Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1697627922174.pdf (Australia)
Subject: MIS Inquiry Timercorp Ref: Failure of Timber corp and its effects on myself and my family.

I invested in the 2008 Almond project with Timbercorp as a long term investment that was to be a form of security for myself and my wife.

Originally we emigrated from Zimbabwe in 2005 with our suitcases after having our family investments taken away from us by the Zimbabwean government in their land reform.
Being in our late 30’s we had to work hard to provide for our family and save to put a deposit on a house.

With the stress of providing a living for the family and the collapse of Timercorp, my wife was diagnosed with depression which she managed and is still struggling to keep under control.

I try keep a lot of the Timbercorp issues to myself so I can keep my family sheltered, safe & stress free, but in turn the effect this whole thing is having on me is huge and feel I wish I could just disappear.
Any call or email I receive I think it might be more bad news about this unlawful act that has destroyed some many people.

I struggle to understand how a company can advertise an investment with great return, then before there is even a crop in the ground the whole project defaults but they still charge an annual management fee and interest charges on a project that did not even exist.
Timbercorp sold something to people, they could not deliver the goods, so I see no reason why we should have pay for something that does not exist.

I was paying for a physical investment, not a Nigerian scam over the internet, so I feel Timbercorp is responsible and should not expect a cent from its trusting investors.
The only people that benefited were the Financial planners that got their commission for selling as many projects as they could and Timbercorp for selling projects to cover their debt from previous mismanaged projects.

Your help in this matter will be greatly appreciated.

Forestry managed investment schemesSubmission 77