Fraudulent AA/Formual 1 (Kyalami) Racetrack sale

 

Rogue cops are treated more harshly; not so rogue judges

 

A thread of international Organised Crime begins to unravel!!!

 

Update:

 

Nothing happens in Formula 1 without Bernie Eccleston's 'say so'

 

The letter below went out to main media in SA and to others globally. None have had the courage to take this up.

Mervyn King, the dethroned King of Corporate Governance (King Reports I, II & III), is also chairman of both AASA, the owner of the F1 racetrack, and Brait, an international financial services company. Brait is listed & operates out of Luxembourg, one of, if not the, most tightest & secretive of tax havens; this in blatant violation of his Corp Gov code of ethics (transparency, integrity, honesty etc.)

(AASA = Automobile Association of South Africa)

It is strange therefore that highly suspect year results were posted for Brait. 11 fold increase in profits, 50 fold increase in eps.

It is clear that Mervyn King’s connection to High Court judges (being an ex-judge himself) gives him protection from investigation by the Scorpions. The SAPS would not investigate without the Scorpions’ approval. It is this kind of unlawful protection that creates & maintains Organised Crime (Legal)

Another thread of international Organised Crime begins to unravel!!!

 

Chris Addington Pr.Eng.

_______________

Automobile Association of South Africa – Attention Mervyn King & Ed Kok

Constitutional Court – Attention: Justices.

CC: Media & Globally

Thursday July 21, 2004

Re Sale of Kyalami Race Track.

I record that Business Day & Classic Business Day (Classic fm) have reported the sale of the race track by the AASA for R42M.

I have been an AA member in UK for a few years, plus I have been an AASA member for some 25 years - I would like to raise my objection to this sale as it appears that insufficient information has been given to members regarding the sale, it also appears that there was insufficient procedures adopted in establishing a fair market price, and it also appears that the price was far too low.

I record that both Mervyn King and Ed Kok have covered up on massive losses to AASA & Brait employees pension funds – hence they cannot be relied upon for abiding by corporate governance principles.

Further Mervyn King operates Brait out of one of the, if not the, most secretive & tightest of tax havens.

Since he is not abiding by his corporate governance principles it is not possible to accept on face value that this sale is a fair deal – it appears that AA members are not correctly being looked after.

Estimating the size of the track from a Jo’burg street map I get a figure of around 3 kms squared or 300 000 000m2/4000m2 = 750 acres. At Kyalami Estates, across the road, the land price for a ¼ acre vacant stand can range between R0.5M to R1.5M – quoted by Kyalami Estates Homeowners Association.

If we assume even a R200k per ¼ acre for the racetrack then the price would be R 600 Million. If AASA subdivided into 1 acre plots at R800k then it would need only sell 42/0.8 = 53 acres to gain the purchase price accepted. There is substantial infrastructure, hugely so, on the Racetrack property as well which would justify either residential or business properties being sold off - how then does AASA accept a ridiculous sale price of R42M?

It is reiterated that the dimensions were measured using a Jhb street map so the numbers are reliant upon the accuracy of the scale. REGARDLESS – AASA does not appear to have followed sound procedures in selling the property – If Not, Why Not? Mervyn King is once again ignoring his Corp Governance principles.

It is also strange that MK & EK rejected a highly economical consulting project by the writer to address AASA’s financial & operational difficulties – yet they have suddenly announced, under highly suspect circumstances, the sale of the track at what appears to be a ridiculously low price.

It is reiterated that MK & EK have covered up massive employee pensions losses – this sale soon after the writer exposed Mervyn King & Ed Kok suggests a reactionary event, that requires close investigation i.t.o. procedures, advertising, source of funds, etc.

BUT – we cannot rely on auditors for this as Enron, Parmalat, Macmed, Tigon, Shawcell, PSCGG clearly prove.

It is incumbent upon MK & EK to promptly give full details regarding the nature of this sale to members.

In the interim I submit this email as an urgent application to the Constitutional Court i.t.o. S38 of the Constitution to request that they suspend the sale until sufficient proofs have been presented to verify that this was a fair sale & that correct corporate governance procedures were adhered to.

UPDATE Thursday July 23, 2004

I have just visited the racetrack and spoken to various persons and was given a hand-written note by a person who asked to remain anonymous.

The note confirms that a letter to Ed Kok, which was signed for by AASA, by a prospective buyer requesting a meeting was ignored by Kok. Four follow up calls were also ignored.

The discussions I had with various persons confirms that Ed Kok & Mervyn King are party, masterminds, to this massive fraud, organised crime (legal), in the unlawful, immoral, sale racetrack.

But one has to be pragmatic, Mervyn King is protected by the highest judicial officer of the land!!! As well as by all other judges - since Mervyn King is himself a legal person, and an ex High Court Judge. So, just as the Chief Justice allowed the fraudulent collapse of PSCGG, Tigon, Shawcell – so too, in all likelihood, will he allow Mervyn King & Ed Kok to get away with this massive scam

SA is halfway down the time-track that Zim had taken before it went into real decline – how much more of these fraudulent scams will the people of SA accept before there is upheaval?

Chris Addington Pr.Eng.

+27 (0)83 962 7098,