Mastermind of Organised Crime (‘Legal’) in the Financial Services Industry
Donald Gordon of Liberty Life rumbled.
But will he turn, or will he be tumbled?
(UPDATE - SCROLL to END - SA’s National Prosecuting Authority obstructs Justice - allows unlawful protections to Donald Gordon
Donald Gordon has achieved the PERFECT CRIME
because of corrupt Justice personae)
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It is known that the ₤22M heist on Ireland’s Northern Bank occurred because the money is missing. For it to be missing from a high security bank means that someone masterminded a skilfully executed operation.
SA Sunday Times (Feb 13, 2005) headlines – “Cops close in on the big brain behind SA crime”. Organised Crime (Illegal) has been a significant feature in SA, being well organised means that someone is masterminding it.
It is now known that, globally, pensioners retirement funds are being plundered, and have been so for decades. In SA it accounts for hundreds of billions of Rands; globally, for Trillions of US Dollars. For these funds to be plundered means that someone masterminded this Organised Crime.
(See: Annuities in Retirement)
Pensioners & current pension savers are being defrauded globally - verified research proves this precisely – between 27% up to 41% of annuity income is being stolen from pensioners. It converts to an immediate capital loss because Institutions never intended to pay it out, therefore the underlying capital could be siphoned off..
But how did this all come about? How was it masterminded, so that these frauds could happen?
To answer & understand it is necessary to scan sections of Ken Romain’s biography on Donald Gordon, of Liberty Life – entitled “Larger than Life” – not to accept Gordon’s view or Romain’s interpretation verbatim, but to read between the lines, to interpret what is not said, to understand what Gordon failed to do professionally, what he schemed (masterminded) within SA. Applying further thought reveals the nature of an intricate web of lies, deceptions, and frauds, by many players in SA and throughout the world.
To be convinced of the arguments & proofs submitted the reader must first convince themselves that pensioners are being defrauded – read the summary article and refer to the data proofs under the writers’ full research paper at the Savings Institute’s website. (For a fast-track go to the comparative data at end of full research paper.)
To put this into perspective: Finance Minister Trevor Manuel estimates that retirement savings amounts to R1 Trillion in SA. A minimum of 27%, up to 41% of pension income is not paid out to pensioners. Discrimination that accounts for this range of 27% to 41% is on the basis of sex, age, health. Younger, healthier, female, retirees are discriminated the most – i.e. their losses are toward the 41% level. Older, unhealthy, male are towards the 27% level.
Assume an average pension annuity income loss of 33% (1/3rd approx.) – this means that pension savings capital of R330 Billion can be siphoned off. But how has this been done?
(Note: Other fraudulent scams have been developed that account for smaller losses, such as costs, deceptive & defective investment concepts, and other fraudulent methods.
Since the research has appeared Institutions, Asset Managers, Advisers have all pirated/plagiarised/ stolen it, as well as research by Gary Boal (see www.boal.co.uk , see article International Investment Bonds of 2001 – it is also this research that Cameron & Rusconi have plagiarised/stolen).
It is necessary to taker a brief look into Gordon’s background. As Romain’s biography shows: Chapter 2:- Gordon took articles for Chartered Accountant with Isaacs & Kessel, later Kessel Feinstein, later still Grant Thornton Kessel Feinstein. Gordon became a partner in Kessel Feinstein in 1954; and had been, during articles, responsible for auditing Standard General Insurance Company, SA subsidiary of the large Italian insurance group, Assicurazioni Generali, of Trieste.
The relationship with Kessel Feinstein, later GTKF, has been long standing & intimate; they have audited Liberty Life since inception – up until the frauds of Grant Thornton Kessel Feinstein in SA were exposed; more ominously they have been associated with major global financial frauds; and in SA with Liblife, PSCGG, Tigon & other issues.
The network that developed is long established, intricately woven, extensively inter-meshed. It is Organised Crime (Legal) that was Illegally constructed.
Gordon identified gross inefficiencies in the insurance/pension industry, but more importantly he identified means to siphon off investor funds. But Romain puts his insights in a way that disguises Gordon’s real intent:- (apologies for any typo’s – unintentional)
At page 27:- “He (Donald Gordon) strongly emphasised the advantages of establishing a new life office in Southern Africa. First, he noted that interest rates, the lifeblood of life assurance activity, are normally higher in young, developing countries than in older, developed economies. …..profits …were reasonably favourably taxed. He next drew attention to the tremendous growth that had taken place in recent years in the pension fund field, and noted that with legislation pending to control pension funds, “an unprecedented flow of wealth, and also of cash” would be diverted to local insurance companies. …
And, although inflation was hardly an issue in the mid-fifties, he foresaw that it would rapidly become one, and pointed out that there would be an ever-increasing demand for life insurance as money continued to depreciate and people came to recognise the need for more and more life cover. Next came the telling point that, despite their natural advantages, most existing SA insurance companies were hampered by high rates of administrative expenditure. These high costs, he postulated, were the result of the shortage of trained people in the insurance industry, and also because of the wide margin of profitability and the virtual non-existence of effective competition.
