Banking Day has a couple of excellent reports from yesterday and last week on the latest from the investigation into the collapse of the company being held in the Supreme Court of Victoria. Each day of the hearing has shown that newsagents were just a small part of a major financial scam.
Bill Express funded the entrepreneurial visions and dreams of its chief executive, Ian Christiansen and his late brother Hal Chistiansen, the Supreme Court of Victoria heard yesterday.
Profit results were created and funding was also provided to Australian Private Networks (a private company that now trades as Activ8Me, Australia’s largest satellite broadband provider) in a convoluted funding arrangement relying on cash from the “Arabian Highway”.
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Once can’t help but wonder whether independent due diligence into Bill Express before it was promoted to newsagents would have uncovered the now obvious flaws in the business model. We will never know. No such due diligence was undertaken on behalf of newsagents.
You think due dilligence into Bill Express would have made a difference? Come on, get serious. I am sure Bill Express had many such due dilligence conducted by groups that invested far more than any newsagent. The real world does not work like the fantasy in your mind.
lol, I think that due diligence around the newsagent contracts would have uncovered enough issues for newsagents to not proceed as they did. I am not so sure about DD by phone companies, banks etc.
That the ANF recommended Bill Express with no due diligence back in 2003 an indictment against those involved at the time.