Investment Vitrinite LLC (USA) in Vitrinite Pty Ltd and other Vitrinite Directors related Australian based private companies. Complaint to Foreign Investment Review Board
I sent Daniel Collins at Brisbane RSHQ the complete complaint I made to the Foreign Investment Review Board .
They are fully aware of the complaint and obviously no one in RSHQ or Government wishes to speak to me about taking the triple A Road trains carrying 140 Tonnes of Unwashed Vitrinite Vulcan Coal off the road.
Surely they cannot be that afraid of speaking or better still taking action that they will sit there and do nothing.
How many more people need to be killed on the public road before even the blind deaf and dumb who make upo the so called ALP Government or the so called Safety Regulator RSHQ do one thing?
1, 5, 10 dead how many is enough?
Do we have to wait for it to be a car full of kids being driven to school by their mother?
——– Forwarded Message ——–
| Subject: | Investment Vitrinite LLC (USA) in Vitrinite Pty Ltd and other Vitrinite Directors related Australian based private companies |
|---|---|
| Date: | Tue, 19 Sep 2023 12:38:52 +1000 |
| From: | stuart vaccaneo <stuvac@bigpond.com> |
| To: | foreigninvestmentcompliance@treasury.gov.au |
To Foreign Investment Review Board
To whom it may concern;
I wish to find out if a US based company called Vitrinite LLC has been in contact with FIRB about its holdings in the Australian based company called Vitrinite Pty Ltd and numerous other directly related companies.
I have obtained the details and lists of current and past Directors and Secretaries as well as share structures.
I have complied them into 2 easily readable tables.
Table VITRINITE Companies and Directors
Table Vitrinte Payments to Owner or Shareholder Service Provider Company
As well as the matter of the Holding Companies for want of a better word, there are also the companies owned/directed/shareholders that seem to do awfully strange arrangements with Vitrinite Pty Ltd.
Vitrinite Pty Ltd Financials 2023
I am certainly no accountant but it certainly looks and smells like a tax avoidance scheme for Australia.
I also have managed to obtain a copy of the Financial Details of Vitrinite LLC in the United States and have attached this as well.
Vitrinite LLC details excerpts
Vitrinite LLC holds most of the assets now it appears as well as owning shares and appointing Directors as well and most importantly sending all the proceeds to Vitrinite LLC (USA) and its shareholders.
I would be surprised if any of these entities are paying proper rates of tax in Australia
Another related company that gets a big mention in the Vitrinite Pty Ltd (Aus) is the company ten sixty four Ltd n(1064)
As you will note PWC is the administrator.
I draw your attention to Section C. Declaration of Relationships
It seems that PWC as per the instances that have made the attention of national media about their relationship as consultants see no reason at all that a FORMER DIRECTOR of Affiliated PWC companies is now on the Board of a company they are doing the Voluntary Administration for
C (vi) Other relationships
| Other relationship – Former officer of the
Company |
Reasons why no conflict of interest or duty |
| Kate George is a former director of the Company, who, prior to her directorship was employed by an affiliated entity of PwC, PwC Indigenous Consulting Pty Ltd (PIC). | We believe that this relationship does not result in a conflict of interest or duty because:
• Ms. George ceased her employment with PIC prior to taking the Board role in the Company • The past relationship will not influence our ability to fully comply with the statutory and fiduciary obligations associated with the administration of the Company in an objective and impartial manner. • We will continually review our independence and take appropriate course of action if required |
Interestingly one of the biggest shareholders both Directly and Indirectly and has at times served on the Board of Directors of most of these privately owned companies is a Mr Ronald Phillips and I have attached a short history of Mr Phillips and I have included a couple of quotes from the Securities and Exchange Commission in the USA stated after convicting Mr Phillips and imposes a $30,000 civil penalty and a ten-year officer-and-director bar
Ron Phillips USA disbarred Vulcan Mine Management Ryan Welker
It says in part
https://www.sec.gov/litigation/litreleases/lr-25129
Securities and Exchange Commission v. Phillips, No. 20-cv-08017 (S.D.N.Y. filed Sept. 28, 2020)
The Securities and Exchange Commission announced that on June 28, 2021, the United States District Court for the Southern District of New York entered a final consent judgment against Ronald Phillips, an attorney and the former president of Royal Energy Resources, Inc., (“Royal Energy”), a company focused on the acquisition of natural resources. Phillips had previously been charged with engaging in a manipulative matched trading scheme involving the securities of Royal Energy.
The SEC’s complaint, filed on September 28, 2020, alleged that Phillips, in the days and weeks after he resigned as an officer of Royal Energy in January 2018, engaged in five separate matched trades in the securities of Royal Energy through which he sold a portion of his personal holdings of the stock.
The final judgment permanently enjoins Phillips from future violations of the antifraud provisions of Section 17(a)(1) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rules 10b-5(a) and (c) thereunder, as well as the market manipulation provisions of Section 9(a)(1) of the Exchange Act.
The final judgment further orders Phillips to pay disgorgement of $2,305.39 and prejudgment interest of $331.37 and imposes a $30,000 civil penalty and a ten-year officer-and-director bar. In a separate action, on December 17, 2020, the SEC suspended Phillips, by consent, from appearing or practicing before the Commission as an attorney pursuant to Commission Rule of Practice 102(e)(3)(i).
The reason I got interested is there have been 2 members of the general public killed when hit by one of the Triple A road trains carrying 140 tonnes of unwashed Coal all in the last month
I had never heard of Vulcan Mine or Vitrinite until the road accidents hit the news
I have been chasing how the Qld Resources Minister, The Environment Minister and Treasurer gave all this the green light.
https://vitrinite.com.au/honourable-scott-stewart-mp-visits-the-vulcan-mine/
From what I can see the Qld Resources Minister Scott Stewart especially has used all the discretionary powers available to him to grant a 3 year moratorium on normal paperwork for the approval
The 3 year moratorium included not having to lodge any of the normal official documents such as Environmental Approvals, Mining Development Lease Approvals and then final Mining Lease approvals if Vitrinite lodged a new application within 3 years
Vitrinite have taken up that option and because of that the Mining lease holding companies which in 2020 were 2 dollar shelf companies now appear to have nearly $50M in assets.
According to all the information I have read the money comes in the form of a loan organized by Vitrinite LLC (USA).
Vitrinite LLC (USA) has over $200 Million dollars it has taken out of the Country since 2020 when the mine was approved and coal started to be produced and sold.
This has been accomplished using Vitrinite Pty Ltd (Aus) as means to repatriate the money to the United States seemingly no one including the Australian tax office being any the wiser
My questions in closing is
- Has Vitrinite LLC sought and obtained approval from the Foreign Investment Review Board?
- Are you aware of the Voluntary Administration of the associated 1064 company?
- Is PWC being the Voluntary Administrator either Legal or against best practice or applicable codes of conduct that apply?
- Can you look to see whether these Private Companies arrangements including Income and other taxes have paid legally and appropriately?
Yours in Safety
Stuart Vaccaneo
