Proof Bankwest Managers Lied FTI Consulting (previously called Taylor Woodings)
Update April 2019: CBA new CEO Matt Comyn has publicly said complaints will be looked into and addressed. Here is proof that this is not happening: February 2019: Commonwealth Banks Kate Brown, General Manager of Major Dispute Resolution sent me a letter advising: "To the extent that you have raised a complaint with regards to the sales of the National Hotel and the Lighthouse Beach Resort, we note that these sales were conducted by the receivers. Accordingly, if there was a proper basis to complain about the way these sales were handled (and we are not aware of any proper basis), then any claim of this kind would be properly brought against the receivers and not the Bank" The receivers are FTI Consulting Kate Brown has lied: Bankwest is fully aware of the misconduct and was from the start, Kate has been sent details of this, (if in any doubt Kate just read this website and the linked documents). Kate Brown is fully aware of the misconduct. Senior Bankwest managers appointed these crooks and Bankwest were fully aware of their misconduct including as described on this website and with links to supporting documents attached. It's not good enough of Commonwealth Bank and Bankwest just to wipe their hands of this, they are as guilty as the instigators of all this and need to be exposed and brought to account. Just as the churches have been found to have ignored child abuse, Bankwest has ignored abuse by their appointed agents, the principle is the same. My case is just one of many. Bankwest appointed managers have rejected arequest from the ASBFEO (Australian Small Business and Family Enterprise Ombudsman) for a Neutral Evaluation over serious misconduct in this case. Click the link to see the notice details:DOC-ASBFEO The Ombudsman's office has advised me that rejection of such a request has only ever happened once before. They also advised that FTI Consulting have advised that they think the request for a Neutral Evaluation is unwarranted and that they are going to lodge a formal objection over this request to the Administrative Appeals Tribunal (AAT) I was told that this has never happened before. They are obviously guilty. My email to the ASBFEO requesting that they report this: DOC-EMAIL
Proof they lied: Just one issue of many: Bankwest receiver / managers told me and selling agents that my businesses profits were increasing under their management when the truth was far from that. They destroyed my business!: Click on DOC links to see the evidence:
1) My company accounts to 30 June 2009 DOC40 Operating Profit (after all expenses and interest payments) $164,900 Retained earnings $377,862 (shows it's been profitable in the past)
2) My company accounts to 30 June 2011 DOC41 Operating profit (after all expenses and interest payments) $321,957 An increase of 37% on the previous year June 2011 profit was the best ever and up by 56% on last years
Bankwest appointed receivers managers on 18 July 2011 even though my company was at record profit levels and fully capable of paying all interest going forward. this disaster could have been averted
3) Email from selling agents November 2011 DOC42 Bankwest Receiver Managers Taylor Woodings, now renamed FTI Consulting, advise the selling agent: "Gross revenue for each month exceeds last year and the profit is slightly up on each as well" I believe an investigation of this will show they lied.
Bankwest and their agents were subsequently asked to provide me trading figures for my business to assist with my refinancing of the debts or selling the business. Every request was denied. Bankwests receivers have now in 2018 told the business ombudsman that trading figures were made available but this is a lie and they have now been asked to attend an evaluation to determine this and other issues.
4) My company tax return under Bankwest management DOC43 Shows losses under Bankwest now carried forward $1.3m The company was destroyed in less than a year under their management. these losses occurred within a year of their takeover.
Bankwest have destroyed my profitable and solvent company by unnecessarily installing their managers. The fact that the company accounts above show profits falling from $321,000 to losses of $1.3m proves this. Bankwest increased their interest rates from 7% to over 18% and their managers charged me over $110,000 a month to do my job after sacking me. The managers clearly lied to me and others when they said profits were increasing under their management.
Request to Matt Comyn the new CEO of Commonwealth Bank of Australia (owner of Bankwest)
Matt if you are genuinely sorry for past mistakes and want to as you have said "rebuild trust" then I ask you to: 1) Open an investigation into this case allowing me to talk to people within the Bank and make the findings public. 2) If misconduct is revealed, which I firmly believe it will be, provide funding to my lawyers and accountants to determine a fair outcome (bearing in mind that Bankwest used over $400,000 of MY money to pay their lawyers acting supposedly on my companies behalf acting AGAINST me (Clearly a conflict of interest).