He spelt it out: “In the event of a company managing to contain its expenditure at economic levels and making the best use of the prevailing high interest rates, a tremendous amount of life and pension business could be written on highly competitive terms with even the oldest established overseas companies. In spite of a fairly general lack of efficiency in the administration of life assurance offices in the country, it is a well known fact that life assurance companies show very substantial returns to their shareholders, which but emphasises the immense possibilities with efficient management.”
At Page 28: “I (Donald Gordon) was fascinated by the challenge and the mathematical aspects of the life insurance industry. At the time the life insurance industry was somewhat dozy. There was no particular expertise in management or investment and virtually no innovation. What was being done had been done for the last fifty years or more. Nobody had ever tried really to assess the situation or reappraise the possibilities. The standards of marketing were plainly poor, the quality of the sales representatives was mediocre at best, and the image of the industry wasn’t all that progressive, in fact, it was downright dull. I understood the fundamental principles (of life insurance) very clearly. Basically, you take premiums, invest them to get an optimum return, and take off your expenses and mortality costs. We immediately decided to go to the only market I knew, to the people whose needs I understood and identified with. We went straight for the upper market, the business and professional market.”
At Page 56:- …a very low-key minute of a Board meeting …… it was headed “The Professional and Executive Retirement Fund”. It heralded the advent of retirement annuities, but the word “Annuity” had been omitted!
Quoting Gordon – “The development of the retirement annuity was a big turning point. …being a chartered accountant, the tax implications struck me very forcibly indeed.”
At Page 61:- .. the report of the consulting actuaries went even further. …. “The Life Assurance Fund is required to cover the actuarial liability under unmatured policies and includes any surplus. The actuarial liability is the amount which, together with future premiums and interest earnings, will provide for the future payment of death claims, maturity values and annuity payments as they fall due, as well as the expenses of the operating company. …… and that the mortality amongst its policyholders will be in accordance with the A1924-1929 ultimate mortality table, …”
These statements contain the essence of Gordon's mindset at the time, around mid to late 1950’s. He was well experienced, well qualified, and was registered as a professional, as a Chartered Accountant. He had garnered substantial insight & knowledge of the life insurance & assurance industry. He was trusted by his client companies as a professional, and trusted to give appropriate advice resulting from his professional auditing services. His client companies, in turn, were trusted by the public because they promoted security using the very names of Kessel Feinstein, (later Grant Thornton) and others.
But Gordon did not give of his professional expertise to his client companies. Nor did any of Kessel Feinstein’s partners give of their professional expertise to other of their client companies. Any of them, ever?
What Gordon did was to remain silent as to the potentials of siphoning off surplus funds, taking excessive cuts of costs savings whilst maintaining high costs, and taking full advantage of the fact that he - “understood the fundamental principles (of life insurance & pensions) very clearly” - to establish other defective, deceptive, fraudulent investment concepts.
There is a clear & distinct difference between using professional knowledge gained in a fair competitive environment to develop one’s own business initiative ONCE that information has been correctly given to one’s client; as opposed to that paid-for information being unprofessionally, unlawfully, retained for one’s own use. But matters go much further than this minor difference. Gordon understood that surplus funds were accumulating because pensioners were not being paid their full entitlement. The inefficiencies, mismanagement, of the old mutual companies is one thing, but purposefully scheming to establish his own company to siphon the short-payments off is a completely different matter.
Gordon knew & understood exactly what he was doing. He had realised that the (invalid) use of mortality tables, in determining pension annuity income rates for clients, would result in a net gain because the pensioners would not receive their full entitlement. (In today’s terms this ranges between 27% and 41%).
Contrast this with a bank that engages a security company to test the banks security systems & measures. It is clear that the security company is expected to advise, fully, on any & every aspect. It is clear that it is entirely wrong for that security company to retain vital knowledge. It is even more wrong for that knowledge to be passed onto a burglar, or for that security company to use that knowledge itself, to rob its client’s bank.
As a professional Chartered Accountant, Donald Gordon failed to advise his client company correctly or at all; Donald Gordon then masterminded his own business empire utilising unprofessional, unlawfully, retained knowledge to fraudulently plunder investor’s pensions & other monies, and through unlawful collusion with government officials.
As with any investigation, one can only postulate as to the exact happenings - where, when, how - the full truth can only ever come out when the guilty party/ies fully confess.
But we can postulate with full confidence that pensioners monies, as of today Feb 14, 2005, are still being fraudulently plundered by Financial Institutions (Liblife, Sanlam, Old Mutual, PPS etc.) – despite Government being aware of this from the research for over 18 months.
