AF402 Finals Tri 3 2020

Download as pdf or txt
Download as pdf or txt
You are on page 1of 10



7KH8QLYHUVLW\RIWKH6RXWK3DFLILF
6HUYLQJWKH&RRN,VODQGV)LML.LULEDWL0DUVKDOO,VODQGV1DXUX1LXH6DPRD6RORPRQ,VODQGV7RNHODX7RQJD7XYDOXDQG9DQXDWX


  6FKRRORI$FFRXQWLQJ )LQDQFH


$)±/(*$/(/(0(1762))5$8'
75,0(67(5
),1$/(;$0,1$7,21

 


'DWH    021'$<129(0%(5

7LPH   30±30

7LPHDOORZHG  7+5((  +28563/860,187(65($',1*7,0(

7\SHVRI4XHVWLRQ  &$6(678'<$1$/<6,6  




,QVWUXFWLRQV

4XHVWLRQ 0DUNV  $WWHPSW$//TXHVWLRQV

6HFW$   4XHVWLRQV PXVW EH DQVZHUHG RQ WKH VHSDUDWH DQVZHU
ERRNOHW SURYLGHG $OVR DQVZHUV IRU QHZ TXHVWLRQV WR
$  EHZULWWHQRQDQHZSDJH

$   +DQGZULWLQJPXVWEHOHJLEOH

$   8VHEOXHRUEODFNSHQRQO\

$   7KLV LV D FORVHG ERRN H[DPLQDWLRQ <RX DUH QRW
SHUPLWWHG WR DFFHVV DQ\ ERRNV QRWHV RU RWKHU ZULWWHQ
  PDWHULDOV

7RWDO   1RQSURJUDPPDEOH DQG QRQWH[W UHWULHYDO FDOFXODWRUV
PD\EHXVHG
 
 


6(&7,21$±&$6(678'<$1$/<6,6     
48(67,2121(        PDUNV 
use approximately 45 minutes 
7KHFDVHVWXG\EHORZH[DPLQHGDFRQIOLFWLQGHFLVLRQPDNLQJEHWZHHQGLIIHUHQWLQGLYLGXDOV
LQ)LML

&ULWLFDOO\DQDO\VHWKHDUWLFOHDQGDQVZHUWKHTXHVWLRQVWKDWIROORZ


3DQGHPLFODZ±$ZKROHGUDPDVHULHV
5,&+$5'1$,'8
0D\SP
,IOLNHPH\RXEHORQJWR*HQHUDWLRQ;WKHVHDUHFKDOOHQJLQJGD\V,IWKHFRURQDYLUXVGRHVQ¶W
NLOO\RXWKHVWUHVVRIQHZWHFKQRORJ\ZLOO

7DNH1HWIOL[IRUH[DPSOH1HWIOL[GHOLYHUVWR\RXUKRPHVFUHHQPRUHQHZPRYLHVWKDQ\RX
FRXOGSRVVLEO\ZDWFK

<RXVHWWOHGRZQWRZDWFKDPRYLH7KHQ\RXUHDOLVH²WRRODWH²WKDWLW¶VDFWXDOO\DVHULHV
,W¶VJRWVHDVRQVDQGHSLVRGHV7KH\JRIRUKRXUV

$QGWKH\¶UHVWLOOPDNLQJPRUHHSLVRGHVVR\RXFDQ¶WHYHQJHWWRWKHHQG
$SDUWLFXODUO\EDGPRYLH)LMLDQGWKH/DZRI3DQGHPLFVLVDELWOLNHWKDW7KHUH¶VVWLOOQR
HQGLQVLJKW
$IHZZHHNVDJR,ZURWHDFROXPQKHDGOLQHGSDQGHPLFVDQGOHJDOGUDPD,VDLGLWZDV
LPSRUWDQWHYHQLQWKHPLGGOHRIDKHDOWKFULVLVIRUWKH*RYHUQPHQWWRJHWWKHODZULJKW
,I\RXDUHJRLQJWRUHVWULFWSHRSOH¶VPRYHPHQWV\RXQHHGWRZULWHGRZQWKHODZFOHDUO\DQG
PDNHVXUHHYHU\RQHNQRZVWKHUXOHV
7KH*RYHUQPHQW,VXJJHVWHGKDGPDGHDSRRUMRERIWKDW,WKDGQRWGRQHWKHVLPSOHZRUNWR
ZULWHLWVODZGRZQHDUO\LQWKHFULVLVRUFOHDUO\
7KLVLVLPSRUWDQWLQDKHDOWKFULVLVZKHQWKHUXOHVDUHFKDQJLQJDOOWKHWLPH±DQHZ
ORFNGRZQKHUHFXUIHZKRXUVFKDQJLQJWKHUH1RWHYHU\RQHLVZDWFKLQJWKH3ULPH0LQLVWHU¶V
SUHVVFRQIHUHQFHV

