❓ A WA parliamentary question seeks details about the negotiation of a deal with IMF (Australia) Ltd regarding compensation for finance brokers' victims. The Minister's response identifies the State Solicitor's Office as leading negotiations, with Cabinet approving the compensation package.
AnsweredQoN 1273Legislative Council
QuestionView source ↗
IMF (AUSTRALIA) LTD - DEAL NEGOTIATIONS
I refer the minister to the deal agreed with IMF (Australia) Ltd on behalf of finance brokers’ victims. (1) Which agencies were involved in the negotiation with IMF over the deal, be it directly or indirectly, by providing advice to negotiators? (2) Were any other parties aside from IMF involved in negotiations on behalf of victims; and, if so, who were they? (3) Were any other ministers or their staff involved in negotiations in any way; and, if so, will the minister indicate who they were? Hon ADELE FARINA
I refer the minister to the deal agreed with IMF (Australia) Ltd on behalf of finance brokers’ victims. (1) Which agencies were involved in the negotiation with IMF over the deal, be it directly or indirectly, by providing advice to negotiators? (2) Were any other parties aside from IMF involved in negotiations on behalf of victims; and, if so, who were they? (3) Were any other ministers or their staff involved in negotiations in any way; and, if so, will the minister indicate who they were? Hon ADELE FARINA
AnswerView source ↗
I thank the honourable member for some notice of this question. (1) Negotiations with IMF companies - that is, Insolvency Litigation Fund Pty Ltd and IMF (Australia) Ltd - and solicitors Solomon Brothers as to the resolution of the Van Stokkum action as a condition of the government’s $30 million compensation package for finance brokers’ victims were conducted through the State Solicitor’s Office on behalf of the state. (2) Negotiations for the resolution of the Van Stokkum action, and so of the claims of the plaintiffs to that action, were conducted solely with the IMF companies and Solomon Brothers, the solicitors for the IMF companies and the Van Stokkum plaintiffs. (3) Cabinet approved the creation of a $30 million compensation package for finance broking victims. Negotiations on the detail of the fund arrangements and of the terms of the deed with the state of Western Australia were directly between the State Solicitor’s Office and Insolvency Litigation Fund Pty Ltd, IMF (Australia) Ltd and Solomon Brothers.
(1) Which agencies were involved in the negotiation with IMF over the deal, be it directly or indirectly, by providing advice to negotiators? (2) Were any other parties aside from IMF involved in negotiations on behalf of victims; and, if so, who were they? (3) Were any other ministers or their staff involved in negotiations in any way; and, if so, will the minister indicate who they were? Hon ADELE FARINA replied: I thank the honourable member for some notice of this question. (1) Negotiations with IMF companies - that is, Insolvency Litigation Fund Pty Ltd and IMF (Australia) Ltd - and solicitors Solomon Brothers as to the resolution of the Van Stokkum action as a condition of the government’s $30 million compensation package for finance brokers’ victims were conducted through the State Solicitor’s Office on behalf of the state. (2) Negotiations for the resolution of the Van Stokkum action, and so of the claims of the plaintiffs to that action, were conducted solely with the IMF companies and Solomon Brothers, the solicitors for the IMF companies and the Van Stokkum plaintiffs. (3) Cabinet approved the creation of a $30 million compensation package for finance broking victims. Negotiations on the detail of the fund arrangements and of the terms of the deed with the state of Western Australia were directly between the State Solicitor’s Office and Insolvency Litigation Fund Pty Ltd, IMF (Australia) Ltd and Solomon Brothers.
(2) Were any other parties aside from IMF involved in negotiations on behalf of victims; and, if so, who were they? (3) Were any other ministers or their staff involved in negotiations in any way; and, if so, will the minister indicate who they were? Hon ADELE FARINA replied: I thank the honourable member for some notice of this question. (1) Negotiations with IMF companies - that is, Insolvency Litigation Fund Pty Ltd and IMF (Australia) Ltd - and solicitors Solomon Brothers as to the resolution of the Van Stokkum action as a condition of the government’s $30 million compensation package for finance brokers’ victims were conducted through the State Solicitor’s Office on behalf of the state. (2) Negotiations for the resolution of the Van Stokkum action, and so of the claims of the plaintiffs to that action, were conducted solely with the IMF companies and Solomon Brothers, the solicitors for the IMF companies and the Van Stokkum plaintiffs. (3) Cabinet approved the creation of a $30 million compensation package for finance broking victims. Negotiations on the detail of the fund arrangements and of the terms of the deed with the state of Western Australia were directly between the State Solicitor’s Office and Insolvency Litigation Fund Pty Ltd, IMF (Australia) Ltd and Solomon Brothers.