We can also postulate with full confidence that the monies that Gordon had identified for plundering in the late 1950’s were wrongfully accumulating as “surpluses”, instead of rightfully being paid out to pensioners.
We can postulate with full confidence that the plundering of these monies was masterminded by Donald Gordon - he has admitted that he fully “understood the fundamental principles (of life insurance) very clearly.” And that he pioneered the Retirement Annuity.
Where are the surpluses, and other plundered monies that Gordon & his Liberty Life had control over?
Clearly these monies & other monies are missing because pensioners are not receiving them; for them to be missing it had to be masterminded. Where are these monies?
The initial sales aid approach of Liblife was a cheap roneoed three-page letter (which, ironically, gave a fair reflection of the true value of the “products” that Gordon had developed). But attorney Mark Weinberg, who joined Gordon’s Liblife, developed the deceptive gloss brochure. Romain quotes him at Page 58: “I was keen on glossy covers and good paper; after all, the only thing policyholders saw was that paper, and I thought that they should have value for their money.”
This turned out to be a fair statement, the glossy paper was about the only true value policy holders saw; they saw little of the full value of pensions that they should have received
Serious ripple effects began developing into tidal waves in the mid 1990’s
Old Mutual & Sanlam being the biggest of the mutual companies eventually woke up – at some point. From being “somewhat dozy”, having “no particular expertise in management or investment and virtually no innovation” in the mid 1950’s, these mutual companies became “demutualised” in 1998 (Old Mutual) and 1999 (Sanlam). WHY?
Because Executive management in Sanlam & Old Mutual changed and woke up to what Gordon was doing; they saw that it was hugely beneficial for themselves in their private capacities to plunder their members’ monies.
The trigger to all this, and there is usually a defining event or issue that acts as a trigger for reaction, was finally understanding what was going on because of the competitive threat that Liberty Life posed when the rules regarding Retirement Annuities changed around the mid 1990’s.
A brief explanation is required. The rules were such that historically an RA purchased from Company A meant that upon retirement the retiree had to obtain their pension income from that same company A.
This rule changed in the mid 1990’s such that it allowed retirees to purchase their pension annuity income from any authorised company, regardless of which company they had been saving with. It was punted, sold, to pensioners on the (false) basis that it gave them greater protections in that they could obtain the best quote, but what was really happening was that:- …
This rule change provided a great opportunity for Gordon’s Liberty Life to dishonestly pick up massive amounts of business, investor capital, by offering advantageous income streams to pensioners; and in turn increase the amounts of attracted capital that could be siphoned off through the short-payment on pension annuities. Liblife’s capital intake could swell enormously by doing so. The secondary benefit of ongoing interest gains were an added bonus.
In contrast the mutual companies were left with the fact that the surpluses were retained within the mutual companies, and the potential loss of clients.
Somebody within OM and/or Sanlam woke up to what Gordon had realised at the very outset – that huge quantities of pensioners monies could be plundered for their own personal gains. This caused Executives to collude & think seriously – the result was “demutualisation”. Where & how demutualisation originated is not indicated here, this is also a separate investigative exercise. The key point is that demutualisation was/is a fraudulent scam.
The means by which Gordon achieved this rule change being made law is also a separate investigative exercise; but Romain indicates that a well-established relationship existed between Gordon and the Registrar of Companies. At page 36: Romain records “… the department (Office of the Registrar of Financial Institutions – controlled Unit Trusts, Building Societies, Banks to Insurance co.’s) tends to attract particularly able civil servants. Gordon, in 1958, was fortunate that one of them was Naas van Staden, later himself to become Registrar, but then in charge of long-term insurance. ….. the outstanding amount required by Liberty Life (to lawfully commence operation) … was due by the end of the year. Could he kindly have a licence to commence operating …? ….Gordon’s later comment was that “he (van Staden) went way beyond the call of duty to help & assist.” …van Staden could only act through (Rudolph) de Villiers (Registrar of Financial Institutions – van Staden’s boss), who would eventually come to be on very friendly terms with Gordon and the UK Guardian’s Ernest Bigland, …”.
History has shown the massive extent of collusion & corruption between private & government persons. The Master of Supreme Court & the scams in the liquidation industry is one example.
We know that Gordon, with full premeditated thought, was intent on plundering, and did plunder, and still is plundering massive amounts of pensioners funds. The unprofessional relationship between Gordon & the Registrar & subordinate gives a clear idea of how the rule change was deviously achieved.
Demutualisation was a hot subject in 1997 to 1999 whilst the process was being developed & implemented. Radio, news, media were strong & long on the subject and purposefully biased. One-way communications between Sanlam & OM and their members were substantial. But open & transparent public debate was cut short, or heavily edited to obstruct opposition & from allowing the members from fully understanding what was happening, & why.
