❓ Minister Kobelke details the outcomes of the Gallop Government's $1 million litigation assistance package for finance broker victims, highlighting a case where investors recovered $761,000 and criticising the previous Liberal government's handling of the issue.
AnsweredQoN 893Legislative Assembly
QuestionView source ↗
Will the minister advise the House of any outcomes from the $1 million litigation assistance package provided by the Gallop Government for victims of finance brokers? Mr KOBELKE
AnswerView source ↗
I thank the member for some notice of this question. If there are matters of liability, it is clear that the Liberal Party, in the light of the failures of the past Government, was the seat of the cause of a lot of people in Western Australia losing their money. We are moving to complete all the undertakings we gave prior to the last election in order to help people who are the victims of the finance broking scandal. We have one example of people being able to use the funding provided for legal action so that those people who lost money through finance broking scams can take legal action to recover their money. With the support of the Legal Aid Commission of Western Australia, one group of 51 investors has recovered $761 000. That money relates to investments worth $4.8 million to Pieros Corporation Pty Ltd through Knightsbridge Finance, which was then Clifton Partners Finance, for the development of the Madison apartments in South Perth. The Temby royal commission made a finding of improper conduct against Mr Kim Clifton in relation to this project. Mr McGinty: He ran for Liberal Party endorsement. Mr KOBELKE: As I said, there is a connection between some of these people and the Liberal Party, which is why it was not too keen to protect ordinary Western Australians from people who were engaged in improper and illegal activity. The units were sold for $2.8 million and that money was released to the liquidator of Knightsbridge Finance to be distributed among investors. However, the receiver and manager told investors that the company would keep $900 000 in trust to cover contingent liabilities. Approaches by the investors to the Australian Securities and Investments Commission found they had no recourse to have the money released. The investors went to the Legal Aid Commission and used the funding this Government had provided for litigation to engage lawyers and take action through the courts. As a result, $761 000 was released to those investors. That is another example of a commitment that the Labor Party gave prior to the election. In government, we have made money available to investors who lost money through the negligence and other activities of the previous Administration, which did not look after those investors. As a result, those people were able to get back $761 000. Other cases have also been allocated legal aid through that fund. On that basis, we hope to have more successes. This is one part of a very large program. The Government has spent over $20 million to clean up this mess and help the victims of the finance broking scandal.
Mr KOBELKE replied: I thank the member for some notice of this question. If there are matters of liability, it is clear that the Liberal Party, in the light of the failures of the past Government, was the seat of the cause of a lot of people in Western Australia losing their money. We are moving to complete all the undertakings we gave prior to the last election in order to help people who are the victims of the finance broking scandal. We have one example of people being able to use the funding provided for legal action so that those people who lost money through finance broking scams can take legal action to recover their money. With the support of the Legal Aid Commission of Western Australia, one group of 51 investors has recovered $761 000. That money relates to investments worth $4.8 million to Pieros Corporation Pty Ltd through Knightsbridge Finance, which was then Clifton Partners Finance, for the development of the Madison apartments in South Perth. The Temby royal commission made a finding of improper conduct against Mr Kim Clifton in relation to this project. Mr McGinty: He ran for Liberal Party endorsement. Mr KOBELKE: As I said, there is a connection between some of these people and the Liberal Party, which is why it was not too keen to protect ordinary Western Australians from people who were engaged in improper and illegal activity. The units were sold for $2.8 million and that money was released to the liquidator of Knightsbridge Finance to be distributed among investors. However, the receiver and manager told investors that the company would keep $900 000 in trust to cover contingent liabilities. Approaches by the investors to the Australian Securities and Investments Commission found they had no recourse to have the money released. The investors went to the Legal Aid Commission and used the funding this Government had provided for litigation to engage lawyers and take action through the courts. As a result, $761 000 was released to those investors. That is another example of a commitment that the Labor Party gave prior to the election. In government, we have made money available to investors who lost money through the negligence and other activities of the previous Administration, which did not look after those investors. As a result, those people were able to get back $761 000. Other cases have also been allocated legal aid through that fund. On that basis, we hope to have more successes. This is one part of a very large program. The Government has spent over $20 million to clean up this mess and help the victims of the finance broking scandal.
