•   
  •   

Australia ‘Just get the contract': Alleged Westpac fraudster had ASX ambitions for ‘green' business

05:53  04 august  2021
05:53  04 august  2021 Source:   theage.com.au

Corporate Australia tipped to deliver ‘dividends bonanza' despite fears lockdowns will derail economy

  Corporate Australia tipped to deliver ‘dividends bonanza' despite fears lockdowns will derail economy Investors are betting on hefty capital returns at the upcoming round of earnings results, despite COVID-19 lockdowns threatening to derail the economic recovery. Profit season unofficcially kicks off in Australia this week with half-year results from diversified resources behemoth Rio Tinto and investors say a key theme will be bumper dividends from miners that have benefited from surging iron ore prices.Banks, another key sector in the ASX 200, also have billions in excess capital that investors expect will ultimately be handed back to shareholders via share buybacks or special dividends.

" Westpac considered that the SWIFT payment network was costly and not an efficient means of sending low-value, large-volume payments for clients of global banks that need to make and receive payments around the world," was AUSTRAC's damning assessment. To get around the "inconvenience" of SWIFT, Westpac set up two of its own products: LitePay Mr Armstrong, who has a background in providing technological solutions to just the sort of problem Westpac is mired in now, says the AUSTRAC case is likely to be a landmark prosecution and watched closely around the world.

While Westpac ( ASX :WBC) shares have rebounded from a week of losses after CEO Brian Hartzer's resignation, its woes are far from over. Westpac Chairman Lindsay Maxsted said the company recognises the seriousness of its accusations. "We accept that we have fallen short of both our own and regulators’ standards and are determined to get all the facts and assess accountability," Lindsay said. "We are determined to urgently fix these issues and lift our standards to ensure our anti-money laundering and other financial crime processes are industry-leading," he said.


A woman (L) sits beside Westpac Bank signage as she asks people for money in Melbourne on November 2, 2020, as the bank announced a 66 percent plunge in net profits in fiscal 2020, hammered by the coronavirus economic downturn and a record fine for breaches of money-laundering laws. (Photo by William WEST / AFP) (Photo by WILLIAM WEST/AFP via Getty Images) © Getty


Colourful soccer personality Bill Papas had aspirations to list waste management company Iugis on the ASX and expand globally before the business was embroiled in an alleged $400 million fraud.

Iugis is one of the many companies in Mr Papas' business empire that has now been split up and sold off by liquidators, following explosive allegations it is exposed to an elaborate scheme which used forged signatures to obtain hundreds of millions of dollars in bank loans.

The company, which had offices in England and Australia, sells machines that promise to convert food scraps into water, with notable customers including Liverpool Football Club, Woolworths, Coles, Harris Farm and Melbourne's high-end restaurant Longrain.

ASX slips from record heights

  ASX slips from record heights Investors have eased their buying on the ASX after pushing the indices to record heights in the past two days.The major categories of materials, financials and healthcare were all lower at 1200 AEST in a slight easing of trade.

Get it now on Libro.fm using the button below. (Reuters) - Australia's second largest bank Westpac Banking Corp on Friday said it has filed its defence in a case where it is accused of 23 million alleged breaches of anti-money laundering laws. The lender said in a statement it accepted the gravity of the issues the regulator AUSTRAC had raised in its claim, adding that it had made a large number of admissions in its response.

Israel has used Pfizer and the International Court of Justice has accepted a requirement that 80% of recipients with pneumonia should be injected with this gene therapy. Despite this alarming development, Pfizer continued to develop its mRNA for Covid, without animal testing. As probably - just like in case of President Trump - supreme courts will say: "This case has no standing". Next stage: What to do, when justice institutions became completely bought & paid for and unable to represent The Rights of The People?

Multiple former business associates of Mr Papas said his plan was to grow Iugis "as quickly as possible" in preparation for expansion in Europe and the Middle East and an ASX listing. Sales staff were encouraged to do "whatever the customer wanted", including offering free installation and maintenance of the machines.

The Age and Herald can also reveal Iugis relied heavily on a relationship with multinational Veolia and had to pour resources into modifying the machines to comply with local water regulations and health and safety standards.

Multiple sources said Iugis paid Veolia for access to its customer network and at least two staff worked across the companies.

A Veolia slideshow from 2019, obtained by this masthead, shows the French-headquartered company promoting Iugis' technology to prospective customers. "It's with yesterday's old that we build a new tomorrow," the presentation said, signed by an individual whose LinkedIn shows employment at both Veolia and Iugis.

Afterpay, Oil Search mergers help ASX high

  Afterpay, Oil Search mergers help ASX high Afterpay's massive merger deal has rocketed technology shares and helped propel the ASX to a record high.US payment provider Square's $39 billion play for Afterpay, and Santos' improved offer for Oil Search, contributed to the ASX200 rising to 7493.2 points at 1200 AEST.

