US Fraud Puts Heat on Lend Lease Projects in Australia
Unitholders may be interested to read the attached articles from the "The Australian" and "The Australian Financial Review" dated 26 April 2012.
The articles refers to Lend Lease, in order to avoid criminal charges, being required to pay more than $50 million in fines and client refunds, following a three year investigation by the FBI.
The articles also refer to statements by the National Secretary of the Constrruction Forestry Mining and Energy Union (CFMEU) that all Lend Lease clients should be reviewing Lend Lease's conduct in relation to Australian projects.
As mentioned on numerous previous occasions, the Prime Trust Action Group continues to believe that Lend Lease Primelife does not have proper title to the management rights over the Prime Trust villages and that these rights should be immediately forfeited back to the Trust, together with all revenue earned since 2007, interest thereon at commercial rates and potentially other amounts.
The articles are attached below for the information of unitholders: