Comments on: Great Southern on the Tiwi Islands – Timber, Fear, Intimidation and a great tax dodge http://tiwiislands.wordpress.com/2009/05/26/great-southern-on-the-tiwi-islands-timber-fear-intimidation-and-a-great-tax-dodge/ Mon, 02 Nov 2009 08:03:20 +0000 http://wordpress.com/ hourly 1 By: silence is stupid http://tiwiislands.wordpress.com/2009/05/26/great-southern-on-the-tiwi-islands-timber-fear-intimidation-and-a-great-tax-dodge/#comment-371 silence is stupid Wed, 27 May 2009 03:29:57 +0000 http://tiwiislands.wordpress.com/?p=219#comment-371 Northern Territory News $ $ Goes South NIGEL ADLAM May 27th, 2009 TERRITORY investors lost more than $10 million when the Great Southern agriculture and forestry empire collapsed. One man told Business Week he had put more than $100,000 into the company. And Great Southern's Darwin-based sales representative, Vic Minchin, said he lost hundreds of thousands of dollars. He refused to give details about losses suffered by other Territorians, except to say that dozens of them had been hit. "It's a distressing time for everyone," he said. Mr Minchin, who was one of 35 sales representatives nationwide, has been made redundant and is now working for a finance firm. Great Southern investors are not expected to get any of their money back. The company is known to have raised $1.8 billion from 47,000 investors over the past five years. One of its main projects was an acacia plantation on the Tiwi Islands. The Tiwi Land Council is considering taking over the venture, which employed local people. A Darwin investor, who did not want to be named, said he was bitterly disappointed that Great Southern had gone into liquidation. "I'm not a particularly rich bloke," he said. "I put more than $100,000 into the venture on the advice of my accountant and have lost the lot. "I hoped the return on the investment would allow me to retire before I was 65. "It doesn't look as though that will happen now." An army of financial planners was employed by Great Southern to bring in investors. They were paid 10c commission for every dollar invested. Receiver McGrathNicol is trying to sell 1.75 million ha of farm and forestry land in a bid to repay debts of more than $800 million. Great Southern leased the Tiwi land, which now reverts to its traditional owners. Northern Territory News
$ $ Goes South

NIGEL ADLAM

May 27th, 2009

TERRITORY investors lost more than $10 million when the Great Southern agriculture and forestry empire collapsed.

One man told Business Week he had put more than $100,000 into the company.

And Great Southern’s Darwin-based sales representative, Vic Minchin, said he lost hundreds of thousands of dollars.

He refused to give details about losses suffered by other Territorians, except to say that dozens of them had been hit.

“It’s a distressing time for everyone,” he said.

Mr Minchin, who was one of 35 sales representatives nationwide, has been made redundant and is now working for a finance firm.

Great Southern investors are not expected to get any of their money back.

The company is known to have raised $1.8 billion from 47,000 investors over the past five years.

One of its main projects was an acacia plantation on the Tiwi Islands.

The Tiwi Land Council is considering taking over the venture, which employed local people.

A Darwin investor, who did not want to be named, said he was bitterly disappointed that Great Southern had gone into liquidation.

“I’m not a particularly rich bloke,” he said. “I put more than $100,000 into the venture on the advice of my accountant and have lost the lot.

“I hoped the return on the investment would allow me to retire before I was 65.

“It doesn’t look as though that will happen now.”

An army of financial planners was employed by Great Southern to bring in investors. They were paid 10c commission for every dollar invested. Receiver McGrathNicol is trying to sell 1.75 million ha of farm and forestry land in a bid to repay debts of more than $800 million. Great Southern leased the Tiwi land, which now reverts to its traditional owners.

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