Just days after it became public that the corporate regulator had ended its investigation into the Offset Alpine affair, it has emerged that the Rivkin estate, controlled by bankruptcy trustees Anthony Warner and Steven Kugel, has been given the green light to pursue one of Rivkin’s Swiss bankers for making “unauthorised transactions”.

Mr Warner told The Australian yesterday that after trawling through Rivkin’s bank account details he had on Friday received news from Switzerland that he could proceed with the claim.

It is understood Australian Securities and Investments Commission chairman Tony D’Aloisio decided four weeks ago to end the legal battle to uncover who owned the parcel of Offset Alpine shares that soared in value after a fire at the company’s Sydney printing plant in 1993.

Trevor Kennedy, a former Qantas director, was told two weeks ago of the decision and his friends believe he has been unfairly pursued and his business interests have suffered as a result of the investigation.

“It is a very sad indictment on law enforcement in Australia,” said one friend yesterday, “that someone of Trevor’s prominence has had to live the last seven years of his life in limbo, without any claim or charge being made.”

One of the longest-running investigations on ASIC’s books, the Offset Alpine investigation began in 2003 after revelations that Rivkin had told Swiss prosecutors that he, Mr Kennedy and Labor powerbroker Graham Richardson were the owners of a secret parcel of Offset Alpine shares. A fire on Christmas Eve 1993 triggered a massive insurance payment and a surge in the share price. Mr Kennedy told ASIC he knew nothing of the shareholding and Mr Richardson also denied ownership.

ASIC was looking at possible perjury charges and also civil charges into not declaring share ownership.

But in recent years ASIC has not discovered any smoking guns despite spending millions of dollars tracking down documents all around the world.

Rivkin died in 2005, Mr Richardson was no longer a serious target and ASIC homed in on Mr Kennedy.

Last November, The Australian learned that Swiss authorities had rejected Australia’s latest request for further documents. ASIC had already received a huge bundle of documents, but they did not prove anything.

The following month, court proceedings in the Isle of Man became tense when ASIC was accused of a “further major change in its position”, described as “at best, highly confused, inconsistent and deeply unsatisfactory”.

The Australian has uncovered some sympathy for ASIC in the English courts, with a judge saying last year “it is a total disgrace that as a result of Mr Hafner’s intervention in these proceedings there has been such a huge delay in the transmission of evidence to Australia for many years”. Benno Hafner was Rivkin’s Swiss lawyer.

The dropping by ASIC of the Offset Alpine investigation is viewed by some in the business community as a shrewd decision.

After the losses in the One.Tel and Fortescue Metals cases, ASIC took a long look at Offset.

Mr D’Aloisio has restructured the litigation department since his appointment and worked hard to secure insider trading and market manipulation charges.

Yesterday, one observer said of his decision: “He has had the courage to do what is correct.”

by Susannah Moran, The Australian, May 31, 2010 12:00AM

An executive director of the serious organised crime division of the Australian Crime Commission (“ACC”) said the accountant illegally conspired with others to evade paying between $25.78 million and $27.68 million in tax, involving family trusts, between 1999 and 2001.

Mr Thomson, by using false documents deliberately attempted to hide profits generated by his clients’ businesses and knowingly misled the Australian government to ensure his clients did not pay their required tax.

The executive fo the ACC said accountants and lawyers who help clients evade their tax responsibility by using complicated, deceptive schemes such as this one, will be investigated and prosecuted.

Thomson was arrested as part of Project Wickenby, conducted jointly by the Australian Tax Office, Australian Federal Police, Australian Crime Commission, Australian Securities and Investments Commission, and the Commonwealth Director of Public Prosecutions.

Tax Commissioner Michael D’Ascenzo said the commission would continue to crack down on undeclared offshore accounts.

Mr D’Ascenzo said in a statement “Our ability to trace fund flows around the world is constantly expanding and we are identifying transactions and participants in abusive secrecy haven schemes,”.

“This sentencing sends a clear message to participants and promoters of complex offshore schemes that they will face serious consequences.”

CRS Warner Kugel, specialised liquidators and bankruptcy trustees have been appointed to bankruptcies directly from the Wikenby investigations. We also have extensive experience in dealing with secrecy haven schemes and undeclared offshore accounts through administering the Estate of the Late Rene Rivkin.

As liquidators and bankruptcy trustees, insolvency experts generally, we are often confronted with questions from company directors and individuals†who have†concerns about their credit record being negatively affected.

The advice contained in this article is worthwhile and hence is listed in our blog.

At the end of the day,†there are situations that†people cannot avoid and while there will be some negative affect on credit rating,†both liquidation and bankruptcy will provide breathing space from an overwhleming debt situation and allow a new and fresh financial start.

“Step 1 – Know your credit
BEFORE banks or non-bank lenders lend you money for a car or a home, or phone companies enter into a mobile phone contract with you, they look at your credit record to assess whether you have a good record of repaying your debts.

A bad credit file can cost you a lot in the long term. If you havenít paid your bills, or if you’ve had your power cut off, your car repossessed or skipped payments, exceeded card limits or defaulted, you could be refused a loan or be charged a higher interest rate.

You can obtain a copy of your credit file for free within 10 working days by contacting Veda Advantage at www.mycreditfile.com.au (alternatively, you can pay a fee to have your credit file delivered more quickly).

Importantly they contain records of overdue payments of 60 days or more when you have been sent a letter notifying you of the default. Also ëclear outí listings – when the credit provider has unsuccessfully tried to contact you in writing and has reported you as a missing debtor.

Step 2 – Clear up any disputed credit records
If you believe that a bank or phone company has unfairly listed an overdue account on your credit file, you should contact them and ask for an explanation and for the incorrect infotmation to be immediately rectified.

If you are not happy with the explanation you receive, call the Banking and Financial Services Ombudsman (http://www.bfso.org.au) or the Telecommunications Industry Ombudsman (www.tio.com.au)

Step 3 – Improve your credit
To change a bad credit record into a good one, use credit as much as you can, meeting all repayments on time, so the good record outweighs the bad.

You do not have to spend more, just put all your spending (bills, groceries, petrol, transport pre-pay tickets) on a credit card and pay it off every month.

You can arrange with your bank to have your card paid automatically from your savings or transaction account.

Apply the same strategy to buying a tv or washing machine ñ take a loan or buy on instalments (make sure you can afford it) just to get the credit rating points. Put any regular family bills you can afford in your name.

Step 4 – Get help from family and friends
Get someone else to check you are paying your instalments and bills each month – a parent, friend or partner. Think of other ways to get organized, so you can borrow your way out of trouble.”