Blue Mountains Council engaged Oakvale Capital as their Investment advisor between 2008 and 2013.
As far back as 2009 Oakvale were in the news and things were going bad for them. Back then they paid a multi million dollar settlement to Ceramic Fuels Pty Ltd over negligent investment advice.
Things got worse for Oakvale… they subsequently ended up with 9 Federal Court cases against them including being sued by 7 other Local Councils.
In 2013, I contacted Blue Mountains Council to express my concerns that a company like Oakvale was being engaged by BMCC to the tune of around $150,000.
I then received this “brush off” letter from BMCC
You can download the full letter here.
A few months later, at the Council meeting of the 23rd July 2013 Council quietly slipped away from their arrangement with Oakvale.
No mention was made of the many legal actions against Oakvale by other Councils. The resolution was buried in amongst hundreds of pages of the meeting’s business papers ensuring that hardly anyone would would notice it. The public were never allowed to know anything about BMCC’s relationship with failed Investment adviser Oakvale Capital.
I have tried to get answers but have been ignored. BMCC thinks it is fine to just say to me that they have “no concerns” with no explanation whatsoever as to why. If there really are “no concerns” it should be made public so we can know what has gone on.
I think a system needs to be introduced at BMCC where contractors like Oakvale are subject to periodic reviews and their names are published on a public register. We can not tolerate the current lack of scrutiny and lack of transparency that surrounds payments to contractors.
Here is the Federal Court case lists against Oakvale that BMCC didn’t want anyone to know about.
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