Clearly, 2020 has been unlike any previous year in the last century or so. The world is currently battling against an infodemic of propaganda spewing from the corporate media and official health authorities. The Great Reset graphic details how everything from drones, blockchain, the future of energy, LGBTI inclusion, and 3D printing will play a role in the New Normal. Once again, I encourage readers to take a dive into this graphic to gain clarity on what the WEF and their partners have planned for the coming decade.

Fox News broadcast possibly the most consequential report in recent cable news history on Tuesday night. Fox host Tucker Carlson alleged that the Capitol Hill riot on January 6 – dubbed an “insurrection,” an “assault on our democracy,” and “domestic terrorism” – may have been, at least partly, an inside job. The FBI has admitted to infiltrating right-wing militias before, and when the country’s attention was focused on the threat of Islamic terrorism rather than white extremism, research suggests that three quarters of would-be jihadist bombers were given the explosives to carry out their attacks by the FBI.

Veolia is listed in Westpac's affidavit as a victim of the broader Forum Finance fraud and a spokeswoman said no staff worked in Iugis while they were employed by Veolia. "Veolia did not have a ‘partnership' of any sort with Iugis. Veolia had distribution agreements in place which was the limit of the exchange of customer listings," the spokeswoman said.

Iugis' listing plans were delayed after COVID-19 hit and shut down restaurants around the world, including key markets in Australia and the UK. But multiple former Iugis staff say the pressure to sell the machines to the cash-strapped hospitality industry did not stop.

"I was getting my ass kicked for not making enough sales during lockdown," said one former Iugis employee in Australia. "They would say, ‘just get the contract'."

The most recent financial records of Iugis's UK company, also founded by Mr Papas, show it made a loss of £2.7 million ($5.1 million) as of April 2020, up from £1.03 million the previous year. Auditors raised concerns around the impact of the pandemic but said the company had sought to diversify its operations.

Over 75 years on: Compelling facts about Hiroshima and Nagasaki

  Over 75 years on: Compelling facts about Hiroshima and Nagasaki The atomic bombings of Hiroshima and Nagasaki went down in history as some of the most catastrophic consequences as a result of war. The bombs, dropped August 6 on Hiroshima and August 9 on Nagasaki, had lasting impacts on these cities that are still felt over 75 years later. To learn more about these cities, before the attack and after, browse through the following gallery.

The former head of the Israeli military’s space division has claimed that Tel Aviv and Washington have contacted a “Galactic Federation” of extraterrestrials, but that mankind is not ready for the “truth” about life in the cosmos. Eshed acknowledged that his claims, which he offered with no evidence, might appear outlandish, but said he believes humanity will gradually come to accept them as true, and that some people may already have seen the light.

Westpac Banking Corp. career banker Peter King has just taken on one of the hardest jobs in Australian banking. As well as navigating Australia’s oldest bank through its first recession in a generation, King must restore the lender’s battered reputation after allegations of a massive breach of anti-money laundering laws in November cost both the previous chief executive King said it’s too soon to estimate how high bad loans will rise. It will have to make an initial estimate when Westpac presents its half-year results in May, but like in the global financial crisis King said he expects the picture to evolve over time.

Iugis launched a new partnership with US-based firm "Surfacide" last May to sell "proven Coronavirus killing technology" that used UV rays to "reduce acquired infections by 99.9999%" to Australian businesses.

Sydney businessman Matt Ingram is listed as the director of another Iugis entity in the UK but resigned on July 10 after Mr Papas and his company Forum Finance were sued by Westpac, the largest victim of the alleged fraud to date.

https://www.instagram.com/p/CBM7PgegdQJ/Mr Ingram was not available for interview but hired strategic communications firm Sefiani to provide details of his employment with the group, including his introduction to Mr Papas in 2018 by a mutual contact.

Mr Ingram was the Commonwealth Bank's general manager for structured asset finance from 1997 to 2005, and later worked as Investec Bank of Australia's head of asset financing and leasing. More recently, Mr Ingram was the chief operating officer for Thorn Group, another victim of the alleged fraud.

Drawing on his experience in asset finance, Mr Ingram established a separate UK entity, Iugis Global Financial Services, to protect the intellectual property he was building to offer small-scale asset finance to sell Iugis machines. This company was dormant and did not have any involvement with Forum Finance, according to Sefiani.

The Business Briefing newsletter delivers major stories, exclusive coverage and expert opinion. Sign up to get it every weekday morning.

New home sales drop sharply in July .
The Housing Industry Association says new home sales dropped 20.5 per cent in July with only Western Australia recording an increase.New home sales tumbled 20.5 per cent in July compared to a month earlier, with declines experienced in almost all major states.

usr: 7
This is interesting!