Evidence that Bankwest Managers withheld trading information illegally: FTI Consulting (Taylor Woodings) Senior Managing Director Mark Dewar wrote to Kate Carnell of the Australian Small Business and Family Enterprise Ombudsman on 13 November 2018: Page 7 DOC120A "We provided interested parties with updated trading figures for the Lighthouse Beach Resort for the period of the receivership to date" This is not true. Both myself and another interested party, Gavan Kelly, requested updated trading figures but they were never supplied. I made numerous requests as it was my business and I was trying to arrange funding it buy it back. FTI were plundering my business with their and their Lawyers fees of over $110,000 a month and refused to supply the owner of the business with trading figures. Bankwest senior managers were fully aware of this yet refused to do anything about it. As proof of this secrecy I have a letter to me from Mark Englebert, of Taylor Woodings, the Bankwest appointed manager. 1 August 2011 DOC120 "You will not be, or entitled to, the receipt of information in relation to trade, occupancy levels or otherwise for the Lighthouse unless your assistance on a specific Receiver-requested trading or sale matter expressly warrants same. In this regard it is the discretion of the Receiver as to whether such information is provided to you" Despite repeated requests Englebert NEVER provided trading figures, Why all this secrecy? A full investigation of Engleberts conduct will reveal dishonesty in many cases. He should be jailed as an example to others and compensation needs to be paid for the huge damage he caused.
To Mark Dewar, Senior Managing Director of FTI. You are now involved in this cover-up. I request you provide me with proof that trading figures were supplied to me as a prospective purchaser and to Gavan Kelly. If you can't provide this it's clear Englebert was lying. You now have a responsibility to report this illegal conduct to your insurers, other directors of FTI, the Ombudsman and ASIC.
Evidence that CBA Bankwest lobbyist at Parliament House gives misleading information to politicians. Euan Robertson is employed by Bankwest / CBA to lobby politicians at Parliament House. He is fully aware of serious misconduct by certain employers of the Bank yet acts to cover this up. Bankwests Lawyers have threatened me with legal action for "Serious defamation of our clients representatives (Some Bankwest / CBA managers) and also Mr Robertson personally"DOC59 What I have said is truthful. You can't be sued for defamation for telling the truth. Euan has acted illegally in covering things up. In an email from Euan Robertson to Senator Peter Georgiou he stated: "A meeting with Mr Butler and relevant bank officers occurred on 7 November 2012. Mr Butler was legally represented at the meeting which was overseen by a senior member of the independent bar, who is now a Justice of the Supreme Court of Western Australia." DOC57 This was in response to my request for an independent mediator to impartially review my case. I had previously requested Bankwest do this and they agreed however Bankwest issued a "Meeting Framework Agreement" DOC58 that limited any discussions to just one item being "Any repayment proposal Mr Butler and Mr Benari wist to provide the Bank" (schedule 1 page 6) But the only reason we owed money was because of my business being destroyed by Bankwests managers, the conduct of the managers in doing a secret deal to sell properties for millions less than what was offered just a few months earlier, and their huge fees. The Meeting Framework included clauses stipulating that:
The parties will not discuss matters of liability or any matters pertaining to the receiverships of the companies ( ie they stopped us talking about what the issues were and where the misconduct was )
We agree to total confidentiality in relation to the meeting (they don't want others to know what they are up to where they have acted dishonestly)
The Chairperson will not accept appointment as an arbitrator (In other words there is no effort to fairly resolve disputes)
The senior Bankwest Managers involved in this cover-up were Les Nathan, David Nolan and David Gilbert. The above shows that Euan Robertson's statements to politicians over Bankwests conduct are deliberately misleading in that they give the impression Bankwest engages in discussion with customers to resolve conflict, nothing could be further from the truth. Bankwest have not acted fairly and have been obstructive in efforts to resolve cases where there has been misconduct. Euan if there is any information on this website that isn't correct please contact me ASAP and I'll take it down if good reason is given.
