4CA - Queensland's Home for Fake News

4CA - Queensland's Home for Fake News
4CA - Queensland's Home for Fake News Led by John "Cueball" Mackenzie

12 April 2011

ASX AND ASIC FINALLY STOP THE BULLSHIT AND LYING COMING FROM CEC - SERIOUS QUESTIONS ABOUT MP WARREN ENTSCH STILL UNANSWERED

The Australian corporate regulators at the ASX and ASIC have finally lost patience with the continual stream of spin and bullshit coming from CEC Group and their corporate spinmeister Andrew Griffiths Enterprises P/L. In a stunning announcement that is reported to have been ordered under threat of prosecution, CEC (stock symbol CEG) has detailed the depth of their financial dilemma to the public for the first time.


In this stunning announcement, violations of the law are detailed including specific dates when these violations began to occur. The bulk of which are during the period when MP Warren Entsch was a director, or chairman of the CEC Group.


The former Howard-government MP Warren Entsch was chairman from 22 March 2010 until he resigned to run again for the seat of Leichhardt on 8 JULY 2010. Entsch was preselected to run for the seat of Leichhardt on 15 November 2009.


In the terse statement forced out by the regulators, CEC Group reveals:

• "Employee superannuation contributions remain outstanding from October 2009".
• "PAYG remittances remain outstanding from January 2010".
and additionally "debt outstanding to the Australian Tax Office. . .is in excess of $2.38 Million"

ALL OF THESE SERIOUS VIOLATIONS OF THE LAW.

ALL OF THESE OCCURRING DURING THE PERIOD WHEN OUR NOW MP, WARREN ENTSCH, SERVED AS EITHER BOARD MEMBER OR CHAIRMAN OF THE CEC GROUP.

Directors have the absolute duty to know the financial details of the company they're managing. This is doubly true for the chairman. While the Entsch denials of complicity are already being written (maybe by Andrew Griffiths Enterprises P/L), longstanding legal decisions mean Entsch is at the core of the illegal actions at CEC Group.

Spinmeister Andrew Griffiths, chairman of Andrew Griffiths Enterprises P/L says in today's Cairns Post "the ASX had pushed the company to publicly disclose its true financial position to counter what they had seen as overly optimistic announcements in recent months. “It wasn’t our choice to come out and say this,”. In other words, the company was prepared to keep lying to the market and shareholders, with Griffiths charged with fronting up to tell these lies on behalf of CEC. In "Griffiths-speak", "overly optimistic" is what the ASX and ASIC call "misleading bullshit". Even the face of being forced to tell the truth, CEC Group sends out Andrew Griffiths Enterprises, like the Wizard of Oz, to tell the public "don't pay any attention to the truth of this statement and instead believe my spin".

Simpleton Griffiths is attempting to defend the bald-faced lying done on behalf of CEC Group and yet has so far refused to identify who ordered these lies be told by the company, and if the timing of these statements was influenced by the federal election process. At least some of the press releases and other "spin" coming from the CEC Group offices would have required a sign-off from Warren Entsch as their chairman. Since these allegations have surfaced, Andrew Griffiths been stripped of his chairmanship of the Far North Regional Development Fund and bounced from their board along with chief executive Sarah Powell. It's hard to be a "motivational speaker" when their actions have been so tainted and defiled. Who can believe a word from Andrew Griffiths Enterprises after their press releases have been held up as textbook violations of corporate law?

Then the same Warren Entsch has called for the "bucket of money" earmarked for the Cairns Council's Entertainment Precinct to be used to prop up the new owners of the Sheraton Mirage - a suggestion so ridiculous even John MacKenzie scoffed at the idea yesterday! What is Entch's connection to the new owners of the Sheraton Mirage, and why does he think a private hotel refurbishment is an appropriate place for a government handout?

Entsch's own spinmeister, Danae Jones, is herself a failed businesswoman and bankrupt. Her "In Touch Media" (ITM Corporation) is in bankruptcy administration with accusations of corruption and lying by her employees, who've been dudded like those at CEC Group. Despite the bankruptcy, In Touch Media websites still are trolling for business as is Danae personally on LinkedIn.