I thank the member for some notice of this question. If there are matters of liability, it is clear that the Liberal Party, in the light of the failures of the past Government, was the seat of the cause of a lot of people in Western Australia losing their money. We are moving to complete all the undertakings we gave prior to the last election in order to help people who are the victims of the finance broking scandal. We have one example of people being able to use the funding provided for legal action so that those people who lost money through finance broking scams can take legal action to recover their money. With the support of the Legal Aid Commission of Western Australia, one group of 51 investors has recovered $761 000. That money relates to investments worth $4.8 million to Pieros Corporation Pty Ltd through Knightsbridge Finance, which was then Clifton Partners Finance, for the development of the Madison apartments in South Perth. The Temby royal commission made a finding of improper conduct against Mr Kim Clifton in relation to this project. Mr McGinty: He ran for Liberal Party endorsement. Mr KOBELKE: As I said, there is a connection between some of these people and the Liberal Party, which is why it was not too keen to protect ordinary Western Australians from people who were engaged in improper and illegal activity. The units were sold for $2.8 million and that money was released to the liquidator of Knightsbridge Finance to be distributed among investors. However, the receiver and manager told investors that the company would keep $900 000 in trust to cover contingent liabilities. Approaches by the investors to the Australian Securities and Investments Commission found they had no recourse to have the money released. The investors went to the Legal Aid Commission and used the funding this Government had provided for litigation to engage lawyers and take action through the courts. As a result, $761 000 was released to those investors. That is another example of a commitment that the Labor Party gave prior to the election. In government, we have made money available to investors who lost money through the negligence and other activities of the previous Administration, which did not look after those investors. As a result, those people were able to get back $761 000. Other cases have also been allocated legal aid through that fund. On that basis, we hope to have more successes. This is one part of a very large program. The Government has spent over $20 million to clean up this mess and help the victims of the finance broking scandal.
Mr McGinty: He ran for Liberal Party endorsement. Mr KOBELKE: As I said, there is a connection between some of these people and the Liberal Party, which is why it was not too keen to protect ordinary Western Australians from people who were engaged in improper and illegal activity. The units were sold for $2.8 million and that money was released to the liquidator of Knightsbridge Finance to be distributed among investors. However, the receiver and manager told investors that the company would keep $900 000 in trust to cover contingent liabilities. Approaches by the investors to the Australian Securities and Investments Commission found they had no recourse to have the money released. The investors went to the Legal Aid Commission and used the funding this Government had provided for litigation to engage lawyers and take action through the courts. As a result, $761 000 was released to those investors. That is another example of a commitment that the Labor Party gave prior to the election. In government, we have made money available to investors who lost money through the negligence and other activities of the previous Administration, which did not look after those investors. As a result, those people were able to get back $761 000. Other cases have also been allocated legal aid through that fund. On that basis, we hope to have more successes. This is one part of a very large program. The Government has spent over $20 million to clean up this mess and help the victims of the finance broking scandal.
Mr KOBELKE: As I said, there is a connection between some of these people and the Liberal Party, which is why it was not too keen to protect ordinary Western Australians from people who were engaged in improper and illegal activity. The units were sold for $2.8 million and that money was released to the liquidator of Knightsbridge Finance to be distributed among investors. However, the receiver and manager told investors that the company would keep $900 000 in trust to cover contingent liabilities. Approaches by the investors to the Australian Securities and Investments Commission found they had no recourse to have the money released. The investors went to the Legal Aid Commission and used the funding this Government had provided for litigation to engage lawyers and take action through the courts. As a result, $761 000 was released to those investors. That is another example of a commitment that the Labor Party gave prior to the election. In government, we have made money available to investors who lost money through the negligence and other activities of the previous Administration, which did not look after those investors. As a result, those people were able to get back $761 000. Other cases have also been allocated legal aid through that fund. On that basis, we hope to have more successes. This is one part of a very large program. The Government has spent over $20 million to clean up this mess and help the victims of the finance broking scandal.