Below is another example of one of the many instances of misconduct: This one is now the subject of an investigation by the Australian Small Business and Family Enterprise ombudsman (ASBFEO).
Bankwest Receivers tell a purchaser not to present an offer even though the property was not sold.
The property was then sold to a syndicate involving Brian Benari, a banker and CEO of Challenger for $4.5m LESS than what he had agreed to pay just a few months before.
Loss due to this misconduct is approximately $4.5m. Bankwest managers were fully aware of this misconduct but failed to act to stop it.
Bankwest appointed receivers told a party preparing to put an offer in to buy the Lighthouse Beach Resort Bunbury not to. Email from the selling agent to prospective purchaser on 15th November 2011: “The receiver has advised today that as negotiations are very advanced that they will not be treating on any other offers unless the dealing fails. Thank you for your interest and we will let you know the outcome in due course.” It then took over two weeks for the owners to find out that the property had not sold by which time the prospective purchaser had purchased elsewhere causing the loss in the vicinity of $4.5m. Worse still the documents sent to the prospective purchaser mentioned in the annexure a price of $9,491,000 and a company called Lighthouse Keeper which turns out to be that of Brian Benari, property co-owner and Banker who ended up buying the property for about that even though his earlier offer was effectively $14m. That offer was to match an earlier offer of $14m that Benari agreed to match and then reneged by which time that buyer had also purchased elsewhere. It seems like an inside job to put off other prospective purchasers and buy it cheaply himself in breach of directors’ duties. This is just one aspect of seemingly dishonest dealings on this receivership.
The evidence is detailed in emails below. Full copies of emails available:
1 August 2011 Bankwest appointed manager Mark Englebert to S Butler DOC 120 "You will not be, or entitled to, the receipt of information relating to the trade, occupancy levels or otherwise of the Lighthouse unless your assistance on a specific Receiver-requested trading or sale matter expressly warrants same. In this regard it is at the discretion of the Receiver as to whether such information is provided to you" The selling agents did provide trading information for July 2011 which covered just 13 days under the Bankwest appointed management. From then on NO trading accounts for my business were released to me the owner of the business despite numerous requests for them to be provided. Why such secrecy ?
27 October 2011 Sean Butler to David Kennedy and Graeme Clarke: DOC1 Hi David & Graeme, Is the Lighthouse Hotel sold or still available? If it’s still potentially available could you please email me an Information Memorandum and most recent trading figures as I have been contacted by a group that may want to buy as a JV with me if it’s still available.
Tuesday 1 November 2011 David Kennedy of CBRE to Sean Butler: DOC2 Sean As discussed, Taylor Woodings are happy for me to provide you with the attached Information Memorandum on the Lighthouse Beach Resort for you to consider with your partner, subject to notification back to me within the next 24 hours with the details of your proposed partner for the purchase of the hotel. I look forward to your advice as requested and offer to purchase at your earliest convenience as another offer is being dealt with now.
Wednesday 2 November Sean Butler to David Kennedy DOC4 Hi David, The person proposing a possible JV with other equity Partners is Gavin Kelly. He is a lawyer and is involved in property development and I have known him for several years. I think he is genuine. Are up to date trading figures available?
Wednesday 2 November David Kennedy to Sean Butler DOC4 Thanks Sean Have asked for the updated figures.
Thursday 3 November Sean Butler to David Kennedy DOC4 Thanks David, Have they indicated if it’s still potentially available and if so when figures will be available, P&L for the three months to 30 September 2011 would be good. Could you please find out when the National is likely to be on the market and for what price?
Tuesday 8 November Sean Butler to David Kennedy DOC 4 Hi David, Any news on the request from last Thursday below yet? Could you please contact the receivers and let me know today if possible. I have partners who may be interested in purchasing both hotels now.