,W¶VDOODELWPXFK
$WILUVWSHRSOHDSSODXGHGZKHQWKHSROLFHFKDUJHGDURXQGDUUHVWLQJDQGGHWDLQLQJSHRSOH
7KH\ZHUHDOOEDGSHRSOHZKRKDGEURNHQWKHODZ7KH\GHVHUYHGWREHSXQLVKHG,W¶VQHYHU
WKDWVLPSOH

1RGRXEWVRPHSHRSOHKDYHEHHQFDUHOHVVGHILDQWRUSODLQVWXSLG%XWVRPHWLPHVWKHODZ
FKDQJHGDQGSHRSOHGLGQ¶WNQRZ2WKHUVIRXQGWKHPVHOYHVLQGLIIHUHQWDQGSRVVLEO\GLIILFXOW
KXPDQVLWXDWLRQV

 


0DQ\SHRSOHGLVPLVVFRQVWLWXWLRQDOULJKWVDVDZDVWHRIWLPHLQYHQWHGE\ODZ\HUVWRPDNH
PRQH\%XWWKRVHULJKWVDSSO\WRWKHVHKXPDQVLWXDWLRQV,W¶VZK\ZHFDOOWKHP³KXPDQ
ULJKWV´
1RZWKHSROLFHGHWDLQWHHQDJHUVIRUSOD\LQJWRXFKUXJE\DQGVRFFHU RUIRUVLWWLQJZLWKWKHLU
ER\IULHQGVDWDVHDZDOO $QGWKHSXEOLFDSSHDUWREHJHWWLQJDELWWLUHGRIDOOWKLVKHDY\
KDQGHGQHVV
(VSHFLDOO\ZKHQRQWKHQHZV\RXVHHSROLWLFDOOHDGHUVVKDNLQJKDQGVDQGSRVLQJIRUSKRWRV
ZLWKRWKHUSHRSOH+RZVHULRXVO\DUHWKH\WDNLQJWKHFRURQDYLUXV"
,ZDVSX]]OHGDWDIXQHUDOWKHRWKHUGD\3ROLFHRIILFHUVULJLGO\HQIRUFHGWKH³SHUVRQV
RQO\´UXOHLQVLGHDIXQHUDOKDOO6RSHRSOHVDWLQWZRURZVRIVHDWLQJZLWKQRVRFLDO
GLVWDQFLQJZKLOHWKHUHVWRIWKHKDOOZDVHPSW\

%XWGR]HQVRISHRSOHPLOOHGDURXQGRXWVLGHVKDNLQJKDQGVVWDQGLQJWRJHWKHUDQGHQJDJLQJ
LQDQLPDWHGFRQYHUVDWLRQV²DQGWKLVGLGQ¶WVHHPWREHDSUREOHP
'RWKHDXWKRULWLHVNQRZZKDWWKHUXOHVDUHWKHUHIRU"

:KHUHZHOHIWRII
%XWEDFNWRWKHOHJDOGUDPD,QWKHODVWHSLVRGH
x 0DJLVWUDWH6LURPL7XUDJDKDGDFTXLWWHGWKUHHSHRSOHLQWZRVHSDUDWHFRXUWFDVHV7KLV
ZDVIRUWKHVLPSOHUHDVRQWKDWHYHQWKRXJKWKH\KDGSOHDGHGJXLOW\KHFRQVLGHUHGWKDWWKH
FULPHWKH\ZHUHDFFXVHGRILQWKHLUFKDUJHGLGQ¶WDFWXDOO\H[LVW
x 7KH$WWRUQH\*HQHUDOKDGFDOOHGDSUHVVFRQIHUHQFHWKHIROORZLQJGD\WRFULWLFLVHRQH
RIWKHGHFLVLRQVDV³IODZHG´7KHQDIHZKRXUVODWHUDFWLQJ&KLHI-XVWLFH.DPDO.XPDU
LVVXHGDVWDWHPHQWWRVD\WKDWD+LJK&RXUWMXGJHKDG³UHYLHZHG´´WKHPDJLVWUDWH¶VGHFLVLRQ
6RWKDWSDUWLFXODUFRXUWFDVHZDVEDFNRQ

7KHODZJLYHVWKHSRZHURIUHYLHZWRWKH+LJK&RXUW%DVLFDOO\DMXGJHKDVWKHSRZHUWR
TXLFNO\FKDQJHDPDJLVWUDWH¶VGHFLVLRQLIKHRUVKHIHHOVWKDWWKHPDJLVWUDWHKDVJRWWHQWKLQJV
VHULRXVO\ZURQJ7KLVLVGLIIHUHQWIURPDQDSSHDO

