23 Jan 2014

KordaMentha Tightens The Noose Around It's Own Neck

Mark Mentha left Mark Korda right
Rogue liquidator KordaMentha is under intense scrutiny following it's attempt to change legislation in a state parliament. In a letter signed by Mark Korda the company instructs the Tasmanian government how to change the pulp mill legislation. KordaMentha believes that by retrospectively changing the law to pervert a  pending court case by a Tasmanian resident, the firm of gold-plated felons can cream more cash out of Gunns carcass by selling a permit to build a pulp mill and pollute Bass Strait. The interesting thing about KM's exercise in allegedly 'perverting the course of justice' is that they are attempting to amend a law originally written for the Tasmanian Parliament by Gunns back in the days when Gunns were renovating Premier Paul Lennon's house. Section 11 of this bill essentially makes it illegal for anybody to take court action against anybody who buys the mill permit. The file on KordaMentha's greed, lack of accountability and free-range interpretation of the law is getting longer. It now appears the Federal Government and ASIC went soft on KordaMentha for losing 10 years of audited Ansett accounts. As a payoff the Federal Government pocketed $313 million left over from the Ansett ticket levy. That's right out of the KordaMentha handbook. If the regulator gets a cut then it's not illegal. To get an idea of how KordaMentha milk the debt of a deceased corporate estate here are some recent fees charged by PPB Advisory, the company that works in tandem with KordaMentha diverting other people's money into their own bank accounts.

Position                    $ Per/Hr
Partner                      $675                                  Director / Principal     $ 585
Senior Manager        $ 510                                 Manager                     $465
Supervisor                $445                                  Senior Analyst 1         $395
Senior Analyst 2       $ 380                                 Analyst 1                    $310                               
Analyst 2                  $250                                  Graduate                     $210
Undergraduate          $190                                  Senior Bookkeeper     $190
Bookkeeper              $180                                  PA                               $160
Administration          $120                                  All rates quoted are GST exclusive.

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