8 November David Kennedy to Sean Butler DOC 4 Sean No response as yet. Negotiations are continuing. Why don’t you submit an offer subject to? 8 November Sean Butler to David Kennedy DOC 4 David, Please provide trading figures to 30 September I will talk to Gavin today and forward on updated financials
8 November David Kennedy to Sean Butler DOC 4 Sean No response as yet
9 November 1.15pm Sean Butler to Gavan Kelly DOC3 Hi Gavin, I am still waiting on Sept quarter trading figures, perhaps you can get them from the selling agents. I have tried but the receivers are not releasing them. The hotel should net over $1m pa. Two houses included could be sold separately or not brought. Gives a good return for a development site with room to add 100 more rooms leaving the existing buildings in place. Uninterrupted ocean and city views I own 50% and need someone to take at least 30% (I could possibly do 70%)
9 November 2011 1.18pm Sean Butler to David Kennedy DOC 4 Hi David, I plan to meet Gavin tomorrow, Can you see if September quarter trading figures are available from the receivers?
10 November 3.50pm David Kennedy of CBRE to Gavan Kelly DOC5 Gavin As discussed attached is the report on the Lighthouse Beach Resort. We don’t have up to date trading figures and suggest you make your offer subject to more up to date figures. With regards to the National we are waiting for instructions from the receiver as they are still sorting out building surveys but have you noted for when we go to market on this.
11 November 10.55 Sean Butler to Graeme Clarke CBRE DOC6 Could you please ask the receivers for trading figures to 30 September for the Lighthouse Beach Resort as they will have them by now and we may update our offer?
11 November Graeme Clarke to Sean Butler DOC6 Hi Sean, Thanks for your email. Your request has been relayed to Taylor Woodings for review, and I will advise further as soon as I receive their response.
Seans Note 10 September 2018: Trading figures were never disclosed.
11 November 10.56am Gavan Kelly to David Kennedy DOC7 Hello David Thankyou for the IM. We would like to proceed on this deal. We do need to do further due diligence and I will provide you with a due diligence check list. We note in the IM that you can provide a pro forma contract. Can you provide a copy to me in Word Format? Can you also advise whether the figures for the months of July to October for the Lighthouse are available or will be available within in the next 7 days? We wish to peruse them as part of our due diligence. We propose to make an offer subject to due diligence. We look forward to receiving your advice
11 November David Kennedy to Gavan Kelly DOC7 Thanks Gavan Have forwarded on to the Receiver for response.
14 November 10.50 David Kennedy to Gavan Kelly DOC8 Gavan Just spoken to the Receiver. July, Aug and Sep figures are being vetted. The short story is that gross rev for each month exceeds last year and profit is slightly up on each as well. It has been suggested that you work on year end figures and make your offer subject to receipt of trading YTD.
14 November 11.33 Gavan Kelly to David Kennedy DOC8 Thankyou David Can you give the pro froma contract to me. Although I could just use one of my precedents, it would be simpler and more uniform to use the Receiver's document.
In relation to the financial data, can you also give to me the tax returns and depreciation schedules on the Hotel for the years ending 2009, 2010 and 2011.
14 November 3.07 PM David Kennedy to Gavan Kelly DOC9 Gavan Attached are the contracts for the Lighthouse. The sales contract includes the inventory of furniture Plant and equipment from 2010 which would need to be updated.
14 November 4.12PM Gavan Kelly to Sean Butler DOC10 Hi Sean Can you help me with some documents. Butler Constructions Pty Ltd and Light House Beach Holdings Pty Ltd have receivers appointed. I need to know who are the unit holders in the Light House Beach Unit Trust. I assume from our discussions that Butler Constructions is one unit holder and the other is your former partner Brian Benari (but most likely a company controlled by him). Can you get me a copy of the unit trust deed or at the very least the last two years tax returns. This will give me the information. Can you give me a call.
15 November 1.47 pm Sean Butler to Bankwest DOC11 Two page email to David Gilbert requesting a meeting and asking a number of questions regarding the receivership including: “Is the Lighthouse Hotel, valued at $14m in 2011, sold? Tenders closed on 28th September almost seven weeks ago.”
15 November 4.58PM David Kennedy to Gavan Kelly DOC12 Gavan The receiver has advised today that as negotiations are very advanced that they will not be treating on any other offers unless the dealing fails. Thank you for your interest and we will let you know the outcome in due course.
