In a story in The Age today, ANF acting CEO Don MacAskill is quoted as saying
“People have criticised our organisation for the due diligence that was conducted on Bill Express, but at the end of the day, to put this in perspective, Telstra did due diligence on Bill Express, Optus did due diligence … Vodafone did due diligence,” he said.
“Now if they all thought that they were a worthy credit risk, I think it’s pretty safe to say that the ANF wouldn’t have been too off the mark in thinking it was a worthwhile risk. They definitely had the resources to do a hell of a lot better due diligence.”
MacAskill, in a communication to ANF members, said the ANF had not seen the agreements newsagents signed with Bill Express and that there were various forms of these.
In other communication he has claimed that the ANF did conduct due diligence and that this was undertaken by ANF lawyers Fisher Jeffries.
I joined the ANF Board in December 2003 and resigned in December 2004. The Bill Express decision was made by the ANF Board at its February 26/27 2003 meeting. When I joined the Board, I was provided Board papers for the year prior. I cannot see any evidence of due diligence being conducted by the ANF on the commercial relationship proposed between newsagents and Bill Express and associated businesses. The only due diligence I can see relates to the heads of agreement between the ANF and Bill Express.
On May 30 this year I wrote to the Acting CEO of the ANF expressing concern at public statements made by the ANF about Bill Express and how they conflict with what I knew about ANF decisions and actions in relation to Bill Express. As I noted in that correspondence, newsagents need to know the truth no matter how unpleasant.
Associations, their Directors and employees ought to be prepared to throw themselves in front of a bus for their members. Members must come first. I hope that one day, in an appropriate forum, newsagents will be able to access sufficient facts to determine if their national association put the needs of newsagents first.