The units were sold for $2.8 million and that money was released to the liquidator of Knightsbridge Finance to be distributed among investors. However, the receiver and manager told investors that the company would keep $900 000 in trust to cover contingent liabilities. Approaches by the investors to the Australian Securities and Investments Commission found they had no recourse to have the money released. The investors went to the Legal Aid Commission and used the funding this Government had provided for litigation to engage lawyers and take action through the courts. As a result, $761 000 was released to those investors. That is another example of a commitment that the Labor Party gave prior to the election. In government, we have made money available to investors who lost money through the negligence and other activities of the previous Administration, which did not look after those investors. As a result, those people were able to get back $761 000. Other cases have also been allocated legal aid through that fund. On that basis, we hope to have more successes. This is one part of a very large program. The Government has spent over $20 million to clean up this mess and help the victims of the finance broking scandal.
That is another example of a commitment that the Labor Party gave prior to the election. In government, we have made money available to investors who lost money through the negligence and other activities of the previous Administration, which did not look after those investors. As a result, those people were able to get back $761 000. Other cases have also been allocated legal aid through that fund. On that basis, we hope to have more successes. This is one part of a very large program. The Government has spent over $20 million to clean up this mess and help the victims of the finance broking scandal.
Mr KOBELKE replied: I thank the member for some notice of this question. If there are matters of liability, it is clear that the Liberal Party, in the light of the failures of the past Government, was the seat of the cause of a lot of people in Western Australia losing their money. We are moving to complete all the undertakings we gave prior to the last election in order to help people who are the victims of the finance broking scandal. We have one example of people being able to use the funding provided for legal action so that those people who lost money through finance broking scams can take legal action to recover their money. With the support of the Legal Aid Commission of Western Australia, one group of 51 investors has recovered $761 000. That money relates to investments worth $4.8 million to Pieros Corporation Pty Ltd through Knightsbridge Finance, which was then Clifton Partners Finance, for the development of the Madison apartments in South Perth. The Temby royal commission made a finding of improper conduct against Mr Kim Clifton in relation to this project. Mr McGinty: He ran for Liberal Party endorsement. Mr KOBELKE: As I said, there is a connection between some of these people and the Liberal Party, which is why it was not too keen to protect ordinary Western Australians from people who were engaged in improper and illegal activity. The units were sold for $2.8 million and that money was released to the liquidator of Knightsbridge Finance to be distributed among investors. However, the receiver and manager told investors that the company would keep $900 000 in trust to cover contingent liabilities. Approaches by the investors to the Australian Securities and Investments Commission found they had no recourse to have the money released. The investors went to the Legal Aid Commission and used the funding this Government had provided for litigation to engage lawyers and take action through the courts. As a result, $761 000 was released to those investors. That is another example of a commitment that the Labor Party gave prior to the election. In government, we have made money available to investors who lost money through the negligence and other activities of the previous Administration, which did not look after those investors. As a result, those people were able to get back $761 000. Other cases have also been allocated legal aid through that fund. On that basis, we hope to have more successes. This is one part of a very large program. The Government has spent over $20 million to clean up this mess and help the victims of the finance broking scandal.
I thank the member for some notice of this question. If there are matters of liability, it is clear that the Liberal Party, in the light of the failures of the past Government, was the seat of the cause of a lot of people in Western Australia losing their money. We are moving to complete all the undertakings we gave prior to the last election in order to help people who are the victims of the finance broking scandal. We have one example of people being able to use the funding provided for legal action so that those people who lost money through finance broking scams can take legal action to recover their money. With the support of the Legal Aid Commission of Western Australia, one group of 51 investors has recovered $761 000. That money relates to investments worth $4.8 million to Pieros Corporation Pty Ltd through Knightsbridge Finance, which was then Clifton Partners Finance, for the development of the Madison apartments in South Perth. The Temby royal commission made a finding of improper conduct against Mr Kim Clifton in relation to this project. Mr McGinty: He ran for Liberal Party endorsement. Mr KOBELKE: As I said, there is a connection between some of these people and the Liberal Party, which is why it was not too keen to protect ordinary Western Australians from people who were engaged in improper and illegal activity. The units were sold for $2.8 million and that money was released to the liquidator of Knightsbridge Finance to be distributed among investors. However, the receiver and manager told investors that the company would keep $900 000 in trust to cover contingent liabilities. Approaches by the investors to the Australian Securities and Investments Commission found they had no recourse to have the money released. The investors went to the Legal Aid Commission and used the funding this Government had provided for litigation to engage lawyers and take action through the courts. As a result, $761 000 was released to those investors. That is another example of a commitment that the Labor Party gave prior to the election. In government, we have made money available to investors who lost money through the negligence and other activities of the previous Administration, which did not look after those investors. As a result, those people were able to get back $761 000. Other cases have also been allocated legal aid through that fund. On that basis, we hope to have more successes. This is one part of a very large program. The Government has spent over $20 million to clean up this mess and help the victims of the finance broking scandal.