1RPRUH0DJLVWUDWH7XUDJD
7KHQZHUHDGDERXW0DJLVWUDWH7XUDJDLQWKDWHVWHHPHGQHZVPHGLDRUJDQWKH)LML6XQ
$SSDUHQWO\KHZDVQRORQJHUWREHDPDJLVWUDWH:K\"³+LVFRQWUDFWFDPHXSIRUUHQHZDOVR
LWZDVQ¶WUHQHZHGRQWKHEDVLVRIWKHLQIRUPDWLRQZHKDYH´DFWLQJ&-.XPDUWROGWKH)LML
6XQ

:KDW³LQIRUPDWLRQ´ZDVWKLV"%HFDXVHWKHPDJLVWUDWHWROGWKH)LML6XQWZRPRQWKVDJRKH
KDGEHHQWROGKHZDVGRLQJDJRRGMRE6RJRRGLQIDFWWKDWKHZDVJRLQJWREHFRPHD
0DVWHURIWKH+LJK&RXUW
/DZ\HUV¶JRVVLSJURXSVEX]]HGZLWKWKLVQHZV JUHDWJRVVLSHUVODZ\HUV %XWXQNQRZQWR
PRVWRIWKHPRWKHUWKLQJVZHUHKDSSHQLQJ

 


-XVWLFH7HPRJRHVWRZRUN
-XVWLFH6DLORVL7HPRKDGFDOOHGLQDODZ\HUIURPWKH'33¶VRIILFHDQGRQHIURPWKH/HJDO
$LG&RPPLVVLRQ+HKDGDVWDFNRIFRXUWILOHV±LQDOO³5LJKW´KHVDLG ZHOO,DP
JXHVVLQJKHVDLGVRPHWKLQJOLNHWKLV ±³ZH¶UHJRLQJWRVWDUWDWWKHILUVWILOHDQGJRWKURXJKWR
WKHILQLVK´

2Q0D\DWWKHHQGRIWKDWSURFHVV WKHFRXUWUHFRUGVD\VLWWRRNHLJKWGD\V -XVWLFH7HPR


LVVXHGDUXOLQJ+HWRRKDGH[HUFLVHGWKHSRZHUWRUHYLHZ

+HRYHUWXUQHGRQHFRQYLFWLRQ+HDOVRWKUHZRXWRIWKHVHQWHQFHVLPSRVHGE\WKH
PDJLVWUDWHVRQRWKHUFRURQDYLUXVUXOHEUHDNHUV+HRUGHUHGWKHPDJLVWUDWHVWRORRNDWWKH
VHQWHQFHVDJDLQ
:K\"%HFDXVHKHVDLGWKHVHQWHQFHVZHUHWRRKDUVK7KH\EUHDFKHGSHRSOH¶VFRQVWLWXWLRQDO
ULJKWV

3HRSOHKDYHWKHULJKWXQGHUWKH&RQVWLWXWLRQ VHFWLRQ QRWWREHWUHDWHGKDUVKO\RU


GLVSURSRUWLRQDWHO\E\WKHODZ

-XVWLFH7HPRSRLQWHGRXWWKDWVRPHRIWKHSHRSOHILQHG²KXQGUHGVRUHYHQWKRXVDQGVRI
GROODUV²KDGIHZVRXUFHVRILQFRPHDQGIDPLOLHVWRVXSSRUW7KH\FRXOGQRWDIIRUGLW
³2WKHUVHQWHQFLQJRSWLRQV´KHVDLG³ZHUHQRWH[SORUHG´
-XVWLFH7HPRVHWRXWWKHRWKHURSWLRQVDYDLODEOHWRPDJLVWUDWHV7KH\FRXOGRUGHUVXVSHQGHG
MDLOVHQWHQFHV7KH\FRXOGRUGHUFRPPXQLW\ZRUN7KH\GLGQRWKDYHWRUHFRUGDFRQYLFWLRQDW
DOO
6RKHPRUHRUOHVVWROGWKHPDJLVWUDWHV³ORRNDWDOORIWKHVHFDVHVDJDLQ´

3HUKDSVLW¶VP\LPDJLQDWLRQ EHFDXVHRQWKLV,DPRIUDWKHUWKHVDPHPLQGDV-XVWLFH7HPR 
EXWWKHMXGJPHQWVHHPVWRKDYHVWUXFNDSRSXODUFKRUG

7KHSXEOLFVHHPVDOLWWOHELWWLUHGRIKHDY\KDQGHGSROLFHDFWLRQDQGKHDY\ILQHVLPSRVHGRQ
SHRSOHDOUHDG\VXIIHULQJXQGHUDSDQGHPLFGULYHQHFRQRPLFFUDVK

