Call For Statutory Management For Allied Farmers

EUFA Calling Today For Statutory Management For Allied Farmers

EUFA are publicly calling today on the Securities Commission to put Allied into Statutory Management immediately.

In December 2008 Hanover Investors were cheated by the propaganda of Hanover which coaxed investors into voting for Moratorium.

Most investors trusted the word and recommendation of John Waller (of PWC) that this was the best option. It was obvious at the time it was a plan to protect shareholders. A EUFA member courageously stood up in an attempt for an injunction. The court did not rule in the investors favour and the vote for the moratorium went through with a huge majority.

Again last year a further con of investors was put forward when they fell into the arms of Allied Farmers. Any person of any intelligence could see this was another con job.

The Authorities have seriously failed investors of Hanover. An investor wrote in 2008

“[I] invested within the 1-2 months prior to the company freezing funds. I had invested over $50,000 on 16th June 2008 having spoken over the phone to customer services……It behooves the Government to do something now, as I like others, have a considerable amount (over $250,000) invested with Hanover that was lifelong savings for my retirement.”

EUFA have written on a number of occasions to the Minister along with publicly calling for Statutory Management since Hanover froze its funds in July 2008.

Minister Power sat and watched investors vote for Hanover Moratorium. This allowed the government an out by going with Investor opinion. A similar strategy was used by Government in the Hanover Allied take over.

EUFA coordinator Suzanne Edmonds said "It is time the Government recognised the investors are getting it wrong by voting for the proposals put to them, when actually they are being conned - It's a shame our authorites haven't the nouse to see the con jobs".

ENDS

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