Wednesday, May 06, 2009

University of Melbourne Financial Shocker - what of MUSU?

The Australian today reports that "Australia's biggest universities have been ravaged by the global financial crisis, with the University of Melbourne reporting a $245.7 million loss".

Patriots may wish to review the financial accounts to offset the loss incurred from Uni. Melb. being forced to takeover the running of MUSU, which spectacularly collapsed under the stewardship of the Editor of Vexnews.

26 Truth On Comments:

Ronnie ate the books said...

A $245.7 million loss is a brilliant result in Landeryou terms.

Anonymous said...

Is Andy in the West getting lessons in how to lose money from his hero and fellow criminal Brian Burke? The ABC reports "Police in Perth are looking for a man who robbed a service station wearing a blue dress and a pink wig..."

Anonymous said...

Hmmm. A 350 kilo man in a dress engages in a bit of thieving. Who could it possibly be? No wonder Landeryou isn't on the electoral roll.

Anonymous said...

Poxnews updated less and less frequently, more and more bizarre postings here by steadily stranger Landeryou sock puppets and now this news.

Something big is going on!

Spider Pig said...

You don't think he's gone on one of his KFC binges again?

Anonymous said...

Landeryou reduced to sticking up servos to pay for his KFC! Things are going from worse to worse!

Anonymous said...

Landeryou will have seen that report in The Australian today and thought you can buy a lot of plus sized womens clothes, KFC and flagon port for $245.7 million.

The sound of one hand clapping said...

MUSU will never recover from the stewardship of serial asset-stripper Landeryou and the 40 thieves!

Anonymous said...

The University of Melbourne's paper loss of $245.7 million is just that, a paper loss. It represents the current market value of investment assets that the University holds. The University on paper has done very well in recent years with its asset portfolio and generated big paper gains. This brings down the paper gain quite a bit. Overall though, the University is reliant on the income produced by those assets, not the capital gain, and this is holding up rather well. The asset base will also recover in time when the market recovers. This is normal, market activity and as long as the University is not forced to sell these losses remain on paper only. The income streams are still there and doing OK. Hundreds of Universities worldwide holding large endowments are in a similar position.

Landeryou's direct theft of to $1.415 million from MUSU is an entirely different matter. Through the Marbain scam, Landeryou directly obtained a benefit of $1.2 million from the onsale of the lease of the Union Bar, something he acquired for free through exercising backroom political control of MUSU. The Union could have obtained this price or more through an open bidding process. That was a direct theft of an income stream or asset that rightly belonged to MUSU and Union members. Unlike the University investment losses recently announced, those funds are gone forever. Landeryou took $1 million of this and directly sent it to a Hong Kong nominee company he controlled, Sunrock Ltd and from there on to a Cypress based nominee controlled company Avonwood Ltd. Those funds have never been seen again. They remain illegally under Landeryou's control, undeclared to the ATO and his bankruptcy trustee.

In another scam, Landeryou again used political influence in MUSU to obtain the contract for Union Building maintenance and cleaning services via "Institutional Services Ltd" another company he controlled. Staff directly employed by the Union were sacked and Landeryou's company took over the services. Again, no bids for the contract were taken, the contract was never advertised or made public and no competition was allowed. Landeryou extracted more than $215,000 from MUSU via this scam.

His most audacious MUSU scam was the Optima Property Development Group scam. Optima controlled by Landeryou entered into a $40 million deal with MUSU to supply accommodation to overseas students. The contract was signed illegally, without MUSU Council approval and had MUSU underwrite and take the entire risk for a property development that Landeryou dreamt would make him a rich man. Optima had no land, no building, nothing. Landeryou hoped to taken MUSU's contracts to banks, obtain finance and get himself into the property development business - with MUSU and its members taking all the risk as they were guaranteeing to pay full rent on all room whether the rooms were leased or not.

It was this risk that finally bought the Union into liquidation with the University forced to step in. The on-going liability exposure was potentially more than the Union's income and well out of the scope of the Union's normal activities. The business plans for the project were a joke, vague income projections only estimated 100% occupancy and Optima had no project ready, proposed or possible. The University called in the liquidators and had MUSU shut down based on the risk the Optima contract exposed the Union to.

In the end, Landeryou obtained
no financial benefit from this scam. The financial buffoon lacked the sophistication or capital to genuinely bankroll a building and it all came to nought.

However a fine independent Student Union was destroyed.

In the end, Landeryou's illegally obtained 1.415 million from MUSU.

Anonymous said...

Blunderbelly is a crap crook. Thuggery, political extortion and scams are all he knows.

Anonymous said...

Where is the button, and who can press that button, to trigger the much belated prosecution of Landeryou for the MUSU scams. Something seems to have come unstuck. Dean McVeigh should have pushed a prosecution button after being monstered by Landeryou, and after his findings of likely fraud.

The Statute of Limitations clock is running. The OPP seems moribund.

Millions said...

Landeryou probably thinks he has got away with it.

But he is too fat to slip between the cracks.

ALP protection perhaps?

The MUSU Pandemic of Crime said...

There were a lot of interesting crooks working hand-in-hand with Landeryou to milk MUSU for all it was worth. Several sons of ALP illuminati. And other pampered scum who loved criminality and theft.

Landeryou's 2005 Court Appearance said...

Senior Counsel for the liquidator Garry Bigmore put this to Andrew Landeryou and asked him who put the Rigby signature on the documents.

Andrew Landeryou said he had no way of knowing how it got there, and said it could have been one of several people involved in the company besides himself.

Another contract involved a company known as Marbaine Proprietary Limited. Jointly owned once again by Ben Cass and Andrew Landeryou, Marbaine briefly leased the bar and food concessions at Melbourne University for nothing, before selling the leases for $1.2 million.

But Andrew Landeryou wasn't publicly associated with Marbaine and once again he was asked why not.

He said the truth was he was planning to run for office one day and he believed that his involvement in business dealings would have made that difficult. He said he was also preoccupied with his privacy.

Anonymous said...

Landeryou always suffers from total amnesia when in court...

But his extensive history of serial asset-stripping would keep him under cross-examination for days by an expert QC.

Landeryou seems to have escaped the claws of the liquidators. He would fare much less well in a real court with a real judge and real lawyers.

C'mon OPP, get this filth into the slammer!

Anonymous said...

...And today he's is running an unsophisticated village pump news and libel blog - as if nothing had happened.

What the hell is going on?

Time to whack a stake through the blood-sucking vampire's heart.

OPP do your job! Protect Victoria from this loathesome crook.

Anonymous said...

No wonder Norwegians are fascinated by a Blog run by a crim. It could only happen here. And it had to be Landeryou!

Dr Phil said...

All this corporate crime using bogus companiews closely matches the fantasy friends and the state of Landeryou's mental health.

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