%XWZDLW DVWKH\VD\LQWKDW79DGZKHUHWKH\SURPLVH\RXIUHHVWHDNNQLYHV 7KHUH¶V


PRUH

-XVWLFH.XPDUUHVSRQGV
)RXUGD\VODWHURQ0D\WKHDFWLQJ&KLHI-XVWLFHLVVXHGKLVRZQUXOLQJ-XVWLFH7HPR¶V
UHYLVLRQVZHUHDOOZURQJKHVDLG-XVWLFH7HPRFRXOGQ¶WUHYLVHDQ\WKLQJXQOHVVKHWKH&KLHI
-XVWLFHKDGILUVWPDGHDUHSRUW
6R-XVWLFH.XPDUVDLG-XVWLFH7HPR¶VGHFLVLRQZDVD³QXOOLW\´:KLFKZRXOGSXWDOOWKH
PDJLVWUDWHV¶FRXUWVMXGJPHQWVUHYLHZHGE\-XVWLFH7HPREDFNWRZKHUHWKH\ZHUHEHIRUH
:KDWLVQRWFOHDUWRPHIURPKLVQLQHSDJHUXOLQJZLWKDOOUHVSHFWWRWKHDFWLQJ&KLHI-XVWLFH
LVZKDWODZKHLVUHO\LQJRQWRFRXQWHUPDQG-XVWLFH7HPR

 


,W¶VRQHWKLQJIRUDMXGJHWRUHYLHZDPDJLVWUDWH¶VGHFLVLRQ%XWQRZKHUHFDQ,VHHKRZD
MXGJH±HYHQWKH&KLHI-XVWLFH±FDQUHYLHZDQRWKHU+LJK&RXUWMXGJH¶VGHFLVLRQ
:HUH-XVWLFH7HPR¶VRUGHUVZURQJDV-XVWLFH.XPDUVD\V"7KDW¶VDPDWWHUIRUDUJXPHQW,
GRQ¶WWKLQNWKH\ZHUHZURQJ±RWKHUVGLVDJUHH RUDUHVWLOOWKLQNLQJDERXWLW 
%XWRUGLQDULO\D+LJK&RXUWMXGJH¶VGHFLVLRQFDQRQO\EHRYHUWXUQHGRQDSSHDOWRWKH)LML
&RXUWRI$SSHDO

7KHVDJDZRQ¶WHQGKHUH
)LML/DZ6RFLHW\SUHVLGHQW/DXUHO9DXUDVLUDLVHGDYDOLGSRLQWLQ7KH)LML7LPHVHDUOLHUWKLV
ZHHN-XVWLFH.XPDU¶VGHFLVLRQVKHVDLGKDGFDXVHGFRQIXVLRQ
,PDJLQH\RXDUHRQHRIWKHSHRSOHDIIHFWHGE\WKHPDJLVWUDWHV¶GHFLVLRQV:KDWQRZ":LOO
\RXEHVHQWHQFHGDJDLQ"2UQRW",V\RXUFRQYLFWLRQRYHUWXUQHG"2UQRW"
,WVHHPVWKDWWKH/DZ6RFLHW\±DQGSHUKDSVRWKHUV±ZLOOEHFKDOOHQJLQJ-XVWLFH.XPDU¶V
UXOLQJ7KLVZLOOOHDYHDQRWKHU+LJK&RXUWMXGJHLQWKHGLIILFXOWSRVLWLRQRIKDYLQJWRGHFLGH
ZKHWKHUWKHDFWLQJ&KLHI-XVWLFHKDGWKHOHJDOSRZHUWRGRZKDWKHGLG
$QGWKLVDOOKDVDSRWHQWLDOO\FRUURVLYHHIIHFWRQFRQILGHQFHLQWKHODZ

0RVWRIXVZDQWWREHDEOHWRJRDERXWHYHU\GD\GRLQJWKHWKLQJVZHGRNQRZLQJWKDWHYHQ
LIWKHODZLVQ¶WFHUWDLQDOOWKHWLPHDWOHDVWWKHOHJDOV\VWHPLVFOHDUWRXV

$QGDIWHUDOOWKLVMXGLFLDOEDFNDQGIRUWKLWUHDOO\LVQRWFOHDUWRPDQ\RIXVKRZWKHV\VWHPLV
ZRUNLQJ

0D\EHZH¶OOMXVWKDYHWRZDLWIRUWKHILUVWHSLVRGHRIWKHQH[WVHDVRQ
x 5LFKDUG1DLGXLVD6XYDODZ\HUZKRVHODZILUPZRUNVIRU7KH)LML7LPHV+HLV
DOVRUHSUHVHQWLQJVRPHRIWKHSHRSOHSURVHFXWHGXQGHUFRURQDYLUXVODZV7KHYLHZVLQ
WKLVDUWLFOHDUHQRWQHFHVVDULO\WKHYLHZVRIWKLVQHZVSDSHU