16 November David Gilbert of Bankwest to Sean Butler DOC11 Sean, I acknowledge receipt of the below (the email 15 November as above), and have referred the contents to the Receiver and Manager so that they can address in readiness for the proposed meeting. I will give you a call to arrange a mutually convenient meeting time for all parties (being cognisant of the advance notice you are seeking).
Note by Sean 10 September 2018: The Agent did not contact Gavan again for at least two weeks in which time Gavan’s company purchased another property making them unable to purchase the Lighthouse Hotel as originally planned.
17 November Sean Butler to Receivers, Sales Agent, David Kennedy, and my Lawyers DOC13 A two-page email to the receivers, selling agent confirming Sean had been advised by the selling agent David Kennedy that he had been advised by the receivers that they will not be treating on any other offers unless the dealing fails and that they will let him know the outcome in due course. Also raised concerns over how come I have not been advised of sale negotiations.
22 November Receivers to Sean Butler DOC 13 Sean, I refer to your email of 22 November 2011 (copy attached). In relation to queries raised, I note the following:
The Receivers are in advanced discussions with a prospective purchaser for the Lighthouse Beach Resort; and
Please refer to Minter Ellison’s letter dated 18 August 2011 (copy attached) in relation to your obligations and duties as a director.
29 November Bankwest to Sean Butler, Receivers, Minter Ellison (Bankwest and Butler Construction Lawyers) DOC14 Gents, Please find embedded an Agenda ( DOC15) for tomorrow's meeting. Details have been provided by Mr Butler. I have also attached relevant attachments that Mr Butler refers to in his agenda.
Meeting called by Mr Sean Butler
Sean Butler and his legal representative Eva Lin [Jackson McDonald] Mark Englebert and Jeremy Nipps [Taylor Woodings] Leith Ayres and Richard Johnson [Minter Ellison] Les Nathan and David Gilbert [Bankwest]
Time and Location Level 46 Bankwest Tower (108 St Georges Tce Perth) at 11.00am on Wednesday 30 November 2011 (have booked the meeting room for 2 hours) Agenda Items Matters to be tabled by Mr Butler Various (see full document) including: Lighthouse Hotel: 5) Is the Lighthouse Hotel, valued at $14m in 2011, sold? Tenders closed on 28th September almost seven weeks ago.
30 November Meeting Discussion: At the meeting the receivers finally acknowledged that the Lighthouse Hotel wasn’t under a sale contract and that Gavin Kelly was free, and had been all along, to now put an offer in despite the fact that he had been told otherwise. They tried to deny that the Selling Agent had ever instructed otherwise but I had the emails from the agent forwarded to me by Gavin Kelly from 15 November (listed above) being over TWO WEEKS AGO It had taken two weeks for them to finally tell me it wasn’t sold even though Id been asking since 15th November. In this time the potential purchaser brought elsewhere… we lost a potential sale.
30 November 12.48 PM Minter Ellison to Eva Lin my Lawyer DOC16 Without prejudice Dear Eva
I refer to the without prejudice meeting that took place this morning in relation to the above matter. During the course of that meeting you queried the current status of the sale process in respect of the Lighthouse Beach Resort and whether the receivers and managers were in discussions with a related party in that regard. In relation to those queries, I have been instructed by the receivers and managers to confirm that:
they are engaged in discussions with a prospective purchaser (comprised of several parties/entities) at the present time; and
for reasons of commercial confidence and sensitivity, they are not at liberty to disclose the identity of the prospective purchaser or to confirm whether the parties comprising the prospective purchaser (or any of them) are related to the mortgagor/chargor in question.
If you have any queries in relation to the above, please don't hesitate to contact me. Regards Richard
30 November 2.41pm. Sean Butlers Lawyer Eva Lin to Sean Butler DOC17 Sean, thanks for those emails. I suggest that you send them to the receivers and BankWest with this wording: All At our meeting today, we discussed interest from a third party (Churchlands Holdings) in purchasing the Lighthouse and an email from CBRE stating that no further offers would be considered. Please see the attached emails. I confirm that I will inform Churchlands Holdings that it may contact CBRE if it wishes to pursue the matter. I have copied BankWest into this email given that the matter was raised in today’s meeting, but will otherwise direct future correspondence to Taylor Woodings.