Now that the public has been given at least some of the real facts in the CEC Group debacle (keeping in mind the majority of their shares are held by Cairns region locals), it's time that Warren Entsch is subjected to a federal government investigation to his presiding over illegal actions at CEC Group screwing local employees, tradies, shareholders, and now the government out of superannuation and other legally required benefits.

INVESTIGATION OF MP WARREN ENTSCH DEMANDED BY THE RESIDENTS OF LEICHHARDT!





24 comments:

Anonymous said...

As Warren Entsch is a member of Parliament, I beleive that ASIC should immediately look into this. Entsch by his actions is an embarresment to every Politican in Australia. Simply he connot be allowed to remain a Politican because of his actions(or in actions) whilst Chairman of CEC. ASIC as Regulator must ACT NOW or be forever condemned for their support of a corrupt politican.

CBD Warrior said...

I too have had growing suspicions about Wazza's ethics in our community. While it was clear that a baboon could beat Jim Turnour in the last election, it's looking like Entsch too is a baboon without the strong management of John Howard.

It's idiotic to even suggest that the Mirage be given any kind of public money. It's quite the dump now, but if refurbished will again be a money spinner for the owners. What is the Entsch relationship with these reported Chinese investors? Do they understand that Australia isn't a corrupt communist country?

Gavin Gobshite said...

I dunno why u r so interested in that blimp nonentity griffiths. the real problem has been Stench's personal knobpolishers at the Cairns Post - Gavin King and Nick Dalton.

They've shamelessly promoted CEC day in day out when they should have been doing their jobs as journalists and exposing this shonky hillbilly outfit - which is really a personal benefit fund for the LNP and Stench.

Before he lost the last election - but while he was still drawing his pay as Member for Leichhardt - he was a director of CEC and drawing his huge salary.

Maybe he should donate that to the tradies and contractors he has ripped off mercilessly - and countless other suppliers around town and across the far north.

And all the while King and Dalton and the rest of those grubs at the cairns Post got down on their hands and knees in front of him and did their stuff.

No wonder journalists are rated lower than second-hand car dealers, lawyers, politicians and pedophiles.

But don't you worry about that, they'll back Stench to the hilt, along with that other LNP rip-off shonk standing for cairns.

and by the way, have they reported yet that he owns an apartment in golden sands, the development with the big SHAME sign out the front that he objected to? You bet they haven't.

Back to CEC: perhaps King and dalton could do a review of Stench's achievements: destroying a public company, being an accessory to the death of Doug the machinery operator. bullying staff when he was an MP in his previous iteration (have a guess how many female media staff went through his office - last count 17 - I wonder why the amazing turnover). Thwe Cape York Concrete scam.

What a putrid piece of work he is.

But he's no different to any of the other Tories round the place. He doesn't pay his corporate taxes. He doesn't pay his employees or his contractors. He doesn't pay compulsory superannuation to his employees. he doesn't pay for goods and services supplied to him by struggling FNQ businesses.

And he does this with the complicity of hillbilly knobpolishers like King and Dalton.

Has there ever been a more unethical immoral Member of Parliament anywhere in Australia?

Will ASIC take any action against this disgusting exploiter of FNQ workers and businesses?

Will King and Dalton tell the full truth about this man - will they do their job as journalists rather than act as sycophants, toadies and suckholes to the rich and powerful hillbillies?


NO NO NO NO NO AND NO.

Arthur said...

CEC has three days to live, by all accounts, then it's good night nurse.

By the way, does anyone know whether Mr Entsch got his salary and super?

In answer to Gavin Gobshite, neither the corporate regulator nor the Tax Office has ever shown the slightest interest in prosecuting companies up here for not paying compulsory superannuation.

I am aware of a number of companies in the Far North that have not been prosecuted, including one owned by Steve Welsh, a former LNP candidate.

It is my view that directors of companies that fail to pay the compulsory super are in breach of their duties to employees and are therefore open to prosecution.

But the thought of the little people like employees, tradesmen/contractors and small-business suppliers being protected by the Tax Office or ASIC is just wishful thinking.

Lainey Danson said...