KWWSVZZZILMLWLPHVFRPSDQGHPLFODZDZKROHGUDPDVHULHV 


5HTXLUHG

D  :KRGR\RXWKLQNLVFRUUHFW-XVWLFH7HPR0DJLVWUDWH7XUDJD&KLHI-XVWLFHRUWKH/DZ
6RFLHW\"'LVFXVV 5 marks 
E  :KHQ D MXYHQLOH FRPPLWV DQ RIIHQFH WKHLU SDUHQWV DUH FKDUJHG E\ WKH SROLFH IRU
QHJOLJHQFH RI GXW\ 'R \RX WKLQN SDUHQWV VKRXOG EH FKDUJHG WRR IRU QHJOLJHQFH RI GXW\
ZKHQWKHLUFKLOGZKRLVDMXYHQLOHEUHDFKHGWKHFXUIHZKRXUVLQ)LML'LVFXVV 5 marks 
F  'R\RXDJUHHZLOOWKHLPSOHPHQWDWLRQRIWKH FXUIHZKRXUVLQ6XYDZKHQWKHILUVWGHDWK
DQG LQGLYLGXDOV XQGHU TXDUDQWLQH DUH ORFDWHG LQ /DXWRND ZKLFK LV  NLORPHWHUV DZD\
IURP6XYD"'LVFXVV 5 marks 



 



48(67,217:2       PDUNV
use approximately 45 minutes 

Powerful investor group calls for Crown directors to
'reconsider' their roles
%\3DWULFN+DWFKDQG6DUDK'DQFNHUW
2FWREHU²DP
7KHSRZHUIXODGYLVRU\JURXSUHSUHVHQWLQJ$XVWUDOLD¶VLQGXVWU\VXSHUDQQXDWLRQIXQGJLDQWVRQ
JRYHUQDQFH KDV EODVWHG WKH ERDUG RI &URZQ 5HVRUWV DQG LV FDOOLQJ RQ GLUHFWRUV WR FRQVLGHU
UHVLJQLQJ IROORZLQJ GDPDJLQJ UHYHODWLRQV DERXW WKHLU LQGHSHQGHQFH DQG RYHUVLJKW RI WKH
FDVLQRJLDQW

7KH $XVWUDOLDQ &RXQFLO RI 6XSHUDQQXDWLRQ ,QYHVWRUV ZKLFK DGYLVHV IXQGV RYHUVHHLQJ 
WULOOLRQ RI LQYHVWPHQWV LV HQFRXUDJLQJ LWV PHPEHUV WR YRWH DJDLQVW WKH &URZQ GLUHFWRUV
VWDQGLQJ IRU UHHOHFWLRQ DW LWV DQQXDO JHQHUDO PHHWLQJ QH[W ZHHN LQ SURWHVW RYHU KRZ WKH
FRPSDQ\KDVEHHQUXQ

7KUHH GLUHFWRUV DUH VWDQGLQJ IRU UHHOHFWLRQ DW WKH PHHWLQJ LQFOXGLQJ NH\ -DPHV 3DFNHU
OLHXWHQDQW*X\-DOODQGZKRQHJRWLDWHGWKHVDOHRIDSHUFHQWVWDNHIRUWKHELOOLRQDLUHWR
+RQJ .RQJ
V 0HOFR 5HVRUWV LQ D VLQFH DEDQGRQHG GHDO WKDW SXW &URZQ
V 6\GQH\ FDVLQR
OLFHQFHDWULVN

7ZRLQGHSHQGHQWGLUHFWRUVDUHDOVRVWDQGLQJIRUUHHOHFWLRQ-DQH+DOWRQDQG-RKQ+RUYDWK
7KH ODWWHU
V LQGHSHQGHQFH ZDV TXHVWLRQHG RQ :HGQHVGD\ ZKHQ LW HPHUJHG KH ZDV .HUU\
3DFNHU
VORQJWLPHSHUVRQDOSK\VLFLDQDQGRYHUVDZWKHPDJQDWH
VNLGQH\WUDQVSODQWLQ

:KLOH0U3DFNHUZKRRZQVSHUFHQWRIWKHFRPSDQ\KDVJLYHQQRLQGLFDWLRQRIKRZKH
ZLOOYRWHKHVDLGLQHYLGHQFHODVWZHHNKHH[SHFWHGFKDQJHVWRWKHERDUGZRXOGEHUHTXLUHG
WRPDNH&URZQDILWFRPSDQ\WRKROGDFDVLQROLFHQFH