30 November 3.07PM Sean Butler to Receiver Mark Englebert and Bankwest DOC18 Dear Mark At our meeting today, we discussed interest from a third party (Churchlands Holdings) in purchasing the Lighthouse and an email from CBRE stating that no further offers would be considered. Please see the attached emails. I confirm that I will inform Churchlands Holdings that it may contact CBRE if it wishes to pursue the matter. I have copied BankWest into this email given that the matter was raised in today’s meeting.
30 November 5.54PM Sean Butler to Brian Benari (and no reply from Benari on this) DOC19 (document is titled “Contract for sale of land with price $9,491,000 written in annexure”) Dear Brian, I received these documents via David Kennedy and another party who was to put in an offer. The Documents were sent to him as described below. Take a look at page 6 of the second document Purchase Price $9,491,000.00 and Lighthouse Keeper, your company? The documents were given to another buyer who was considering putting in an offer and he was subsequently told not to! Is this your document? Regards Sean Note by Sean Butler 10 September 2018: Brian Benari did not respond to this question 1 December 10.33am Sean Butler to Gavin Kelly DOC20 Hi Gavin, Thanks for discussing this this morning. As mentioned the Bank told me yesterday that the property is still not sold and that if anyone is interested that they should put an offer in.
1 December 2011 11.42 Sean Butler to David Kennedy and Graeme Clarke DOC21 Hi David & Graeme, Email below explains what’s happened. The bank told me yesterday that the Lighthouse is not sold and that they want to receive any offers. Please don’t use the offer form with brains price in it. The property was valued at $14m earlier in the year and Gavin now thinks he can get it for $9.5m
2 December 10.05 AM Email Sean Butler to Seans Lawyer Eva Lyn DOC22 Hi Eva, I had several calls yesterday from Gavin Kelly yesterday wanting to discuss why his request to present an offer for the Lighthouse Beach resort was rejected by the selling agents even though the Resort isn’t sold. I have taken hand written notes as he talked of the conversation: He told me: The selling agent David Kennedy said to him when he enquired if it was still available that “it’s not sold till it’s sold” so he had a chance and to ”go on and put an offer in” Gavin told me he did a considerable amount of work on it and then requested pro forma documents for his offer which were then sent to him by David He was then advised as per the email below and not heard anything since:
From: Churchlands Holdings Pty Ltd [mailto:firstname.lastname@example.org] Sent: Wednesday, 16 November 2011 11:02 AM To: Kennedy, David @ Perth Subject: Re: FW: Lighthouse Beach Resort Bunbury
Thankyou David If the deal falls over for the receiver, can you call me as we would still be interested. regards Gavan
On 15 November 2011 16:58, Kennedy, David @ Perth <David.Kennedy@cbre.com.au> wrote: Gavan The receiver has advised today that as negotiations are very advanced that they will not be treating on any other offers unless the dealing fails. Thank you for your interest and we will let you know the outcome in due course.
He said he is “pissed” that he has just found out over two weeks later it’s still available. He hadn’t thought about it since 14th November and has since found something else to buy. He said he has $2m cash in the bank… He has got money now!! Found another property already. He can show them the bank statement to prove he has money- Tell them $2m in the bank. He was really interested in it. He was going through the process of due diligence process and offer. Another Party he knows was contacted: John Hood- he does hotels yes John manages hotels and likes iconic properties. He sent details over to John Hood. There is an email trail on it all. Memorandum of information was sent to John Hood. He told the agent there was insufficient material which thee was. Need more info. Asked updated figures from agents- not sent If it goes to court they cannot challenge info (meaning his emails and evidence) all a paper trail. He also prepared a due diligence list for the property and business (I see that’s noted in one of Gavins emails to David) Actually almost sent it to the agents- but didn’t do (as by then advised it’s not available) He asked questions and for information so he can buy it. David Kennedy wrote back saying put an offer in.
