topic Re: Where do the funds come from....... in Community Spirit

Where do the funds come from.......

lloydslights — Thu, 20 Mar 2014 23:57:57 GMT

.......for the likes of Obeid and his ilk to instigate the proposals for buying property in coal bearing areas or Australian Water. It can't all be their own spare cash.

Do banks lend on these "ideas" ? In which case, loans have to be repaid (with interest).

Or are innocent people invited to "get rich" by buying "off the plan" shares in the proposals with already approved funding by bank loans as well?

Wouldn't the banks investigate the proposals in order for repayments to be assured?

The amount of monetary backing must be phenomenal.

I just can't get my ahead around how they can do it.

DEB

Re: Where do the funds come from.......

izabsmiling — Fri, 21 Mar 2014 00:41:19 GMT

Hello , In this case.. it is reported that schoolfriends invested millions of dollars .

School friends of Eddie Obeid jnr and Nick Di Girolamo have lost millions of dollars in their respective investments in Australian Water Holdings, the company at the centre of a corruption inquiry.

Read more: http://www.smh.com.au/nsw/obeid-school-friends-lose-millions-in-awh-investments-icac-20140320-354ih.html#ixzz2wYMFrtxt

Re: Where do the funds come from.......

izabsmiling — Fri, 21 Mar 2014 00:57:59 GMT

Barnaby Joyce to sell property to avoid CSG 'conflict of interest'

August 25 2013
Read more: http://www.smh.com.au/federal-politics/federal-election-2013/barnaby-joyce-to-sell-property-to-avoid-csg-conflict-of-interest-20130824-2siel.html#ixzz2wYP7435l

Gina Rinehart meets Coalition MPs in secret trip to Canberra

Nov 14 2013

Mrs Rinehart's close friendships with Coalition MPs have come under scrutiny during the recent expenses scandal. In 2011, Mrs Rinehart flew three Coalition MPs to India in a private jet, where they watched the granddaughter of her business partner marry in front of 10,000 guests.

At the time of inviting the politicians to the wedding, Mrs Rinehart was about to clinch a $1 billion coal deal with the bride's grandfather - G.V. Krishna Reddy, the founder of GVK, one of India's largest energy and infrastructure companies.

But while Mrs Rinehart paid for the politicians' flights to the wedding, Fairfax Media revealed that the three MPs - Barnaby Joyce, Julie Bishop and Teresa Gambaro - collectively claimed more than $12,000 in ''overseas study'' allowances to pay for their flights home.

Mr Joyce's justification for billing taxpayers was that he conducted a one-day ''study tour'' in Malaysia. During his afternoon in Kuala Lumpur Mr Joyce gleaned such insights as the fact that ''proximate to Kuala Lumpur and running to Singapore are substantial freeways that would look quite in place in an Australian capital city''.

Three months after the politicians joined Mrs Rinehart at the Indian wedding the GVK conglomerate bought a majority stake in the billionaire's ''Alpha'' coalmine in Queensland's Galilee Basin for $US1.26 billion.

it's a matter of joining the dots sometimes

Re: Where do the funds come from.......

izabsmiling — Fri, 21 Mar 2014 01:18:08 GMT

This is the Indian Company Gina was doing a deal with at the wedding ...the one she took the MP's to

November 4, 2013 16:09 IST

India's GVK gets approval for largest Australian coal mine

http://www.thehindu.com/business/Industry/indias-gvk-gets-approval-for-largest-australian-coal-mine/article5313908.ece

The development of the Galilee Basin in Central Queensland represents one of the most significant pieces of regional and economic development Queensland has seen for decades and GVK Hancock is a leading proponent in this region.

http://gvkhancockcoal.com/

Re: Where do the funds come from.......

cherry*135 — Fri, 21 Mar 2014 01:23:37 GMT

.......for the likes of Obeid and his ilk

Where do his 'school friends ' get their money from?

Re: Where do the funds come from.......

izabsmiling — Fri, 21 Mar 2014 01:35:40 GMT

GVK's Big Australian Bet

by Cuckoo Paul

Jan 15, 2013

GVK has to raise $7 billion in debt to succeed in its venture to mine coal Down Under and fight off stiff competition

Doing business Down Under is, in many ways, easier than in India,” says Reddy. Australians tend to speak their mind and what you see is what you get, he says.

The Alpha mine project is top priority for the group. Reddy has travelled to Australia 27 times in the past 24 months. “It was not possible to leave it to anyone else at this stage,” he says.

For much of 2012 it was impossible to get investors interested in the Alpha project for another reason: In May, the federal government in Canberra ‘stopped the clock’ on environmental clearance for the project, after the Queensland government cleared it. When environment minister Tony Burke said the project was ‘shambolic’, quite a few hearts at GVK Hancock almost stopped beating. The federal agency SEWPaC (Sustainability, Environment, Water, Population and Communities) wanted more details on the environmental impact of the mine and the Abbot Point port on the Great Barrier Reef.

Read more: http://forbesindia.com/article/cross-border/gvks-big-australian-bet/34513/1#ixzz2wYaArdBk

I wonder where the funds came from which they needed to raise ..or maybe it was about cutting costs ?

could tape = costs ?