&URZQ
V FRUSRUDWH JRYHUQDQFH KDV EHHQ XQGHU ILUH LQ UHFHQW ZHHNV IROORZLQJ HYLGHQFH DW D
16: ,QGHSHQGHQW /LTXRU DQG *DPLQJ $XWKRULW\ SURELW\ LQTXLU\ DERXW WKH FDVLQR JURXS
V
VHFUHWGHDOWRSDVVRQVHQVLWLYHILQDQFLDOLQIRUPDWLRQWRLWVODUJHVWVKDUHKROGHU-DPHV3DFNHU
7KH LQTXLU\ KDV DOVR JULOOHG LQGHSHQGHQW GLUHFWRUV LQFOXGLQJ+DUROG 0LWFKHOODQG$QGUHZ
'HPHWULRXZKRERWKKDGWKHLULQGHSHQGHQFHIURP0U3DFNHUFDOOHGLQWRTXHVWLRQ

,QYHVWRUV ZLOO EH ORRNLQJ IRU GLUHFWRU DFFRXQWDELOLW\ IRU WKHLU RYHUVLJKW RI JRYHUQDQFH
IDLOXUHV LGHQWLILHG GXULQJ WKH 16: FDVLQR LQTXLU\ $&6, FKLHI H[HFXWLYH /RXLVH 'DYLGVRQ
VDLG 7KHVH LQFOXGH WKH ERDUGDSSURYHG SULYDWH EULHILQJ RI VKDUHKROGHUV RYHUVLJKW RI DQWL
PRQH\ ODXQGHULQJ SURFHVV DQG WKH µLOODGYLVHG¶ SXEOLF UHVSRQVH WR FRQFHUQV RYHU &URZQ¶V
SUDFWLFHV

0V 'DYLGVRQ VDLG WKH HQWLUH ERDUG RI &URZQ PXVW EH KHOG DFFRXQWDEOH %H\RQG WKH WKUHH
GLUHFWRUVVHHNLQJUHHOHFWLRQZKDWZHKDYHKHDUGLQWKHLQTXLU\UHIOHFWVSRRUO\RQWKHERDUG
DVDZKROH$QXPEHURIORQJVHUYLQJGLUHFWRUVVKRXOGEHFRQVLGHULQJWKHLUSRVLWLRQLQOLJKW
RIZKDWKDVHPHUJHGVKHVDLG

 


7KH SURELW\ LQTXLU\ ZDV VSDUNHG E\ D VHULHV RI UHSRUWV E\The AgeThe Sydney Morning
HeraldDQG60 MinutesWKDWUHYHDOHG&URZQKDGJRQHLQWREXVLQHVVZLWKMXQNHWRSHUDWRUVWKDW
KDYH OLQNV WR RUJDQLVHG FULPH LQ $VLD DQG LWV IDLOXUH WR VWRS PRQH\ ODXQGHULQJ DW LWV
0HOERXUQHDQG3HUWKFDVLQRV

&URZQLQLWLDOO\WRRNRXWQHZVSDSHUDGYHUWLVHPHQWVFODLPLQJWKHUHSRUWVZHUHVHQVDWLRQDODQG
LQFOXGHGHUURUVEXW0U3DFNHUDQGRWKHU&URZQILJXUHVKDYHVLQFHFRQFHGHGWKHDGVPLVOHG
LQYHVWRUV

0V 'DYLGVRQ ZDV SDUWLFXODUO\ FULWLFDO RI WKH VHFUHW SURWRFRO VLJQHG E\ WKH ERDUG WRSDVV RQ
LQIRUPDWLRQWR-DPHV3DFNHU
VSULYDWHLQYHVWPHQWYHKLFOH&RQVROLGDWHG3UHVV+ROGLQJV &3+ 
WKDWZDVQRWVKDUHGZLWKRWKHUGLUHFWRUV

7KH FRQILGHQWLDO ERDUGDSSURYHG SURFHVV RI SURYLGLQJ GDLO\ ILQDQFLDO UHSRUWLQJ WR &3+ LV
VRPHWKLQJZHKDYHQRWVHHQEHIRUHLQDQ$6;FRPSDQ\DQGZHKRSHWKDWZHQHYHUVHHLW
DJDLQ

3URPLQHQWDGYLVRU\JURXS2ZQHUVKLS0DWWHUVZKLFKDGYLVHVLQGXVWU\IXQGVDVZHOODVRWKHU
LQVWLWXWLRQDOLQYHVWRUVRQJRYHUQDQFHKDVDOVRUHFRPPHQGHG&URZQVKDUHKROGHUVYRWHGRZQ
WKHUHHOHFWLRQV7ZRRWKHUDGYLVRU\KRXVHV,66DQG&*,*ODVV/HZLVKDYHUHFRPPHQGHG
VKDUHKROGHUVVXSSRUWWKHGLUHFWRUV