The writer was purposefully blocked by SABC SAfm’s Pat Sidley & others from making full argument on this & other significant issues.
Consequently the public never understood what was happening. The matter was pushed through the courts without opposition – because no one member, or group of members, had the time, money, or understanding of what was really happening; that their monies and ownership in the mutual companies were being stolen.
Free-market forces were not in operation. Were they so, then Liblife would have become exposed by Sanlam & Old Mutual when they had woken up; but this did not occur. Auditors were in cahoots as well. Clearly then the demutualisation, an event that followed their awakening to Liblife’s advantage, was to be carefully played out by all parties so as not to rock the boat and alert the public that something was wrong.
Demutualisation was pushed through on the basis that a “carrot”, a share of surplus funds, and free shares to (small part of) a “new” company (which prior company they had fully owned in the first instance), covered up that the Executives were scheming the same schemes that Gordon had some 40 years earlier. A long time for “dozy” companies but nevertheless the “dozy” changed to “alert”, but fraudulently so. The High Court judges that granted the orders offered no protection to investors - the Courts, judges, rubber-stamped a fraudulent scam.
The names of major auditing firms are well connected to all these financial institutions: such as Price Waterhouse Coopers, Grant Thornton Kessel Feinstein, Ernst & Young, & KPMG.
Grant Thornton Kessel Feinstein were joint auditors with Price Waterhouse Coopers to Liblife, it is highly probable that GTKF are hiding behind PWC. This would be similar to those that were at Arthur Andersen, after their collapse many were able to hide within other auditing firms.
PWC are also linked with Ernst & Young to the auditing of Sanlam; both these auditing firms have also been rumbled in offshore fraud/irregularity issues
The web of fraud that these international auditing firms have become immersed in is immense; at least with Arthur Andersen there was international liability, they folded. But not so with Price Waterhouse Coopers, or Ernst & Young, KPMG, DeLoittes etc. - these firms do not offer international protection, why then should they be allowed to promote themselves internationally; they should be compelled to unbundle. What real benefits are there from these firms being “internationalised”? There are none! But there are many liabilities. They are the source, as we see with Gordon, of intricate webs of unprofessionalism, deception & dishonesty.
Following on from demutualisation - around 2000 the Professional Provident Society (PPS) also became “desocietised”/”demutualised” for the very same reasons, to plunder members funds. High Court judges Goldblatt and Zuhlmann were involved whilst this process was carrying on. They still are.
PPS is closely, intimately, linked to Sanlam.
The Long Term Insurance Ombud (ex Supreme Court of Appeal Judge) Nienaber is also in collusion and intimately involved with the entire demutualisation scam.
Mervyn King, ex High Court judge, Hansie Cronje Cricket Match fixing commissioner, King of Corporate Governance - King Committee, was also involved in this process. King has well-established judicial links to Goldblatt & Zuhlmann & Nienaber, and to the Chairman Dr Dave Presbury. King is also chairman of Brait a Financial Services company operating out of the most tightest of tax havens, Luxembourg. King is also chairman of AA. Shortly after the writer exposed his fraudulent dealings re AA & Brait Employees pension funds the AA announced the sale of AA Kyalami Racetrack (some 750 acres of extensively developed real estate) for R42 Million Rand. Further investigation revealed that Kyalami Estates across the road had ¼ acre stands for a minimum of R250,000 (i.e. equivalent R1 Million per acre; how then for 750 acres a price of R42M) Investigations also revealed that Ed Kok, CEO of AA, had purposefully blocked other purchase offers. Clearly King & Kok were in cahoots to defraud AA members.
The SAPS refuse to investigate, simply because King has connections into the High Courts and the corrupt judiciary = purchased judgements = get-out-of-jail-free card.
The Chief Justice is covering up by not investigating High Court Judges Joffe, Stegmann, Goldstein, Goldblatt, Zuhlmann through the Judicial Service Commission structure, or calling for investigation by SAPS into the PSCGG, Tigon & Shawcell frauds perpetrated by Grant Thornton Kessel Feinstein, Attorneys Blumenthal & Slotow and Mervyn Taback , accountant Simon Hurwitz; nor for investigation of SARS’ Pravin Gordhan and his collusive and abusive attack on Tigon & Shawcell along with the Scorpions.
PPS was simply another fraudulent scam issue that King was involved in; and the probability is extremely high (approx. 99.99999%) that King was involved in the run-on-the-Rand through his secretive offshore company in Luxembourg’s extremely tight tax haven.
The scams behind corporate/business pension funds is even more devious. Corporate executives such as Bobby Godsell, Johann Rupert, Peter Watt, Raymond Ackerman, Richard Branson, Bill Venter, Derek Muller, Russell Loubser, etc. etc. closed their doors and have refused to have their company pension funds independently assessed. They clearly have a great deal to hide because they know pension money is disappearing; and, partly, where it is going.
