The outcome of a financial disaster that is the rotting entrails of the now-deceased MIS scams will be determined this week.
MIS was supported and protected by Erich Abetz – then Minister for Forests in the Howard Liberal Government. It is my belief he was sitting illegally in the parliament as a dual national.
Forty seven thousand people put $1.8 billion into MIS scams promoted by Great Southern.
They will receive back 16 cents for every $1,000 invested should the Victorian Supreme Court approve today or tomorrow a settlement that declares the loans valid.
The banks can then seek 100% repayment with interest.
The Bendigo and Adelaide Bank bought the bad loans two weeks before the collapse of Great Southern and now want the Victorian court to authorise repayment of the total debt by the investors, a debt that in many cases is secured over their homes.
I have made a submission to the Senate Enquiry into the failed MIS Forestry scams. The inquiry was set up by Senators Whish-Wilson and Xenophon.
This submission has been tabled but is not to be published.
What is the Liberal Government going to do about this disaster?
A disaster in many ways created and protected by the then Minister for Forests Erich Abetz, a Tasmanian who was then very very close to a now imploded forest industry in Tasmania.
These Abetzian schemes changed the face of rural communities in Tasmania by alienating valuable agricultural land in the creation of the now dead and dying nitens plantations, a blight on our landscape.
They are dead and dying mainly through a lack of care.
The Ponzi schemes created by their former owners provided no money for their on-going maintenance.
All this with no mention of Gunns which has seen its Chairman and CEO avoid jail for insider trading whilst imploding to create an even greater, but in this case, more local Tasmanian disaster.
Abetz has a lot of questions to answer.
He is still all-powerful within the Liberal Party as Leader of the Party in the Senate and as a result he is difficult to bring to heel.
But one day , who knows ……..
