Here we have a very nice email from Dr. Malcolm Linsell to a client. You will note that his title was Managing Director of Australian Leadership Centre Pty. Ltd. (formerly known as Goldzone Australia Pty. Ltd. under license).
Dr. Linsell states that moving to Singapore for one year to accelerate his Australian business was his and his former wife Fiona Linsell’s idea.
Why did Dr. Linsell change the story later?
Read his email below and you decide:
The largest shareholder of Australian Leadership Centre Pty. Ltd. was Singapore-based Vividés Ltd.
Dr. Malcolm Linsell was Executive Chairman and shareholder of both companies and his previous wife, Fiona Linsell was also Finance Director of both companies and Managing Director of Vividés Ltd.
Please refer to Item F, on Page 2, which states that the value of other assets was $25,000. This is referring to the realizable value of Australian Leadership Centre Pty. Ltd. How did the book value of $850,000 go down to $25,000? Is this what Dr. Malcolm Linsell has been advising investors when making private offers to them or was the value of the company represented in the millions?
What is the official explanation for this discrepancy in value? Was the true value of the company misrepresented to Australian investors or misrepresented to the Singapore Government?
This appears to be fraudulent misrepresentation! You decide.
The official Wind Up Notice of Vividés Ltd. is available below:
Who do I report company or director misconduct to?
Who you should report to depends on what the misconduct is about:
- If a company has failed to pay your superannuation or isn’t complying with its taxation obligations or similar – you should contact the Australian Taxation Office. However, if there are concerns about advice in relation to setting up or closing a self-managed super fund or investments made by a superannuation fund – you should contact ASIC.
- If you believe a company is running a scam, making misleading claims and representations or there are concerns about consumer goods and services – you should contact either the Australian Competition and Consumer Commission or the Office of Fair Trading or Consumer Affairs in your state or territory.
- If you believe there is criminal conduct that is not about financial services or markets – you should contact the police in your state or territory.
- If the company is not paying your entitlements such as wages or leave – you should contact the Fair Work Ombudsman.
- If there are concerns about the company’s impact on the environment – you should contact the Environment Protection Authority in your state or territory.
Courtesy of Australian Securities & Investments Commission.