It is hard to believe that there is not one corporate executive that has the courage to end the fraud; not necessarily to admit liability for past wrongs but to take appropriate steps to protect their staff into the future, through establishment of transparent, honest, structures.
Raymond Ackerman (Pick ‘n Pay Founder) has had a lengthy relationship with Gordon. Ackerman appears to have detected from, or been told by, Gordon the mechanisms by which pension funds can be plundered. Ackerman has structured his company’s employees pension fund so that this can be done.
Correspondences with him & other executives resulted in a meeting with Deputy Chairman Dave Robbins. The meeting ended in baseless blustering outbursts of denial from Robbins. Later, the CEO Sean Summers gave a tirade in a telecon, also wrongly denying pension losses.
The media have all remained silent over these issues because the financial institutions essentially control their salaries.
However an “independent” “financial” rag entitled Personal Finance and run by a Bruce Cameron creates the illusion of being the investors friend. Perhaps the real role that Cameron plays is a subtle good guy/bad guy routine. Balancing the show of wrath towards institutions, whilst raking in commissions from clients. It appears to be a tricky balance but one that he has mastered. The institutions, whilst plundering huge quantities of investor’s monies, are not too perturbed as long as Cameron does not overstep the mark (how that is defined is only for those players involved to tell).
Cameron was, until the research exposed the massive fraud within the global FinServInd, actively flogging fraudulent “products”, he still is. But he now plagiarises other people’s research so as to reposition himself and create the false illusion that he is a voice for the investor. Cameron was also intimately involved with Magnus Heystek in the 80’s & 90’s in promoting these & other fraudulent “products”.
The research that Rusconi plagiarised was used to tabulate previously identified & relatively minor costs losses; it is comparable to someone wasting time recording the minor dents in a vehicle that has been shown by others to have serious structural flaws & to be entirely unsafe.
Cameron has, more recently, been active in promoting the registration of “certified financial planners” which is simply the “professionalising” of salesmen flogging fraudulent “products” to unsuspecting victims; the handbook for the course leading to registration as such has been shown to be of exceptionally poor standard, not even to a full 1st year of a Batchelor degree, with much being worthless. The fact that certain Universities have endorsed it highlights the declining standards and why some SA “universities” lost accreditation. (see: certified financial planners – deception)
The Johannesburg Securities Exchange’s (JSE) executives & members also act in collusion with financial institutions, instead of being a controlling/regulating force for listed companies. The massive frauds are perpetuated because of the dishonesty amongst JSE executives & members.
Over 40 major listed companies were contacted and presented with the concrete adjudicated proofs, including the JSE, in an attempt to get them to protect their employees’ pensions interest. They have all closed their door & covered up.
Major Group Schemes such as MIBFA, MOPF, MEPF have also shown that their Principal Officers have no understanding of the extensively devious web of fraud that diminishes their members’ pensions. They need to be educated on the true issues.
The PO of MIBFA, Yankee Mokoena, has been relieved, as reported in Citizen, for falsifying a degree qualification. The members of MIBFA are in serious trouble because the fund has never had anyone in charge that has insight. Nor have any of the other pension funds.
Government employees are also pirating IP. The Parliamentary Finance Portfolio Committee is meeting again this week, they are listening to dishonest people like Cameron, Rob Rusconi, and others that have no real understanding. In telecon with Dr. Rob Davies yesterday he was not open to taking evidence from those persons that have researched & understand the issues – the implication being that he is only interested in listening to those dishonest people that have pirated/stolen the research IP.
The Governments intention is to rewrite the Pension Funds Act. What value will a rewrite have before an appropriate pensions structure has been designed? How will these dishonest people be able to design an appropriate structure?
What has triggered this drive for a rewrite of the PFA? It had to be something substantial, some significant research findings.
What original work by persons such as Cameron, Rusconi, or others has justified a rewrite? If they can clearly set out their bona fide research, (if indeed they have any) then it will be possible to calculate the magnitude of their value relative to that researched by the writer and/or Gary Boal. If there are other valid issues then savings/gains can be apportioned according to the relative value that each person’s research brings.
But Government’s executive remains silent. The Finance Minister has not responded. The Department of Trade & Industry poaches IP.
Previous ANC government (national & local) executives have used their positions to set up private business structures. Is this simply a venture to look after the “struggle” executives?
Whatever! – the reality is that top people find it more beneficial to adopt the dishonest approach that Gordon masterminded, rather than take time to develop sound solutions that would move the country significantly forward. They prefer to listen & deal with the dishonest people.
How then can Nelson Mandela expect 1st World nations to help 3rd World if they are not prepared to help themselves.
