21 Mar 2012

BILLIONAIR'S...... CAN THEY FLOUT LAW BECAUSE THEIR SO BIG!

DO GOVERNMENTS BEND THE RULES FOR THE BIG BOYS


Palmer's flagship companies, Mineralogy and Resourcehouse, have failed to lodge their accounts in compliance with the Corporations Act. 

This is not about Palmer as such. Or indeed Gina Rinehart, whose Hancock Prospecting has also failed to lodge accounts for the past two years.

If the government and its agencies can't get their act together to make high-profile types such as Palmer and Rinehart comply with their laws, why should anybody else bother?

No one is above the law. Everyone, every company, every organisation, is expected to meet their responsibilities..



The law is absolutely clear and ASIC is the regulator.

The law says a big proprietary company has to file accounts within four months of balance date which brings us to the Palmer companies.



 A spokesman for Palmer said: ''Mineralogy is a private company and doesn't publicly discuss its financial affairs. The company can confirm that it files tax returns and pay taxes in accordance with our statutory obligations.


Company searches show Palmer's company, Mineralogy Pty Ltd, has no auditor. No auditor means no audited accounts.


Does this mean that even government's do not know their real worth.


We have figures bandied about by these companies of the tremendous losses they will suffer with the mining tax or a price on carbon, can we believe the figures?


No one really knows?

I DON'T KNOW HOW MUCH I HAVE IN MY WALLET
IT'S NOT AUDITED 


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