(3) Were any other ministers or their staff involved in negotiations in any way; and, if so, will the minister indicate who they were? Hon ADELE FARINA replied: I thank the honourable member for some notice of this question. (1) Negotiations with IMF companies - that is, Insolvency Litigation Fund Pty Ltd and IMF (Australia) Ltd - and solicitors Solomon Brothers as to the resolution of the Van Stokkum action as a condition of the government’s $30 million compensation package for finance brokers’ victims were conducted through the State Solicitor’s Office on behalf of the state. (2) Negotiations for the resolution of the Van Stokkum action, and so of the claims of the plaintiffs to that action, were conducted solely with the IMF companies and Solomon Brothers, the solicitors for the IMF companies and the Van Stokkum plaintiffs. (3) Cabinet approved the creation of a $30 million compensation package for finance broking victims. Negotiations on the detail of the fund arrangements and of the terms of the deed with the state of Western Australia were directly between the State Solicitor’s Office and Insolvency Litigation Fund Pty Ltd, IMF (Australia) Ltd and Solomon Brothers.
Hon ADELE FARINA replied: I thank the honourable member for some notice of this question. (1) Negotiations with IMF companies - that is, Insolvency Litigation Fund Pty Ltd and IMF (Australia) Ltd - and solicitors Solomon Brothers as to the resolution of the Van Stokkum action as a condition of the government’s $30 million compensation package for finance brokers’ victims were conducted through the State Solicitor’s Office on behalf of the state. (2) Negotiations for the resolution of the Van Stokkum action, and so of the claims of the plaintiffs to that action, were conducted solely with the IMF companies and Solomon Brothers, the solicitors for the IMF companies and the Van Stokkum plaintiffs. (3) Cabinet approved the creation of a $30 million compensation package for finance broking victims. Negotiations on the detail of the fund arrangements and of the terms of the deed with the state of Western Australia were directly between the State Solicitor’s Office and Insolvency Litigation Fund Pty Ltd, IMF (Australia) Ltd and Solomon Brothers.
I thank the honourable member for some notice of this question. (1) Negotiations with IMF companies - that is, Insolvency Litigation Fund Pty Ltd and IMF (Australia) Ltd - and solicitors Solomon Brothers as to the resolution of the Van Stokkum action as a condition of the government’s $30 million compensation package for finance brokers’ victims were conducted through the State Solicitor’s Office on behalf of the state. (2) Negotiations for the resolution of the Van Stokkum action, and so of the claims of the plaintiffs to that action, were conducted solely with the IMF companies and Solomon Brothers, the solicitors for the IMF companies and the Van Stokkum plaintiffs. (3) Cabinet approved the creation of a $30 million compensation package for finance broking victims. Negotiations on the detail of the fund arrangements and of the terms of the deed with the state of Western Australia were directly between the State Solicitor’s Office and Insolvency Litigation Fund Pty Ltd, IMF (Australia) Ltd and Solomon Brothers.
(1) Negotiations with IMF companies - that is, Insolvency Litigation Fund Pty Ltd and IMF (Australia) Ltd - and solicitors Solomon Brothers as to the resolution of the Van Stokkum action as a condition of the government’s $30 million compensation package for finance brokers’ victims were conducted through the State Solicitor’s Office on behalf of the state. (2) Negotiations for the resolution of the Van Stokkum action, and so of the claims of the plaintiffs to that action, were conducted solely with the IMF companies and Solomon Brothers, the solicitors for the IMF companies and the Van Stokkum plaintiffs. (3) Cabinet approved the creation of a $30 million compensation package for finance broking victims. Negotiations on the detail of the fund arrangements and of the terms of the deed with the state of Western Australia were directly between the State Solicitor’s Office and Insolvency Litigation Fund Pty Ltd, IMF (Australia) Ltd and Solomon Brothers.