How can Thabo Mbeki effect moral regeneration if cabinet members are not complying?
The world-staging entrepreneurs that align themselves to Nelson Mandela, claiming to be rights-fighters, are simply using him to promote themselves.
Richard Branson in particular:- yet he is happy to be actively involved in the FinServInd, and covering up his employees pension losses; he’s also happy to maintain the unfair rules that enrich him whilst impoverishing billions, then to throw a few peanuts back to salve his conscience. He also did not have courage to allow the writer to challenge him in Dec 2004 when he broadcasted into SA?
Nelson Mandela does not call out for SA’s Government to correctly solve these two important issues (Interest Rates as an economy control device; and fraud within FinServInd).
Nelson Mandela & Thabo Mbeki do not appear to understand the huge benefits that would result from a sensible redesign of these two issues alone. Currently plundered monies would be retained within the economy, employment would be more stable, unemployment initiatives could be meaningfully developed, currency stability could be achieved; thus allowing for greater business confidence & security. Upliftment & other social initiatives could be funded by channelling part of the savings/gains into a social development fund.
Other serious implications flowing from the intricate web of fraud & deception within the FinServInd:
- is that Financial Institutions have effective control, (direct and/or indirect) of a number of major industrial plants. These plants are not being correctly maintained and are starting to fail.
SASOL has had six major incidences in the past 12 months or so with a number of deaths & serious injuries. Financial Institutions are purposefully cash-stripping them. SASOL was stripped of over R630 Million last October, despite five major incidences; the sixth occurred a few weeks ago. This is gross criminal negligence, but again the Government do nothing about bringing the executives & controlling owners to book.
SAPPI is creaking with similar problems – how much longer before serious incidences occur.
The indications are that the network of OCL criminals are planning an exodus with Mervyn King as a key player.
Perhaps the real impact of the frauds can be seen in the opening Para of Chapter 2. of Romain’s biography on Donald Gordon: Page 23.
… the history of Liberty Life, is inevitably the story of Donald Gordon, for it was he who conceived it, breathed life into it, and, by the sheer force of his will and determination, built it to be a major force in the life and financial services fields of two of the world’s leading financial centres, London and Johannesburg. Donald Gordon’s dazzling performance …. Is virtually unrivalled ….. he has revolutionised life insurance … An investment of R1000 made thirty-one years ago is today worth over R4 Million, …
(these dates were relative to around 1990)
The point about the phenomenal profit of over Three Million Nine Hundred and Ninety Nine Thousand Rands is that it was possible solely because it was made on the back of investors & pensioners fraudulently plundered funds. What pensioner or other policyholder has had this kind of return? Yet the stated objective of Gordon was to achieve an “optimum return” (page 28). All pensioners are short-paid; how many are destitute whilst Gordon sits in luxury paid-for by their plundered pensions?
Gordon also correctly identified the lucrative gains from Interest. Although the Interest Rate as a defective economy control device had been masterminded by others further back in time Gordon none the less saw its huge benefits. The massive gains to Financial Institutions was the manifold losses to the majority of people, and especially hit the poorest very hard. (This was seen all too clearly immediately after the Rand crashed a few years ago.)
Its destructive nature was also clearly seen, but not then understood, during Reagan’s first term as US President. Interest Rates in US had more than doubled from the mid 1970’s to over 12% then to over 18% in 1983. Huge sums of money was being sucked out of the economy, debt extension was given where possible. Tax breaks by Reagan, in the hope of stimulating the economy, simply reduced Government income, and the breaks simply got vacuumed up on interest payments, all of which enriched a few minority players – who today are wrongly lauded as “entrepreneurs”. They merely gained massively because of an idiotic, grossly defective, economy control device; vis – a unitary model interest-rate economy control device.
The US suffered in the early 1980’s with unemployment increasing to nearly 10%.
All countries experience these destructive effects; but 3rd World countries suffer devastatingly!!
Someone, entirely immoral, masterminded a grossly defective, destructive, economy control device - for personal greed motivations.
The world’s population continues to suffer immensely simply because government leaders refuse to listen, refuse to think, rationally.
And fat-cat criminals like Donald Gordon laugh heartily whilst their bank coffers fill up.
Perhaps now the ANC, and so too the IRA, and other freedom fighting groups can see that it was/is generally not the sovereign powers that were/are really oppressing them. It was the Financial & Business masterminds that were manipulating the economy, the financial & business arena; and they still are. And a privileged few from the “new order” are happy to enrich themselves using the very same unfair rules they fought against.
The emotive outbursts on land issues are therefore wrongly focused, rational thought should be focussed on these immoral masterminds.
In redesigning the Financial Services Industry it becomes clear that these corrupt institutions need to be dismantled at best, remutualised at least. And immoral masterminds disempowered.