He then discussed with me the lower price on the pro forma he has now seen Get lot (meaning both hotels) for $13 ½ m Brian out Brian gets nothing and he gets two hotels CBRE are professional agents In the email sent (shown above)to him it said “receiver has advised today” so agents must have spoken to receivers that day saying Gavins offer was coming in and then told the agents not to bother (we talked about this… Gavin thinks the receivers DID tell the agents not to bring his offer in, which they denied at the Bankwest meeting on 30th November)
He has got Karrinyup Lakes and other assets Margaret River Land now Partner developer John Preuss and Gavin met on Tuesday PM on new deal just purchased (subsequent to Lighthouse not being available) He said tell the agents/ bank that “these guys know what they are doing” meaning Gavin and John They look at deals with legal problems or receivers (they are both professional developers and also lawyers) ICONIC + receivership- so very interested He would swear on a bible in a court room and more than comfortable to do so Damages claim:
“Loss of a chance” against the receiver Would they have brought it …. Yes Bank is burning us up with interest.. I am paying (meaning Sean) Receivers telling Lies They are dealing with one director and not Me (meaning Sean) Breach of Fiduciary Duty by Brian Benari He (Gavin)is still interested – but now 1 down south 18mths-2yrs to sort out +rezone 3-4 year project (referring to the project brought since lighthouse lapsed) He has 3 months off so got the time now Financier needed Will Lend impaired asset Pattern of bank behaviour Sale price as real price Lend $6m on 9m (so he is now talking on Brians reduced price as emailed to Gavin in documents from agents) This is a stuff up by receivers - Damages Claim He wants to buy Lighthouse has backing and will offer. Units in the trust subject to receivership? Let him know? He subsequently called me again to discuss the properties themselves He said he would put our discussions in writing or make a statement if needed. He said it’s all documented He said he will call the agents The price Gavan was talking was $14m (it was valued at $20m three years ago so that seemed cheap) and I have meeting written notes on that too as I think he would as well He is now talking of just above Brians offer, a loss to the owners of $4.5m I can scan and email the hand written notes if needed I think the property needs to be re advertised for sale given this has happened Were other interested parties also told not to bother? Was the contract with the $9,491,000 price also sent to others? Gavan Should be given a chance to buy it Can we seek damages and take action as highlighted in yellow above? As you said yesterday this is “terrible” Regards Sean Butler
2 December 11.03am Eva Lin to Sean Butler In response to the email above DOC 22 Noted, thanks Sean
8 December 2011 1.12PM Sean Butler to David Kennedy DOC23 Hi David. Could you please provide any updated profit figures for the Lighthouse Hotel?
12 January 2012. A Finance Broker, Ray Weir of Finance Solutions (WA) had been trying to arrange funding for me to buy back our own property. He was unable to do this as Bankwest's managers, FTI Consulting had refused all my requests for recent trading figures and financials of my own business! After an article titled "BASTARDWEST" was published in a local paper describing Bankwest's conduct in this case Ray wrote to me: "You can now also mention that their refusal to provide you with regular financial reports is preventing you from pursuing refinancing options." DOC 2012.1.20
20 March 2012 Article published in the Australian Financial Review. Challenger Financial Services Group (of which the corrupt business partner and Banker Brian Benari is CEO of) have appointed Taylor Woodings as receivers to two Perth office tower blocks. I find out later that while this was happening Taylor Woodings were dealing in secret to transfer my business to Benari and his cousin for Nil consideration while at the same time charging my business hundreds of thousands of dollars for their "services" DOC 2012.3.20
Seans note 10 Sept 2018: I never received the updated profit results promised earlier.
The Selling agent told the prospective purchaser Gavan Kelly on 15th November 2011: “The receiver has advised today that as negotiations are very advanced that they will not be treating on any other offers unless the dealing fails. Thank you for your interest and we will let you know the outcome in due course.” Gavan Kelly asked the sales agent on 16th November: “If the deal falls over for the receiver, can you call me as we would still be interested.”
