Monday, 16 April 2007

The biggest Ponzi ever


This weekend’s Oz contained an article by Bina Brown on MIS schemes in which she disclosed that Great Southern (GTP) in 2005 used some of their own funds to purchase all of the timber from their investors in their 1994 Project. The investors ended up with 3 times the amount they would have received had the contractual arrangements been strictly applied. A face saving exercise perhaps?