt, dodgy bureaucrats. They need to be exposed, as I am sure other Australians detest such abuse of power and taxpayers’ money.
“Unfortunately, I can assure that won’t happen from complicit mainstream media entities such as Fairfax who won’t expose ASIC’s incompetence and their corrupted toxic culture”, said McIntyre.