The web of deceit & dishonesty that has resulted from Gordon’s masterminding of OCL crime, illegally, some 45 years ago has spread far & wide, is intricately complex, and draws in the big names in the global Financial & Business Worlds.
But it is not a difficult problem to solve – by developing sound Business Engineered solutions that level the playing field, instils fair rules, and appoints fair referees.
If this were done then the global web of lies, cheating, dishonesty, unprofessionalism that was masterminded by Gordon would be eradicated within less than 12 months.
But it does require honest Government Executives to display moral leadership and to drive the development of sound Business Engineered solutions.
The Mastermind of Organised Crime in the Financial Service Industry, Donald Gordon of Liberty Life, has been rumbled.
Will he turn, or will he be tumbled?
(Will others like Richard Branson, Bobby Godsell have courage to turn?)
What of the Chairmen of Old Mutual & Sanlam, Levitt & Andersen?)
Chris Addington Pr.Eng.
(Under enforced exile from South Africa due to ANC government’s oppressive XDR-nazi system and oppressive economic isolation by corporate & academic world’s.)
XDR = Extreme Democracy Resistant.
The following is a list of most of those companies the writer approached with proofs of employees pension fund losses – they have all pirated/stolen the writer’s IP and covered up their employee pension losses
JSE Securities Exchange - Russell Loubser, John Burke, Doug Doel
Brait & Automobile Association of SA - Mervyn King (King of Corporate Governance: King Reports I-IV) & Ed Kok
NOTE: King devised CorpGov as a first-line of defence for Corporate Criminals: 'Well, I was just applying Corporate Governance principles ........'
Edcon – Stephen Ross, Mark Bower & Andrea Wiehahn
Afrox - Rick Hogben, Keith Bonynge
Implats - Keith Rumble, David Brown
Kollosus - Grant Philips
EL Bateman - Sivi Gounden, Ben Geldenhuys
Comair - Piet van Hoven, Derek Borer
Virgin - Richard Branson, Mike Higgins
Comparex - Peter Watt, Johann Burden, Alan Farthing, Marius Schoeman
Concor John Wilmott
Alexander Forbes - Howard Walker
Pick n Pay – Raymond Ackerman, Sean Summers, Dennis Cope, David Robins, Andrew Sykes Group Scheme Financial Advisor,
Acer Africa - David Drummond
Anglo American - Rob Lloyd
Adcorp - Richard Pike, Faunce Burd
Altech – Bill Venter, Craig Venter, Belinda Phillips Principal Officer of the Group Scheme
Barloworld - Tony Philips, Peter Sturgee, Des Arnold (Chairman of group scheme & retired Director).
Dorbyl - Bill Cooper, Edwin Vorster
Goldfields - Ian Cockerill, Mike Adan
Group Five - Mike Lomas
Transnet - Maria Ramos
Logical Options - Malcolm McCullough, Allan Burton (Group Scheme Principal Officer), Werner Barnard
Anglogold - Bobby Godsell.
Nedbank - Richard Laubscher, Tom Boardman, Derek Muller
Aveng – (Carl Grimm)
Datatec - Jens Montanana, Ivan Divonich
Grintek - Nico v Rensburg, Andre vd Merwe
Lonmin/Lonplats - Peter Ledger, Tony Reilly
Didata - Jeremy Ord
Richemont, Remgro, Venfin - Johan Rupert, Mike Botha & Dillie Malherbe, Mike Botha
SAPPI - Etienne Steenkamp
Avis - Grenville Wilson, Lawrence Savage
AECI - Schalk Engelbrecht, Malcolm
Old Mutual, Sanlam, Liberty Life etc.
CEO’s of:
ABI, Basil Read, Caxton, Syspro, Massmart, Dawn, Durban Roodepoort Deep, Enviroserv (cancelled meeting), Harmony, Hudaco, JD Group, Phillips SA, Oracle, BHP Billiton, FNB,
---------------------
Chris Addington Pr.Eng.
(Under enforced exile from South Africa due to ANC government’s oppressive XDR-nazi system and oppressive economic isolation by corporate & academic world’s.)
XDR = Extreme Democracy Resistant.
####UPDATE #####
SA’s National Prosecuting Authority obstructs Justice - allows unlawful protections to Donald Gordon
Your defrauded pensions/investments are used to buy unlawful protections for Donald Gordon
Cash4Honours, Honours4Cash – only difference is causal direction.
_________
Despite a change of new faces in South Africa’s ANC Government, following the 2009 elections, nothing has changed.
The change prompted another call for investigation & prosecution of Donald Gordon (Liberty Life Founder) for the defrauding of pensions/investments on a massive global, organised crime, scale.
The call, once again, was to obtain, through court application, a search warrant of Liberty Life offices in Johannesburg & elsewhere in SA; so as to obtain further & specific evidence pertaining to these massive frauds.
