Article in the Times “The expat pensions that vanished”
The expat pensions that vanished – read full article on the Times website here: https://www.thetimes.co.uk/article/cd203148-044b-11ed-bcb4-08dbdb6c5639
Quilter and Friends Provident face £100m misselling claim
View Financial Advisor article from 6/10/2020: Press Quilter and Friends Provident face £100m misselling claim – FTAdviser
Savers take insurance giants to court claiming they lost £100m in dodgy investments – Daily Mail
CCI is currently coordinating a class action against two life insurers Old Mutual International and Friends Provident International. Today, a great article was published in the Daily Mail about the action, which you can read here: https://www.dailymail.co.uk/money/news/article-8403293/Savers-insurance-giants-court-claiming-lost-100m.html
Former Kleenmaid director sentenced to nine years imprisonment for fraud and insolvent trading
Niall Coburn led the ASIC complex investigation into Kleenmaid and its three directors, from 2009 to 2012 and with his ASIC team, prepared the Criminal Brief for the Commonwealth Director of Public Prosecutions (CDPP) in 2011. This complex investigation involved a review of the collapsed Kleenmaid Group who owed $100 million to creditors and discovery of four million financial and other documents and interviewing and taking statements from numerous witnesses.
The case is ground-breaking as it has seen a shadow director jailed for criminal insolvent trading. The investigation led to the imprisonment of Andrew Young for 9 years on 9 February 2020, the imprisonment of Bradley Young in December 2016 for 9 years and the imprisonment of Gary Armstrong who pleaded guilty in October 2015 and who received imprisonment for a period of 5 years 6 months.
Indians Protest over failed Ponzi scheme – The Australian
Published in The Australian Wednesday 7th March 2018
Indian officials, eyeing Gold Coast hotel millions, accused of corruption – Sydney Morning Herald
A former senior ASIC investigator has told the Federal Court in Brisbane of his fears of corruption among Indian Government officials meant to be acting in the interests of the millions of victims of the alleged Ponzi scheme run by India’s Pearls group.
Niall Coburn, now a barrister in private practice, was on Tuesday giving evidence in a case to determine what happens to the almost $100 million in proceeds from the 2016 sale of the Sheraton Mirage hotel on the Gold Coast by Australian company MiiResorts.
… see full story here: http://www.smh.com.au/world/indian-officials-eyeing-gold-coast-hotel-millions-accused-of-corruption-20180213-p4z06k.html
International Investigation – Pearls Ponzi victims win $90m
The Federal Court in Queensland has ruled in favour of a class action by about 45,000 Pearls investors brought by Barrister Niall Coburn, a former investigator with the Australian Securities & Investments Commission, and ruled against handing the money to Indian authorities.
More than $90 million funnelled to the Gold Coast by the masterminds behind India’s giant Pearls Group Ponzi scheme will be made available to victims and distributed under an Australian court-supervised remediation scheme.
In his findings, judge Michael Lee said “the only conclusion to be drawn was that without the actions of Mr Coburn and his legal team, the proceeds of the Sheraton Mirage sale and two luxury Gold Coast properties would “most likely have been put beyond the reach of investors”.
Niall Coburn speaks out about not taking criminal action in MFS for investors
From ‘The Australian’