(2) Negotiations for the resolution of the Van Stokkum action, and so of the claims of the plaintiffs to that action, were conducted solely with the IMF companies and Solomon Brothers, the solicitors for the IMF companies and the Van Stokkum plaintiffs. (3) Cabinet approved the creation of a $30 million compensation package for finance broking victims. Negotiations on the detail of the fund arrangements and of the terms of the deed with the state of Western Australia were directly between the State Solicitor’s Office and Insolvency Litigation Fund Pty Ltd, IMF (Australia) Ltd and Solomon Brothers.
(3) Cabinet approved the creation of a $30 million compensation package for finance broking victims. Negotiations on the detail of the fund arrangements and of the terms of the deed with the state of Western Australia were directly between the State Solicitor’s Office and Insolvency Litigation Fund Pty Ltd, IMF (Australia) Ltd and Solomon Brothers.
(1) Which agencies were involved in the negotiation with IMF over the deal, be it directly or indirectly, by providing advice to negotiators? (2) Were any other parties aside from IMF involved in negotiations on behalf of victims; and, if so, who were they? (3) Were any other ministers or their staff involved in negotiations in any way; and, if so, will the minister indicate who they were? Hon ADELE FARINA replied: I thank the honourable member for some notice of this question. (1) Negotiations with IMF companies - that is, Insolvency Litigation Fund Pty Ltd and IMF (Australia) Ltd - and solicitors Solomon Brothers as to the resolution of the Van Stokkum action as a condition of the government’s $30 million compensation package for finance brokers’ victims were conducted through the State Solicitor’s Office on behalf of the state. (2) Negotiations for the resolution of the Van Stokkum action, and so of the claims of the plaintiffs to that action, were conducted solely with the IMF companies and Solomon Brothers, the solicitors for the IMF companies and the Van Stokkum plaintiffs. (3) Cabinet approved the creation of a $30 million compensation package for finance broking victims. Negotiations on the detail of the fund arrangements and of the terms of the deed with the state of Western Australia were directly between the State Solicitor’s Office and Insolvency Litigation Fund Pty Ltd, IMF (Australia) Ltd and Solomon Brothers.
(2) Were any other parties aside from IMF involved in negotiations on behalf of victims; and, if so, who were they? (3) Were any other ministers or their staff involved in negotiations in any way; and, if so, will the minister indicate who they were? Hon ADELE FARINA replied: I thank the honourable member for some notice of this question. (1) Negotiations with IMF companies - that is, Insolvency Litigation Fund Pty Ltd and IMF (Australia) Ltd - and solicitors Solomon Brothers as to the resolution of the Van Stokkum action as a condition of the government’s $30 million compensation package for finance brokers’ victims were conducted through the State Solicitor’s Office on behalf of the state. (2) Negotiations for the resolution of the Van Stokkum action, and so of the claims of the plaintiffs to that action, were conducted solely with the IMF companies and Solomon Brothers, the solicitors for the IMF companies and the Van Stokkum plaintiffs. (3) Cabinet approved the creation of a $30 million compensation package for finance broking victims. Negotiations on the detail of the fund arrangements and of the terms of the deed with the state of Western Australia were directly between the State Solicitor’s Office and Insolvency Litigation Fund Pty Ltd, IMF (Australia) Ltd and Solomon Brothers.
(3) Were any other ministers or their staff involved in negotiations in any way; and, if so, will the minister indicate who they were? Hon ADELE FARINA replied: I thank the honourable member for some notice of this question. (1) Negotiations with IMF companies - that is, Insolvency Litigation Fund Pty Ltd and IMF (Australia) Ltd - and solicitors Solomon Brothers as to the resolution of the Van Stokkum action as a condition of the government’s $30 million compensation package for finance brokers’ victims were conducted through the State Solicitor’s Office on behalf of the state. (2) Negotiations for the resolution of the Van Stokkum action, and so of the claims of the plaintiffs to that action, were conducted solely with the IMF companies and Solomon Brothers, the solicitors for the IMF companies and the Van Stokkum plaintiffs. (3) Cabinet approved the creation of a $30 million compensation package for finance broking victims. Negotiations on the detail of the fund arrangements and of the terms of the deed with the state of Western Australia were directly between the State Solicitor’s Office and Insolvency Litigation Fund Pty Ltd, IMF (Australia) Ltd and Solomon Brothers.
