NAB VICTIM - 2011
In late 2008 we became victims of the NAB.
As certain rushed actions by the NAB had devastating consequences for two of our Companies; Cousins Securities and Cardwell Country Estate.
In their panic as the Global Financial crisis bore down they placed our Companies into external administration. After giving us written notice 12 days earlier to repay the $1.9 Million exposure to these Companies.
The three projects that the Companies had with the NAB had combined valuations of $6.5Million. But by bringing in an external administrator (PKF) we were unable to pursue re-financing as ASIC does not allow Companies in this position to seek funds. Absurd and ridiculous but that is our present system.
So now we are in the hands of the NAB vultures, and didn't they run up their fees fast.
PKF with nothing to show, other than instructing valuers to carry out valuations on each property, lets say $7,500 for each valuation. In total $22,500.00. Also a stupid attempt to auction one property.
Not a good time to auction as the banks have shut down lending to developers to buy development sites. Lets say their cost for marketing and the auction was $15,000.00, and the valuations $22,500.00, a total of $37,500.00. Remembering at this point they have not achieved a sale, only bastardised the properties.
We receive a PKF bill for $317,289.00. An outrageous figure that cannot be justified. "Greed at its highest level".
But guess what the NAB does not care; there is plenty between their outstanding amount and what can be achieved. Given that their competent enough to get a sale and not give the property away.
After all that's our money or was our money.
I bet there are a lot of NAB victims that would like to tell their story and vent their anger. I am just lucky and privileged to have our website as my platform. Maybe one day there will be such a platform for other victims to tell their story.
Ironically the NAB'S slogan now is "MORE GIVE LESS TAKE"
Well you Greedy Bastards !!!
Your move cost us three projects, a loss of $17.5 Million and stopped 43 jobs.
Russell Cousins
Director
Cousins Property Group Pty Ltd
Email: cp@iig.com.au
UPDATE NEW INFORMATION RELEASED ON THE NAB. DECEMBER 2011 - UPDATED 2012
In June 2008 Cardwell Country Estate was in the Planning and Environment Court seeking approvals for the Cardwell Country Estate project.
Certain delays with government agencies added to extra costs. A request for further funding to the NAB was rejected. At this stage we had spent $250,000 (Not NAB money) on consultants and further reports to achieve this approval. A further request to the lending manager in Cairns for funds was rejected a second time.
Cousins Securities with its projects at Ravenshoe, having now achieved approval for Sunrise Estate requested further funding to commence stage 1 while a funder was found to fund stage one of construction. This request was also rejected.
The third project being the Wild River Timber Plantation having a debt of $115,000 to the Nab was put on the market late 2007 for sale at $3.75M to assist in future working capital and retire debt on both developments.
The total debt on these three projects at this point July 2008 was $1.9M.
We required some $210,000 to proceed with approvals for Cardwell and working capital until the sale of the Timber Plantation or re-finance.
Our request was rejected and we defaulted on the $1.9M, and the Companies were placed under the control of PKF who the NAB appointed in November 2008 (see previous information)
In 2006 when the loans were taken out, we were told by the NAB that the funds would be available to move the projects to the next stage given that the valuations had increased sufficiently.
In July 2008 when we requested further funding from the NAB, we were not told by the NAB that they did not have any money. The NAB did not make us aware that it was insolvent.
Had the bank warned us earlier of its own position we would have sort a re-finance out of the NAB.
We are now aware of the months leading up to November 2008, that the NAB, was drained of funds to assist its clients, and in earlier November had to borrow funds from the US Federal Reserve to keep it a float. For 250 days straight between the 6th Nov 2008 and the 15th July 2009 the NAB survived by secretly borrowing USD1.5Billion per day, from the US Federal Reserve. The NAB had already raised AU$3 Billion from the Australian Stock Market to bolster its capital earlier in the year (at least the shareholders new about this)
The NAB did not have to send our Companies to the wall. But an arrogant and insolvent NAB decided this was the easiest way for them to clear the decks and would have also done this to many other Companies and businesses at this period.
The NAB being a listed disclosing entity is required to comply with the continuous disclosure regime under ASX listing rule 3.1 and s 674. It did not advise its shareholders that it was going to borrow, and was borrowing this money. Some USD $378 Billion.
Between early 2008 and early 2009. How many other Companies were sent into liquidation by the NAB because it lied to its clients in earlier years that it would be in a position to have funds available in 2008 for the advancement for their businesses If needed.
But as we now know in 2008 the NAB lied and did not disclose its true position. That it was trading insolvent and also breaking every rule in the book and getting away with it.
Russell Cousins
Director
Cousins Property Group Pty Ltd
Email: cp@iig.com.au