The call was to both the National Director of the National Prosecuting Authority (NPA) Adv Mpshe & to the Acting National Commissioner of SA Police Tim Williams (who is standing in whilst the Nat Comm Jackie Selebi is being prosecuted for links to organised crime)
The SAPS initially fobbed off the call but persistence led to the NPA’s Specialised Commercial Crime Unit Director, Advocate Chris Jordaan, agreeing to ‘review’ the case. However, a few weeks later, in Jordaan’s letter (below), he merely dismisses the entire matter without establishing the base material of the matter.
Jordaan gives no indication of what ‘evidence’ is in the file, how or why he considers it to be insufficient for prosecution, or of what evidence is missing or lacking for a successful prosecution …………………. he simply dismisses the matter.
The evidence presented has been adjudicated by an ex-Reserve Bank Governor, Dr Chris Stals, a Stellenbosch University professor Biekpe & another doctorate – the crux of the call to the SAPS & NPA was simply to obtain a search warrant based upon the adjudicated proofs submitted so as to obtain confirmation & further evidence – Jordaan refuses to do this, he simply claims there is insufficient evidence and refuses to assist the Police in their investigations – Jordaan is clearly covering-up & affording Donald Gordon unlawful protections from prosecution.
This is no different to the UK’s Crown Prosecuting Authority and their cover-up of the Cash4Honours (and Honours4Cash - the difference being in the causal direction e.g. Tony Blair’s $1M Israeli Dan David ‘prize’).
A further mail has been sent to Jordaan requesting specific details on his reasons, what evidence he considered, what he considers to be in shortfall.
It is doubtful that he will reply.
Corruption abounds within western Justice systems, finance-powers remain unchecked, disparity gaps widen, anger & crime increases - there comes a point where the volume of crime blends into civil war.
Fascism, Nazism, as reported by media, is rising up again in UK – the causes are the same as that which occurred in Germany –> maliciously destructive manipulations by global finance-powers.
Chris Addington Pr.Eng.
(Under enforced exile from South Africa due to ANC government’s oppressive XDR-nazi system and oppressive economic isolation by corporate & academic world’s.)
XDR = Extreme Democracy Resistant.
To SCCU Adv C Jordaan
CC: as per addressees
From Chris Addington Pr.Eng.
Sept 14, 2009
Re: Representation Hillbrow Cas 1917/06/95: SCCU Ref 20/09 and 36/05 - Donald Gordon
Dear Adv Jordaan,
I request that you:
1. list the contents of the referenced docket which you claim to have
perused.
2. list in heads form, the evidence you considered
3. give reasons against each head why the evidence individually & in
toto is insufficient for a prosecution
4. list in heads form the evidence you believe to be in shortfall
I also request a prompt reply acknowledging receipt of this mail & a reasonable deadline by which this info requested will be complete
Sincerely
Chris Addington Pr.Eng.
Email From:
Specialised Commercial Crime Unit
Date: 18 August 2009
Tel: 012 401 0441
Fax: 012 322 9204
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
Mr. Chris Addington
By E-mail
Copy to:
G Nkoana SCCU
S Mitchley NPS
A Collopy NDPP
By E-mail
Dear Mr Addington
REPRESENTATION HILLBROW CAS 1917/06/95:
DONALD GORDON:
SCCU REF 36/05 AND 20/09
NPS REF 9/2/12- 104/05 (NDPP/R); 9/2/12-441/03; 9/2/12- 200/09
I hereby wish to inform you that the matter has been investigated.
As you are aware, the Specialised Commercial Crime Unit declined to prosecute in this matter already in 2005.
After careful perusal and thorough consideration of the evidence pertaining to the matter once again, I am unable to find sufficient evidence to warrant a prosecution against anyone.
I confirm the decision taken not to prosecute.
You are at liberty to institute a private prosecution. Should you wish to pursue this option you will require a nolle prosequi-certificate from the Director of Public Prosecutions, Witwatersrand. The office of the said Director will consider your request for a certificate nolle prosequi should you apply for it in writing.
This office cannot be of any further assistance and will proceed to close its file in this matter.
No further correspondence will be entered into in this regard.
Yours faithfully
ADV SC JORDAAN, SC
SPECIAL DIRECTOR OF PUBLIC PROSECUTIONS
HEAD: SPECIALISED COMMERCIAL CRIME UNIT
NOTE: The Request to Adv. Jordaan was NOT to prosecute BUT to obtain a search warrant to search Liberty Life premises for the mountains of evidence of global frauds
Jordaan is entirely dishonest, HENCE....
…..Donald Gordon (& others such as Richard Branson, Raymond Ackerman, Warren Buffet, etc.) have achieved The PERFECT CRIME by buying-off Justice persona.
__________________
##### END OF UPDATE #####