Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1697627873705.pdf (Australia)
Senate Inquiry: the Forestry managed investment schemes My experience in the MIS schemes its associated/supported products and how it has played out for me and the winners and losers from end to end perspective.

I have tried to remove all emotion and keep to the facts as I know them.

Approximately 1980’s I was recommended to HNAB (holt norman ashman baker) by a college.

Approximately 1995 I entered into MIS bluegum 15 year investment cost $120 month on one condition from exwife house not at risk.
As per SOA advise from accountant against my interest of realestate but advised over capitalized as buying house already.

MIS scheme is more fluid and can be bought and sold and additionally the SOA fee of $1500 is waived if I take the advised.

Due diligence all backed by Government, long term investment for super CPA, backed by the banks, highly recommended and designed to promote growth for Australia.
Approximately 2000’s-2007 HNAB SOA’s for other products taken on board recommendations now 9 loans in total 135k with Margin loan 300k maintained at 50% to ensure mitigation of margin calls and any loss.

At least seven of the loans was submitted without my knowledge and witnessed by people I have not even met.

Each year have to SOA and have to take on new project to get a tax rebate so can meet payments.
Now caught up in a catch 22 pyramid scheme that can’t get out and accountant won’t buy them Approximately 2007/9 Global Financial Crisis and Timbercorp collapse.

HNAB let margin loan get out to 96% but my efforts in putting more money in could not keep up and after exhausting my funds had to let it go.

HNAB Forestry managed investment schemesSubmission 42 took a gamble that it would bounce back and did not maintain and it would not have been lost.
Impact now is nothing to fund loans, projects collapsing and ANZ now chasing money where they caused collapse by pulling funding.

Meeting with my ex accountant at HNAB William (Bill) Norman advise what happened that all gone projects/margin loans but offers another margin loan.

Exwife has major attack in his office of stress which triggers a medical issue which requires operation.

Before scheduled operation major attach and emergency surgery on abdomen.

Almost dies but recovers after about two years.


Then advised from what thought was scar tissue on abdomen is actually a desmoid abdominal tumor from hip up into ribs.

Apparently happens to about 1 in million who have abdominal surgery.

Has radiation and survives but her life is ruined as she is now disabled, constant pain and on drugs etc etc.

Surgery option is to cut whole basket ball size in a petite person, virtually cut you in half and then 60% chance tumor will come back.
Oh and the marriage fell apart but I am there for kids and give her assistance as it was me who got her into it.

Accountants HNAB Bill Norman and Peter Holt file bankruptcy owing about 60 million to clients.

Only had 2 million insurance and that was used on their select clients.

Banned by ASIC for finance advise.

Both had very good exit strategies so they able to have luxury houses, cars and able to earn incomes via other streams, MCC Members, Kingston Heath Golf club members.
Served three years now back out destroying other peoples lives.

They have been on ACA and and there is facebook group Hnab Actiongroup dedicated to helping the 100’s of people destroyed by ?HNAB and mis schemes.

Approximately 2007 – 2013 all projects failed directly or transferred to other responsible entities who kept projects going to get moneys but eventually failed.

The interest of the investors was not taken into account.
Forestry managed investment schemesSubmission 42 2009 ANZ Bank pulled support and Timbercorp collapsed and ANZ has KordaMentha in as administrator to get the 440million loans from project clients which they initially backed, My opinion is that ANZ does not live in my world soon as they seen risk pulled financial support creating collapse and could not care of the impact on people’s lives.

ANZ was the primary reason for collapse but they had no risk in collecting money or conscience of impact.
Approx 2009 Joined Class action M&K advised strong case.

2013 class action finised.

Went from owing 135k to 235k.

Justice Judd ruled against stating PDS disclosed risk and risk of bank funding being removed not issue until 2009.

Appeal – 2000’s went ahead and failed on ruling that single client did not use the PDS to assess the Risk.

In my opinion if this had of been a jury trial the class action would have been a success.
The judgement that the client did not use the PDS which is a Government regulated document by ASIC to protect clients is disgraceful.

In my opinion the judges in the case and appeals made judgements that do not support common sense.

In my opinion when something like this happens the lawyers etc are like vultures M&K.

