PUBLIC EXAMINATIONS

 
The following parties have been summoned to appear at Public Examinations to be conducted into the affairs of Australian Property Custodian Holdings Ltd (APCH), the Responsible Entity for the Prime Retirement & Aged Care Property Trust:

APCH Parties

• Mr William Lewski, former Managing Director or APCH
• Mr Philip Powell, former Managing Director of APCH
• Mr Neil Rodaway, Managing Director of APCH
• Mr Mahanthran Krishnan, former Company Secretary of APCH
• Ms Lorna Gelbert, Partner, Madgwicks, Lawyers for APCH
• Mr Graeme Levy, Partner, Madgwicks, Lawyers for APCH

Lend Lease Primelife (LLP) Parties

• Mr Paul Walsh, Chief Executive Officer, LLP
• Mr David Payne, General Manager, Retirement Villages, LLP
• Mr Wai See Chung, Head of Legal, LLP
• Mr Peter Velez, Partner, Watson Mangioni, Lawyers for LLP

The examinations are expected to take place in the Supreme Court of Victoria on 22-24 August 2011.
 
The examinations are expected to focus on how the retirement village management rights were created and transferred to Mr Lewski, and the process by which Mr Lewski then sold such rights shortly thereafter to Babcock & Brown Communities Ltd (now Lend Lease Primelife) for $60 million. The Prime Trust Action Group believes that the restructure of the village management rights also led to a massive write-down in the value of the retirement villages and diverted large income streams away from the Trust for the benefit of other parties. The Action Group believes that the sale of the management rights was the single biggest issue leading to the collapse of the Trust.

Court documents relating to the Summonses are attached for the information of Action Group members.

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