$&6,
V PHPEHUV RZQ DERXW  SHU FHQW RI WKH VKDUHV LQ &URZQ $XVWUDOLDQ IXQG PDQDJHU
3HUSHWXDO ZKLFK RZQV DERXW  SHU FHQW KDV GHFOLQHG WR FRPPHQW ZKLOH WKH LQTXLU\ LV
RQJRLQJ $PHULFDQ SULYDWH HTXLW\ ILUP %ODFNVWRQH ZKLFK RZQV DOPRVW  SHU FHQW DQG
KDVUHFHQWO\DSSOLHGIRUUHJXODWRU\DSSURYDOWRLQFUHDVHLWVVWDNHGHFOLQHGWRFRPPHQW

3URIHVVRU +RUYDWK WROG WKH LQTXLU\ RQ :HGQHVGD\ WKHUH KDG EHHQ IDLOLQJV LQ KRZ &URZQ
KDQGOHG LWV MXQNHW SDUWQHUVKLSV LWV DQWLPRQH\ ODXQGHULQJ UHJLPH DQG LQ FRUSRUDWH
JRYHUQDQFH

3URIHVVRU+RUYDWKKDVEHHQRQWKHERDUGDVDQLQGHSHQGHQWGLUHFWRUIRU\HDUVDQGLVDOVR
WKHFKDLURI&URZQ0HOERXUQH¶VFRPSOLDQFHFRPPLWWHHZKLFKLVUHVSRQVLEOHIRUHQVXULQJLW
PHHWVLWVOHJDOREOLJDWLRQVZLWKWKH9LFWRULDQJDPEOLQJUHJXODWRU

,QKLQGVLJKWVRPHRIWKHPDWHULDOWKDWKDVFRPHRXWRIWKHLQTXLU\VXJJHVWVWKHUHKDYHEHHQ
WKLQJV WKDW ZH GLG QRW DWWHQG WR 3URIHVVRU +RUYDWK VDLG ZKHQ DVNHG DERXW WKH IDLOLQJV
PLVVHGE\KLVFRPSOLDQFHFRPPLWWHH

3URIHVVRU+RUYDWKDOVRVDLGKHZDVQRWDZDUHRIWKHZLGHO\DFFHSWHGIDFWWKDWPDQ\MXQNHWV
RSHUDWLQJ RXW RI 0DFDX KDG OLQNV WR RUJDQLVHG FULPH +RZ GLG \RX PLVV WKDW" FRXQVHO
DVVLVWLQJ1DRPL6KDUS6&DVNHG,WZDVQRWVRPHWKLQJ,UHDG3URIHVVRU+RUYDWKUHSOLHG

KWWSVZZZVPKFRPDXEXVLQHVVFRPSDQLHVSRZHUIXOLQYHVWRUJURXSFDOOVIRUFURZQ
GLUHFWRUVWRUHFRQVLGHUWKHLUUROHVSLKWPO 



 


Required
7KHFDVHGLVFXVVHGLPSRUWDQWLVVXHVFRQFHUQLQJ%RDUGRI'LUHFWRUV5HDGWKHFDVHDQGDQVZHU
WKHIROORZLQJTXHVWLRQV

L $GYLVHWKHFRPPLWWHHZKHWKHUWKHUHLVDQ\EUHDFKRIWKHOHJLVODWLRQ 10 marks 
LL ,IWKHUHLVDQ\EUHDFKLQWKHOHJLVODWLRQLGHQWLI\DWOHDVWWKUHH  SHUVRQVZKRVKRXOG
EHFKDUJHGDQGGLVFXVVWKHRIIHQFHWKH\VKRXOGEHFKDUJHGZLWK"6XSSRUW\RXUYLHZV
E\XVLQJWKUHH  VHFWLRQVIURPDUHOHYDQWOHJLVODWLRQ 20 marks 

1RWH
x $UJXPHQWVVKRXOGEHEDVHGRQHLWKHUWKH)LMLDQRU$XVWUDOLDQOHJLVODWLRQ
x 7KHWKUHH  VHFWLRQVVKRXOGEHXVHGWRFKDUJHWKHWKUHHVXVSHFWV

 



48(67,217+5((   marks 
use approximately 45 minutes 

<RXKDYHDOUHDG\DQDO\VHGCapricorn Diamonds Investments Pty Ltd v Catto and Ors [2002]
VSC 105 (10 April (2002). 