They now spruik that clients got a 15% discount and similar results for older cases to get you in.
But they don’t explain that the loans had gone up 100% so in reality their result is an increase of 85% and this is Forestry managed investment schemesSubmission 42 not a success.

Law firms should have to give their real results in such cases as part of regulation so that their clients are not deceived.

My incentive to get into the projects as were most was to invest for the future superannuation, Support the Australian economy and to build a better country.
In my opinion what can be learnt is: Australian Government was a primary driver for the projects to stimulate the economy with sustainable forestry.

(I support and applaud the idea behind it).

The lack of regulation supporting the MIS schemes ultimately caused collapse.

The judges ruled against so as to move blame from the government to the client.

The ANZ bank is run by ALIENS as they are not from this world and do not have a conscience.
I paid my loans in 2014 just prior to end of financial year to minimize impact.

Submitted the 9 forms for the loans with the 15% discount (or 85% increase) and was given a total figure direct pay to ANZ.

This figure was around 200k which is above the 135k originally owed so ANZ got a good deal.

I moved on with my life having had this stressful situation put behind me.
Two months later 20 July receive demand notices from ANZ/KordaMentha/ TimberCorp finance about payments after now getting on with my life.

They now advise I did everything right but they had admin error and left out the figure for one of the loans.

I emailed Craig Sheppard and Mark Korda about a better deal than the 85% increase via the 13.5% compound interest being charged.

I was advised there is no negation or other deal being offered.
Forestry managed investment schemesSubmission 42 Korda Mentha (Mark Korda, Craig Sheppard / ) advise acting in best interest of ANZ/creditor and they don’t care about the impact of their error and just want the remaining 14k.

I don’t think that they are acting in the interest of the client ANZ by not keeping ANZ informed of their error and impact.
So I have contacted ANZ reference to advise of the clerical error of their agent Korda Mentha and to review the error and additional impact and a fair compensation would be to waive the 14k remaining.

This document has been emailed to ANZ and the final feedback from ANZ is that Korda Mnetha decision stands.

I will break the news to the EX that she needs to come up with 7k her share and that ANZ and Korda Mentha don’t think the additional impact to me or her is worth any compensation.
Not sure how she will go given she had to cash her superannuation to pay initially.

I have advised Korda Mentha full payment be on or prior 15th Aug 2014.

My opinion is that the administrator Korda Mentha was directed by ANZ to show no mercy and get every cent they could at 13.5% compound interest while it was being judged.

I recommend that there is a set interest rate during disputes such as this as to not disadvantage either party.
My opinion is that ANZ is sacrificing Australian customers to fund it’s Chinese banking investiment by destabilizing the Australian economy to foster greater Chinese investment into Australian real estate.

My recommendation is that ANZ executive commissions , financial advisers and others should be performance based in line with the longer term returns that the client receives above and beyond a set threshold.

This will ensure that the client’s interests are always in the forefront.
ANZ/KordaMentha/ TimberCorp now want payment for it and will not waive it or negotiate on how this has had additional impact.

Does not matter they stuffed up, financially I was not ready for it, does not fit in my strategy and I believe I was unfairly prejudiced as the offer does not take into account the stress they have brought back.

Forestry managed investment schemesSubmission 42 My impact summary.
Lost house, disabled wife, lost wife, monetary loss around 1 million, not able to provide for my children as I had planned.

My elderly parents who have dementia and cancer that I can’t give the care I would like.

I could go on but want to keep brief so that it is more likely to be read.

The last 7 years has been a nightmare but I am resilient.

No amount of money could compensate me.

ANZ wins effectively get to double dip and double their loans at cost of clients.

KordaMentha wins at cost of clients.


McphersonKelly Wins at cost of clients.

Australian Government wins – gets all the tax received from schemes which they approve/support.

Client – loses big time ASIC – lose as get smashed by clients and they have little to no power.

CPA – are a joke will investigate rogue accountants give fine but not disclose any findings.

Lastly I would like to thank all involved in the HNAB Action group for all the support.
I am happy to be contacted via the senate inquiry at my discretion or via the Holt Norman Action Group who are on the Internet.

Reason is I have chosen not to tell anyone due to shame and prejudice.

Also not sure what I can say outside inquiry based documents signed.

Forestry managed investment schemesSubmission 42