PRIME MINISTER OF AUSTRALIA

Hon. Scott Morrison MP

Department of Prime Minister and Cabinet

 

 

 6th  August 2019

 

THE STERLING GROUP COLLAPSE: $28.6 Million Compensation

ROYAL COMMISSION INTO The Australian Securities and Investment Commission (“ASIC”)

 

Dear Prime Minister,

Over the last five weeks I have written to Mr. Shipton, then Mr. Frydenberg, yourself on the  15th July and Mr. Albanese last week. I have lost all faith in our Government’s politicians as so far I have heard nothing. Nothing, not even the courtesy of a note to say letter received will answer as soon as I can, just nothing.

I am beginning to think the only time we hear anything from politicians is at election time when you need something, our vote.

Well Mr Prime Minister we did our bit now it is time for you to do something for us. We have been robbed of all our savings that was going to give us security and peace of mind for the rest of our lives.

We need you to get ASIC or Treasury to pay up for  this loss to all the Sterling Group victims immediately, so far it

is $26.8 million.

Then ASIC can recover over time, the money for themselves from the criminals they let steal it from us in the first place.

Mr Prime Minister on the 26th July 2017 after six months of due diligence we signed up for a 5 year times 8 = 40 year lease that has now collapsed.

Why Mr. Prime Minister, because ASIC could not be bothered to put out a simple warning that the Sterling Group

were under investigation.

 

A simple warning is all it would have taken to stop all the pain and suffering that us pensioners now have to put up with.

 If you and your members think that you can use delaying tactics so that we will just go away and you don’t have to deal with us anymore, think again Mr. Prime Minister.

Denise Brailey and a  few victims Cath, Annabelle and Peter have put in a lot of work and along with the rest of us will continue to write letters until we get a positive result.

We will get louder and louder until you have to fix the problem that ASIC has caused sooner than later. Mr. Prime Minister I believe the Treasurer is responsible for ASIC and has monthly meetings with them and can you remember MR. Prime Minister who was the Treasurer back in 2017?

 Mr. Michael Sukkar the Assistant Federal Treasure admitted on radio 6pr with Gareth Parker that ASIC had let the Sterling First people down and has assured us that he is making the Sterling First Group a top priority for ASIC. That was on the 21st June nothing has happened,   

ASIC is not carrying out an internal investigation. Apparently he hasn’t yet bothered to request one it appears what he says on radio means very little.

It appears that Denise Brailey who has been warning ASIC for decades about these PONZI schemes has

fallen on deaf ears.

Is it because ASIC are too lazy or dare I say it corrupt or part of the let’s do nothing and they will go away tactic

to be bothered to at least check it out to prevent this total disaster?

As then Treasurer Mr Morrison, I am sure you would have been informed of the Sterling Group of Companies in your monthly meetings with the ASIC's Chairman or Directors surely there were alarm bells going off. If so it appears that the Government has condoned the work of ASIC as being good enough.

How could a future Prime Minister allow this to happen?

I hear “buyer beware” be aware of what?

What chance us pensioners have when lawyers have invested in this scheme. No one, not Consumer Affairs not Lawyers or Accountants had any idea there were problems except it seems ASIC were aware but just let the problem fester until we now find ourselves in this situation.

Even in 2019 people were still being ripped off it seems ASIC still couldn’t be bothered to do it’s job. Am I wrong Mr.Prime Minister to think that ASIC’S purpose is to PROTECT CONSUMERS FROM INVESTMENT CRIME?

It is unacceptable that the tax payers have to pay hundreds of thousands of dollars for a Department that is totally negligent.

 

 

Mr. Prime Minister we have worked paying tax without any benefits for over 100 years between us,  probably just like the other 100 victims in this debacle, and feel we have HAD A GO.

We have been let down very badly by a Government Department NOT HAVING A GO so now I Believe we DESERVE TO GET A FAIR GO. Mr. Morrison AS Prime Minister you can very quickly give Sterling New Life victims back their life by fixing up ASIC’S disaster.

 

By the gross neglect of Mr Shipton has cost all these pensioners of their savings, security and so much stress that it will lead to some people having mental health issues as well.

We feel that Mr Shipton as chairman of ASIC, with a simple warning could have protected all of us from this pain. Very poor way to look after pensioners that have worked all our lives to pay taxes for his, no doubt very well paid job.

Mr Shipton ought to be sacked immediately.

 

Yours sincerely