5HTXLUHG

D 1DPHWKHIRUHQVLFDFFRXQWDQWH[SHUWVHQJDJHGLQWKHFDVHODZDQGGLVFXVVWKHLUUHOHYDQW
TXDOLILFDWLRQV" 8 marks 
E 'LVFXVVDWOHDVWWZR  ILQGLQJVRIWKHIRUHQVLFDFFRXQWDQWH[SHUWV" 8 marks 
F ,GHQWLI\ZKLFKIRUHQVLFDFFRXQWDQWH[SHUW¶VUHSRUWZDVDFFHSWHGDQGWKHUHDVRQVSURYLGHG
E\WKHFRXUWIRUDFFHSWLQJWKHIRUHQVLFDFFRXQWDQW¶VH[SHUWUHSRUW" 7 marks 
G ([SODLQ WKH µ2SLQLRQ 5XOH¶ WR WKH IRUHQVLF DFFRXQWDQW ZKRVH H[SHUW UHSRUW ZDV QRW
DGPLVVLEOHLQFRXUW" 7 marks 







 



48(67,21)285   marks 
use approximately 45 minutes 

7+( 2)),&( 2) 7+( ',5(&725 2) 38%/,& 3526(&87,216
³'(7(&7,1*021(</$81'(5,1*´
An Address by the Director of Public Prosecutions, Mr Christopher Pryde, at the National
Anti-Money Laundering Conference held at the Holiday Inn on the 20th November 2013

5RELQ6K\DPZDVDQHPSOR\HHRI)5&$DQGVXFFHHGHGLQODXQGHULQJWKURXJKDQ
HODERUDWHVFDPWKDWLQYROYHGIUDXGXOHQW)5&$WD[UHWXUQV7KLVPRQH\ZDVWKHQVLSKRQHGRII
WKURXJKEDQNDFFRXQWVEHORQJLQJWRLQGLYLGXDOVWKDWZHUHIDPLO\PHPEHUVRUIULHQGVRI
0U 6K\DP 7KH PRQLHV ZHUH WKHQ ZLWKGUDZQ E\ WKH LQGLYLGXDOV IURP WKHLU RZQ EDQN
DFFRXQWVDQGIRUZDUGHGWR0U6K\DP7KHODXQGHULQJFRQWLQXHGIRU\HDUVZLWKRXWGHWHFWLRQ
HLWKHU E\)5&$ RU WKHEDQNV 7KH FDVH RQO\FDPH WR OLJKW ZKHQWKHVH  LQGLYLGXDOV ZKRVH
EDQN DFFRXQWV ZHUH UHFHLYLQJ WKH LOOLFLW IXQGV EHFDPH VXVSLFLRXV DQG D FRXSOH RI WKHP
GHFLGHGWRUHSRUWWKHPDWWHUWRWKHSROLFH%\WKLVWLPHKRZHYHUWKHZDVORQJJRQH
DQG XQWUDFHDEOH WR D ODUJH H[WHQW 0U 6K\DP ZDV KRZHYHU VHQWHQFHG WR  \HDUV
LPSULVRQPHQW ,QWHUHVWLQJO\ LQ WKLV FDVH LW ZDV WKH IDPLO\ DQG IULHQGV ZKR UHSRUWHG WKHLU
VXVSLFLRQVWRWKHDXWKRULWLHVZKLFKVKRZVWKDWWKHSXEOLFQHHGDOVRWREHLQYROYHGLQKHOSLQJ
WR GHWHFW PRQH\ ODXQGHULQJ ,W LV XQFHUWDLQ KRZ ORQJ WKH RIIHQGLQJ PLJKW KDYH FRQWLQXHG
ZHUHLWQRWIRUWKHVHSHRSOHFRPLQJIRUZDUG

KWWSRGSSFRPIMZSFRQWHQWXSORDGV6SHHFK'33VDGGUHVVWR$QWL0RQH\
/DXQGHULQJ&RQIHUHQFHSGI 


Required
5HIHUWRWKHSUHVHQWDWLRQE\WKH2IILFHRIWKH'LUHFWRU3URVHFXWLRQVLQ)LMLDQG0U-RML
&DNDXVHVH 'HIHQVH&RXQVHO 
Note:6XSSRUW\RXUDQVZHUVZLWKUHOHYDQWH[DPSOHVIURPWKHDERYH5RELQ6K\DPFDVH
D  ,GHQWLI\DQGGLVFXVVWKHPDLQHOHPHQWVRIDFULPLQDORIIHQFH 5 marks 
E  'LVFXVVWKH7ZRWLHUWHVWWKHSURVHFXWLRQZLOOXVH" 5 marks).
F  ,GHQWLI\DQGGLVFXVVRQH  HOHPHQWRIPRQH\ODXQGHULQJWKHVXEMHFWLVFKDUJHGZLWK
7 marks).
G  ([SODLQ IRXU   ZD\V WKH GHIHQVH FRXQVHO ZLOO FUHDWH GRXEW LQ WKH DERYH FDVH" 8
marks)









µ3/($6(67$<6$)(¶

 

You might also like