Hon ADELE FARINA replied: I thank the honourable member for some notice of this question. (1) Negotiations with IMF companies - that is, Insolvency Litigation Fund Pty Ltd and IMF (Australia) Ltd - and solicitors Solomon Brothers as to the resolution of the Van Stokkum action as a condition of the government’s $30 million compensation package for finance brokers’ victims were conducted through the State Solicitor’s Office on behalf of the state. (2) Negotiations for the resolution of the Van Stokkum action, and so of the claims of the plaintiffs to that action, were conducted solely with the IMF companies and Solomon Brothers, the solicitors for the IMF companies and the Van Stokkum plaintiffs. (3) Cabinet approved the creation of a $30 million compensation package for finance broking victims. Negotiations on the detail of the fund arrangements and of the terms of the deed with the state of Western Australia were directly between the State Solicitor’s Office and Insolvency Litigation Fund Pty Ltd, IMF (Australia) Ltd and Solomon Brothers.
I thank the honourable member for some notice of this question. (1) Negotiations with IMF companies - that is, Insolvency Litigation Fund Pty Ltd and IMF (Australia) Ltd - and solicitors Solomon Brothers as to the resolution of the Van Stokkum action as a condition of the government’s $30 million compensation package for finance brokers’ victims were conducted through the State Solicitor’s Office on behalf of the state. (2) Negotiations for the resolution of the Van Stokkum action, and so of the claims of the plaintiffs to that action, were conducted solely with the IMF companies and Solomon Brothers, the solicitors for the IMF companies and the Van Stokkum plaintiffs. (3) Cabinet approved the creation of a $30 million compensation package for finance broking victims. Negotiations on the detail of the fund arrangements and of the terms of the deed with the state of Western Australia were directly between the State Solicitor’s Office and Insolvency Litigation Fund Pty Ltd, IMF (Australia) Ltd and Solomon Brothers.
(1) Negotiations with IMF companies - that is, Insolvency Litigation Fund Pty Ltd and IMF (Australia) Ltd - and solicitors Solomon Brothers as to the resolution of the Van Stokkum action as a condition of the government’s $30 million compensation package for finance brokers’ victims were conducted through the State Solicitor’s Office on behalf of the state. (2) Negotiations for the resolution of the Van Stokkum action, and so of the claims of the plaintiffs to that action, were conducted solely with the IMF companies and Solomon Brothers, the solicitors for the IMF companies and the Van Stokkum plaintiffs. (3) Cabinet approved the creation of a $30 million compensation package for finance broking victims. Negotiations on the detail of the fund arrangements and of the terms of the deed with the state of Western Australia were directly between the State Solicitor’s Office and Insolvency Litigation Fund Pty Ltd, IMF (Australia) Ltd and Solomon Brothers.
(2) Negotiations for the resolution of the Van Stokkum action, and so of the claims of the plaintiffs to that action, were conducted solely with the IMF companies and Solomon Brothers, the solicitors for the IMF companies and the Van Stokkum plaintiffs. (3) Cabinet approved the creation of a $30 million compensation package for finance broking victims. Negotiations on the detail of the fund arrangements and of the terms of the deed with the state of Western Australia were directly between the State Solicitor’s Office and Insolvency Litigation Fund Pty Ltd, IMF (Australia) Ltd and Solomon Brothers.
(3) Cabinet approved the creation of a $30 million compensation package for finance broking victims. Negotiations on the detail of the fund arrangements and of the terms of the deed with the state of Western Australia were directly between the State Solicitor’s Office and Insolvency Litigation Fund Pty Ltd, IMF (Australia) Ltd and Solomon Brothers.
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