Re: Where do the funds come from.......

izabsmiling — Fri, 21 Mar 2014 01:48:27 GMT

John McGuigan planned to use coal profits to buy into Obeid-linked company: ICAC

Date March 19, 2014

how dirty does all of this appear to be ?

Re: Where do the funds come from.......

izabsmiling — Fri, 21 Mar 2014 01:53:28 GMT

Australian Water Holdings: what you need to know

Date March 20, 2014

Questions Senator Sinodinos still faces

• Does he maintain, as he told Parliament, he was unaware AWH was "financially linked" with the Obeid family, when Eddie Obeid jnr was one of just 10 employees?

• Does he believe $200,000 for 100 hours of work was a fair rate of pay?

• Does he still maintain he was unaware of tens of thousands of dollars in political donations from AWH to the NSW Liberal Party when he was a director of AWH and the party's honorary treasurer?

• Does he believe AWH's contract with Sydney Water represented good value for the NSW taxpayer?

• Was he aware donations to the Liberal Party from AWH were being channelled from Sydney Water? If not, what did he do as chairman of the company? Did he ever discuss with state Coalition MPs the position of former Sydney Water chief Kerry Schott or the make-up of the board?

• What did he discuss with Barry O'Farrell and Brad Hazzard when he met them in his capacity as AWH chairman?

Re: Where do the funds come from.......

lakeland27 — Fri, 21 Mar 2014 02:04:06 GMT

this is a good case for state ownership, the sale of public assetts seems to corrupt politicians of both colours (apart from green of course)

as it brings them into contact with the business world which is always corrupt.

Re: Where do the funds come from.......

izabsmiling — Fri, 21 Mar 2014 02:21:44 GMT

Cascade Coal’s A-list of investors

PUBLISHED: 06 DEC 2012 00:05:38 | UPDATED: 06 DEC 2012

JAMIE FREED

Legendary corporate raider Ron Brierley, mining identity Peter “Talky” Newton and his Monaco-based friend Bobby Pittorino are among the wealthy investors who poured $28 million into Cascade Coal.

Other prominent investors include property developer Denis O’Neil, his son Ned and car dealer Neville Crichton. How Cascade Coal obtained an exploration licence in the Hunter Valley is the subject of an investigation by the NSW Independent Commission Against Corruption.

The Australian Financial Review has obtained the full list of investors, which reads like a who’s who from Sydney’s monied eastern suburbs. They all purchased shares from the company in November, 2010, in a sale led by veteran stockbrokers Brent Potts and Peter Gray.

Days later, Cascade agreed to sell itself to White Energy for $500 million. The deal, which was never completed, would have delivered a 25.5 per cent return for Cascade’s new investors.

Now, they own shares in a private exploration company with an uncertain future. The inquiry into possible corrupt conduct by Cascade directors could make it difficult to sell the company or convert the exploration licence into a mining lease.

One of the investors, resources advisor Wayne Seabrook of Ironstone Capital, said he never expected to find his investment in this position.

http://www.afr.com/p/national/cascade_coal_list_of_investors_y7N8nxPVapS18KhFOQgn3O

OP as far as where the funds come from ?

Hopefully time will reveal all

Re: Where do the funds come from.......

izabsmiling — Fri, 21 Mar 2014 02:24:46 GMT

@lakeland27 wrote:
this is a good case for state ownership, the sale of public assetts seems to corrupt politicians of both colours (apart from green of course)
as it brings them into contact with the business world which is always corrupt.

I agree...the possibility of independent State by State regulations (or lack of) on some things (ie;environmenl protection )worry me though .

Re: Where do the funds come from.......

spotweldersfriend — Fri, 21 Mar 2014 02:29:42 GMT

Senator'Sgt.Schultz'Sinodinos does have a certain ring to it though.:)

Re: Where do the funds come from.......

izabsmiling — Fri, 21 Mar 2014 02:34:23 GMT

GVK seeks Rs. 180-crore refund for surrender of gas blocks

Press Trust of India | Updated On: March 13, 2014

The company may also take a legal recourse if the government does not heed to the claim, the official said.

"There is a minimum work program (with regards to development of these blocks). The expenditure associated with this program was Rs.180 crore. We will fight for it," GVK Group CFO Issac George told reporters on the sidelines of India Aviation-2014 in Hyderabad.

"Because it is not my mistake. When you (the Government) have given me the blocks, it should be unencumbered also. All of a sudden the Defence Ministry does not allow me to enter into this area... It's not my job," he said.

"We will have to file a civil suit if the Government does not agree in whatever we ask. We are talking to them... dialogue has to continue. I am sure that with dialogue we will solve this problem."

http://profit.ndtv.com/news/corporates/article-gvk-seeks-rs-180-crore-refund-for-surrender-of-gas-blocks-382904

Here's to the cost of Trade Agreements without removal of our tape ...

Re: Where do the funds come from.......

izabsmiling — Fri, 21 Mar 2014 03:37:41 GMT

Hot off the press ..The Australian Securities and Investment Commission will no longer regulate trade in basic water rights.