The Age continues excellent coverage of the investigation into Bill Express today thanks to Mark Hawthorne’s work. In addition to the Supreme Court investigation yesterday which shed light on cash leakage from the business in early 2008, Newton Chan pleaded guilty in the Magistrates Court to manipulating the share price.
What a mess.
Newsagents and others connected in the channel who questioned the structure and operation of Bill Express from late 2005, two years after the business started, were put down by the ANF. Despite evidence requiring investigation, the ANF remained steadfast in their support of Bill Express because of a deal signed in 2003.
Even though the deal between the ANF and Bill Express was only a heads of agreement (and based on no due diligence by the ANF), the Directors of the day chose to not challenge Bill Express out of fear of legal action by the company. This kept newsagents in the dark. The most concerning period for this was 2007 through 2008.
Had the ANF listened to concerns raised by its members and acted, newsagents could have saved millions of dollars and the Bill Express mess could have been exposed a year earlier. But that’s all water under the bridge. I mention it today as a reminder that associations and business do not mix.
The judge should ask Tania what time is, hopefully it will be 10 to 12 because that is what she should get if she doesen’t start to remember things.
Eddy i could not help but laugh
i really dont care ànymore, i have thrown out their crappy equipment, and they have no hope of getting a cracker out of anyone for leases
its old news but lessons should have been learnt but havnt ie ANF doing commercial deals to the detriment of the industry
Mark Hawthorne’s twiiter feed has ended, how else can we follow the tragi-comedy? Is anyone else reporting a blow by blow account of the bill express court saga?