The dealing did fail, this was only revealed after my request for a meeting which took two weeks to happen, yet the selling agent did not get back to Gavan but continued to deal with another party, Brian Benari, at a much-reduced price than what Gavin was considering. Benari was instrumental in this receivership in that he agreed to match a previous offer for $14m but then reneged on that deal and offered a reduced price which Bankwest refused to accept (I have all this in writing). Bankwest then dealt with Benari in putting the properties on the market (that’s documented in emails too) and yet didn’t advise me of what was happening. I am an equal owner to Benari yet they ignored my requests for information. Benari is the CEO of Challenger Financial and during this proceed Challenger awarded other receivership work to Taylor Woodings. There is clearly a conflict of interest here. Trading accounts for the Lighthouse Hotel were never disclosed despite repeated requests some documented in the emails above. This is grossly irresponsible. Under my management we had trading results for each month within the following month.
I believe the reason the figures were not disclosed is that under the receiver’s management profits declined significantly. This is based on my knowledge that bookings reduced after their appointment and because of notes the receiver inadvertently returned to me several years later showing greatly diminished returns. In emails above the receivers indicate profits rose. I believe this to be a lie and investigations should be made over this.
The fact that up to date trading figures were not available is highly irregular and would have diminished the saleability of the property. I was also trying to arrange finance to buy out the receivers and My finance Broker Ray Weir contacted the selling agents to try to get trading results, but his request was denied (I can provide his details to confirm this) . This made it virtually impossible for me to salvage things.
You could request that Bankwest now disclose trading results under their appointed managers?
Bankwest instructed the receivers and lawyers to “Sink Boots into Customer” ( DOC131) Bankwest used the same lawyers as the receivers engaged at a cost to me of over $400,000 to act supposedly on my behalf. This is a conflict of interest and the fact that Bankwest instructed the lawyers to Sink Boots in must raise concerns… What sort of Bank does that?
this is just one of many examples of misconduct in this case.
I have raised these concerns at several Senate and Government inquiries and with relevant regulators. I am still trying to get documents withheld by the Receivers and Lawyers released and am appealing the withholding of many documents through The Office of the Australian Information Commissioner. The Sink Boots in memo was instrumental in getting the Banking Royal Commission as I worked as an adviser to the Senate and distributed the memo to politicians. Most couldn’t believe it. There is now a push to widen the terms of reference for the Bank Royal Commission to include receiver managers so cases like mine can be investigated there. I have been asked to stand in a potentially winnable political position at the upcoming federal election. If I do I’ll work to disclose injustice in the many cases like this.
I am sure any impartial investigation of these facts will raise serious concerns. If misconduct is found here I would like to continue to go through the other issues. Bankwest spent over $400,000 of my money acting against me as well as whatever their costs were. Can this be disclosed? I request be awarded a similar amount as what they have spent in legal fees against me to commence legal action to determine full compensation if dishonest is found here.
I can provide further information as needed. I have everything well documented and most issues are covered in emails so the facts can’t be disputed. Bankwest and their Receivers are defending the indefensible if they continue to resist full disclosure in this case. The damage I have done to their reputation by publicising this and other cases, bringing on the Bank Royal Commission and pushing for the Bank Levy far exceeds what it would have cost them to sort this out… And it will only get worse as the tide is changing in the political landscape and people want justice.
All I am asking for is an impartial investigation with full disclosure of all the facts, nothing could be fairer than that.
Update 18th January 2019: The ASBFEO advise me that Bankwest managers FTI Consulting have rejected their request to attend a neutral evaluation. I believe this is because FTI don't have a case to argue. They are treating the regulator with contempt. I was advised this is new territory for the ombudsman. I have requested for the neutral evaluation to go ahead without FTI. This will be a test case for the regulator Update 8th January 2019: In September 2018 the Australian Small Business and Family Enterprise Ombudsman (ASBFEO) initiated discussion on this with Bankwest managers FTI Consulting. FTI have sent a response to my case however they have not addressed the issues raised (because they can't) and they have been given until 18th January to agree to a Neutral Evaluation which I believe will prove they have lied. Link to this website sent to
Kate Brown, General Manager Major DR &ER Legal at Commonwealth Bank.
Maria Duta, Managing Director-Risks & Operations, FTI Consulting (Bankwest appointed Managers previously called Taylor Woodings.)
Mark Dewar, Senior Managing Director, FTI Consulting.