No big plaudits for audits Oct 22, 2009
9 billion ''error'' in Allco Finance's accounts and two accounting ''anomalies'' from City Pacific to the tune of $30 million. In each case short-term debt had been classified as long-term, the sort of thing an absolute novice ought to pick up. (Sydney Morning Herald -- Business)
Less complicated than the sum of its works Oct 22, 2009
By February ABC Learning, MFS, Allco Finance Group and City Pacific were in dire straits. Andrew Scott, a former Myer executive, was Mr Centro, having run the business since 1997. (Sydney Morning Herald -- Business)
The 'irresponsible' entity Jul 8, 2009
Under the new system the product promoters - be they the spruikers behind a Timbercorp, City Pacific, Allco, or Great Southern - would now operate their own fiduciary (trustee). They would fund it, too. (Sydney Morning Herald -- Business)
MICHAEL WEST Jul 8, 2009
Small investors stuck in City Pacific shouldn't count on the Commonwealth Bank as an ally ... City Pacific's loss promises to inflict a great deal of pain on 0000122C the savings of small investors ... While property developer City Pacific has been blitzing the airwaves, enticing listeners to invest in its high-yield mortgage trusts, the ads have failed to mention the group's debts have been spiralling out of control. (Sydney Morning Herald -- Business)
The fat lady has sung Feb 8, 2009
In the public eye, Gold Coast-based financiers City Pacific and Octaviar (formerly MFS) have also hit hard times, not helped by the $80 million currently owed to them by Raptis. "We aren't in crisis, but I don't think it's too far off if there isn't some sort of integrated strategy," Mr Power said. (The Age, Australia -- Business)