This has been going on for too long with none of the authorities or regulatory bodies acting when this all started to go pear shaped. What on earth has the ASIC been doing since stories of unpaid accounts and contractors left broke emerged more than a year ago? Now there are thousand of individuals (contractors, business owners and employees) who have suffered at the hands of this ego fuelled company. The company should have folded long ago instead of being allowed to continue to rack up debt and hurt all those in the Cairns community who are owed considerable amounts of money.
Why did those idiots at The Cairns Post continue printing lies from Roy Lavis and his lackeys when any idiot could get the latest doom and gloom figures from the ASX?
Wait until the next report is released...the company has been selling equipment and stock in a fruitless attempt to keep the business going. The true worth of the company will no doubt be far less than that quoted in any previous report and the scale of debt will be truly horrific and someone should face legal action for lying and trying to conceal CEC's real financial position.

Lainey Danson said...

This has been going on for too long with none of the authorities or regulatory bodies acting when this all started to go pear shaped. What on earth has the ASIC been doing since stories of unpaid accounts and contractors left broke emerged more than a year ago? Now there are thousand of individuals (contractors, business owners and employees) who have suffered at the hands of this ego fuelled company. The company should have folded long ago instead of being allowed to continue to rack up debt and hurt all those in the Cairns community who are owed considerable amounts of money.
Why did those idiots at The Cairns Post continue printing lies from Roy Lavis and his lackeys when any idiot could get the latest doom and gloom figures from the ASX?
Wait until the next report is released...the company has been selling equipment and stock in a fruitless attempt to keep the business going. The true worth of the company will no doubt be far less than that quoted in any previous report and the scale of debt will be truly horrific and someone should face legal action for lying and trying to conceal CEC's real financial position.

Bus. Op. said...

Ethics? Talk to some of his former staff.

Curly Joe said...

How much dough has Entsch pulled in? Now here he is back in Parliament again for a cushy last three years to top up his Parliamentary superannuation. He hasn't done anything but to fart and make a lot of noise. Has he "saved" the dugong yet? This loud bludger doesn't have to do a lousy thing in his three year term because he doesn't have to face the electors at the end of it.

KitchenSlut said...

Please note also that when 'Wazza' resigned as a director to contest Leichhardt in the announcement Roy Lavis specifically accredited 'The Wizzard of Wazz' for his contribution and also asked him to stay on as a consultant which apparently happened and was acknowledged in that announcement.

The 'Wazz wiZZard' has subsequently since re-election attached "civil construction consultancy" to his reegister of interests in the pariamentary record as a significant source of income?

Funny all that ......

KitchenSlut said...

My compost comment .....

The announcement from CEC was disappointing and interesting for what was left out. CEC had
previously advised that they expected to lodge their delayed half yearly accounts with ASX by last
Friday and instead came out with this statement with no mention of when the half yearly accounts may
be lodged. Those half yearly accounts are for the year ended 31 December more than 3 months ago. the
report here at the Post blaming cyclones is incomplete as that has been updated twice for "material"
and then "complex" accounting issues. CEC has been a serial offender with lodging accounts and when
last years annual report was finally lodged there were material unexplained adjustments and a
qualification from the auditor that the 'deferred tax asset' should not be included as an asset.
Without that deferred tax CEC net assets would have been close to nothing at June 30 last year, with
liabilities about 97% of total claimed assets. How can any company expect support from a bank, or
anyone who may be able to supply much needed capital, if they can't supply even an audited set of
accounts?

Posted by: KS of Cairns 4:39pm today
Comment 15 of 16

athena said...

Quite obviously, Entsch wants to get his greasy mits on the $40 million Federal funding for the Cairns Cultural Precinct and sling it to Sheraton Mirage on the proviso that CEC do the construction work. Of course he will get his cut. The yokels and hillbillys of Cairns will be delirious with joy that the "valcano" is gone, and of course too stupid to know that they were swindled out of their own money. Sounds like a great plan!

Bob R. said...

Face it, a lot of the contractors now out of pocket, would have voted for Entsch in the last election. Too many newcomers in Cairns, there is always plenty of naive idiots to take for a ride.

Roger Gestetner said...

The community owes a great deal to this blog and to Kitchenslut (also at the Loose Change blog) for exposing the CECpit run by Stench. Old dyed-in-the-wool old-fashioned KS is showing those slimebags at the Compost what real journalism is.

The most interesting thing from KS is the revelation that Stench still has his gigantic snout in the trough at CECpit.

Is he going to give his consultancy fees back to all the people he's ripped off? I bet not.

And, Arthur, you forgot some of his other scams - the Fischera Road land grab in cahoots with Atherton Council, before the authorities were called in and he was told to clear off, and other shonky deals regarding his land further up the cape.

