Ralan Part 8

Part 8 Recorded 05 September 2019

  1. Hello, I am Matthew Bransgrove.
  2. This is the Part 8 of our series of Ralan Ponzi Scheme.
  3. Today I want to talk about the approach Grant Thornton made to the Supreme Court of New South Wales.
  4. The Administrator approached the court to ask for the extension through to December.
  5. I have here a copy of the judgement.
  6. It is a decision of Justice Gleeson dated on 21st August.
  7. As the part of the application to the court, an affidavit was filed by the administrator.
  8. An affidavit is a sworn statement. It is a very serious business, you are not allowed to swear an affidavit and tell a lie.
  9. The Judge has given us some of the details of what was in that affidavit. He says there are 2635 creditors. This approximately what we were told at very beginning.
  10. However, the big news is that $222 million of the $500 million debt we were told about is actually secured creditors.
  11. That means Wingate, Westpac and Balmain.
  12. It says here there are 2300 unsecured creditors. That means is the victim like you. However I do not except that total.
  13. I think the truth is some of the creditors are being counted twice. Because they bought two units, and so on.
  14. The amount owing to the unsecured creditors, meaning victims such as you, has increased to $292 million. You will remember that at the first creditor meeting we were told the figure was $277 million.
  15. In this document, it says that the books of Ralan are in disordered.
  16. I am very curious to know more information. I have written a letter to the administrators asking them to provide a copy of the affidavit they gave to the Judge.
  17. They cannot pretend that they are too busy. All they have to do is email to me.
  18. And then I can share it with you.
  19. I need to get more information out of Grant Thornton.
  20. In a few weeks, I am going to ask each of you to instruct me to get information from Grant Thornton.
  21. This will not involve any costs on your part.
  22. However, if 1,000 Ralan victims appoint me as your solicitor, Grant Thornton cannot ignore it.
  23. If I have the instruction from one thousand creditors and I ask for a copy of an affidavit, and they say that they are too busy to give to me, I will go up to the court and ask the Judge to order them to give to me.
  24. And he would make that order not because he likes me, but because he respects your loss. Your loss is $292 million dollars. That is very powerful in the eyes of the law.
  25. Unfortunately we have not heard anything from Grant Thornton. They have not released any information. We know from this judgement that they have extra information. But they are not sharing it.
  26. Thank you very much for joining us. I will see you next time.
Scroll to Top