Mr McGinty: He ran for Liberal Party endorsement. Mr KOBELKE: As I said, there is a connection between some of these people and the Liberal Party, which is why it was not too keen to protect ordinary Western Australians from people who were engaged in improper and illegal activity. The units were sold for $2.8 million and that money was released to the liquidator of Knightsbridge Finance to be distributed among investors. However, the receiver and manager told investors that the company would keep $900 000 in trust to cover contingent liabilities. Approaches by the investors to the Australian Securities and Investments Commission found they had no recourse to have the money released. The investors went to the Legal Aid Commission and used the funding this Government had provided for litigation to engage lawyers and take action through the courts. As a result, $761 000 was released to those investors. That is another example of a commitment that the Labor Party gave prior to the election. In government, we have made money available to investors who lost money through the negligence and other activities of the previous Administration, which did not look after those investors. As a result, those people were able to get back $761 000. Other cases have also been allocated legal aid through that fund. On that basis, we hope to have more successes. This is one part of a very large program. The Government has spent over $20 million to clean up this mess and help the victims of the finance broking scandal.
Mr KOBELKE: As I said, there is a connection between some of these people and the Liberal Party, which is why it was not too keen to protect ordinary Western Australians from people who were engaged in improper and illegal activity. The units were sold for $2.8 million and that money was released to the liquidator of Knightsbridge Finance to be distributed among investors. However, the receiver and manager told investors that the company would keep $900 000 in trust to cover contingent liabilities. Approaches by the investors to the Australian Securities and Investments Commission found they had no recourse to have the money released. The investors went to the Legal Aid Commission and used the funding this Government had provided for litigation to engage lawyers and take action through the courts. As a result, $761 000 was released to those investors. That is another example of a commitment that the Labor Party gave prior to the election. In government, we have made money available to investors who lost money through the negligence and other activities of the previous Administration, which did not look after those investors. As a result, those people were able to get back $761 000. Other cases have also been allocated legal aid through that fund. On that basis, we hope to have more successes. This is one part of a very large program. The Government has spent over $20 million to clean up this mess and help the victims of the finance broking scandal.
The units were sold for $2.8 million and that money was released to the liquidator of Knightsbridge Finance to be distributed among investors. However, the receiver and manager told investors that the company would keep $900 000 in trust to cover contingent liabilities. Approaches by the investors to the Australian Securities and Investments Commission found they had no recourse to have the money released. The investors went to the Legal Aid Commission and used the funding this Government had provided for litigation to engage lawyers and take action through the courts. As a result, $761 000 was released to those investors. That is another example of a commitment that the Labor Party gave prior to the election. In government, we have made money available to investors who lost money through the negligence and other activities of the previous Administration, which did not look after those investors. As a result, those people were able to get back $761 000. Other cases have also been allocated legal aid through that fund. On that basis, we hope to have more successes. This is one part of a very large program. The Government has spent over $20 million to clean up this mess and help the victims of the finance broking scandal.
That is another example of a commitment that the Labor Party gave prior to the election. In government, we have made money available to investors who lost money through the negligence and other activities of the previous Administration, which did not look after those investors. As a result, those people were able to get back $761 000. Other cases have also been allocated legal aid through that fund. On that basis, we hope to have more successes. This is one part of a very large program. The Government has spent over $20 million to clean up this mess and help the victims of the finance broking scandal.
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