And Arthur, as for his employees, where did each stay when they were in Canberra, and who owned or leased the properties where they stayed.

There needs to be an inquiry into this, and all his other sleazy activities.

Bus. Op. said...

Murkier and murkier.....Wonder if one of the former staff are talking?

KitchenSlut said...

"Old-fashioned"? Who are you referring to again? What could be more "old-fashioned" than a gestetner anyway?

Supposedly, the next update by CEC is due sometime tomorrow .....

KitchenSlut said...

ASX ANNOUNCEMENT 20 April 2011
Non-Lodgment of the Appendix 4D for the six months ended 31st December 2010
Further to recent announcements, CEC Group Limited (ASX: CEG) wishes to inform the market that it will not be lodging its Appendix 4D today, and expects to lodge on or before Friday 29th April 2011.
Aside from the recent events such as cyclone Yasi and flooding that had disrupted completion of the accounts and audit, there remain material and complex accounting issues to be determined and legal advices have been sought.
The company is making every effort to complete the Appendix 4D and audit in an expedient manner and remains conscious of its continuous disclosure obligations. The company will provide further guidance to the market on or before 29th April 2011.
ENDS

Anonymous said...

Roy laves is the person to blame Warren is just a front man encouraged by Roy to take the hit the company has been funded on lies and borrowings against overstated asset value the other dill Kearns has gone quiet except for his abc fame Roy is the worst business person in cairns all he has lived on is funding from over zealous multiple national companies whom purchased over rated business units in fact sec in twenty years never made any money foam earthmoving apart from private treaty contracts through though overseas investors he can't even understand a balance sheet he can however put people in goal when he felt it was time I hope he suffers the same fate

Pnq said...

Why does Roy lavis always get away with it.......one day the great man will fall

Lainey Danson said...

There are enough stories floating around Cairns now about this company and their ridiculous lying statements, overinflated assets and downright nasty and arrogant attitude toward the smaller businesses in town. It has been nearly 3 years that they have been in trouble and since the empire started to crumble......believe me, there are obviously big names and a lot of dodgy financial dealing keeping them trading. Can't wait for the entire inside story to be revealed

Anonymous said...

We can't forget also how Warren was forced to sell his East Trinity waterfront acreage property in 1999. He was forced to sell whilst member of Leichhardt and due to conflict of interest with him opposing the conservation of East Trinity. If East Trinity was urbanised he would have cleaned up. It was John Howard who ordered Entsch to off load the property quickly due to media attention and conflict of interest.

KitchenSlut said...

CEC Negative Net Assets $27.6 Million

Announcement just out on ASX release but accounts now delayed again until next Wednesday .....

Lainey Danson said...

So more garbage bought forth from the usual suspects at CEC on the ASX...Delusional ravings...thinks the world revolves around CEC. The latest ASX announcement spurts forth some dribble about staff taking over the company when they have called in the administrators but fails to mention that the administrators and the bank may have other ideas. And there's no financial report to speak of, Guess it went missing under the wheels of some heavy machinery along with the crucial hard drive components of some key staff's computers the other day.

Anonymous said...

Mr lavis please stop the crap
Everyone now knows a little more about the fool your are
The employees who want to buy the titanic must feel so much better that you will stay around and run the business
God help them
Roy you could still blame the global financial crisis if you run out of profit in your new venture
The real blame should go to the CBa for giving you money
You could get no 1son whom you have trained so well to cop some blame
Keep going foward Roy and we hope everyone stays behind

Anonymous said...

When you read Roys comments you have to wonder
CEC has never made any money except for the borrowings from the Bank and the investment made by the poor silly sophisticated investors
CEC made poor decisions under his control
The Bank made a decision to support a Company who over the years only made money from over zealous multi national companies like Pioneer CSR and Boral whom purchased under performing assets at overstated values from CEC
That is what funded CEC and nothing else
They never made money from earthmoving which was their core business and they did not understand how to
Roy Lavis claims he is squeaky clean it was his favorite saying Roy Lavis now needs to front the creditors and explain to them why he continued to trade when he could not pay his debts as and when they fell due
CEC has been insolvent for three years
Roy Lavis is a fraud and has never been made to account for any of his lies Now is the time