🚀 go-pugleaf

This is a copy of my Tony Rigg's submission to the Banking Inquiry of 
1991. This is really only a summary. The full submission is approximately 1700 
pages long.

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                                    15th Nov., 1990
                                    A.T. Rigg
                                    2 Riverview Road
                                    Nowra NSW 2541


Mr. David Elder,
Secretary,
House of Representatives Standing Committee on Finance & Public Administration,
Parliament House,
Canberra. ACT 2600

Dear Mr. Elder,

I desire to make a submission to the Committee and give evidence.

The submission is in the nature of allegations, with supporting
documentary evidence.  The allegations, in summary and by way of reference
to the Committee's terms of reference, are as follows: 

(a)  "the importance of the banking system to the Australian economy."
      I will allege that officers of  the Commonwealth Bank of Australia, 
      by Fraud, crippled the business of Tony Rigg Welding & Manufacturing
      Pty. Limited, thereby precluding the Company from selling manufactured
      goods on the domestic market and overseas and precluding the Company 
      from entering into j oint ventures overseas. 

      Particulars.
      Officers of the Bank deliberately carried on the business of dealing
      in Commercial Bills, drawn in the name of A.T & D.A Rigg personally, to
      the overdraft account of the Company, including debiting bill roll-over
      costs, int erest and fees to that account, for the purpose of 
      absorbing the trading profits of the Company. 

(b) "the profitability of the banking sector through time and in
    comparison with other industries." I will allege, that officers of the
    Commonwealth Bank of Australia, by Fraud, caused the Bank to earn 
    illegal and inflated pr ofits from aforesaid Commercial Bills

    Particulars,
    (a) Officers of the Bank charged bill roll-over costs as a debt by the
        Company to the Bank, rather than as a debt by the Company to an
        independent dealer on the open money market. 
    (b) Officers of the Bank charged compounded overdraft interest on the
        Bill roll-over costs, interest and fees. 
    (c) Officers of the Bank illegally cancelled the Bill facility and
        debited the face value of the last Bill to the overdraft account 
        of the Company, and charged compounded interest thereon. 

(d)(i) "Product innovation"
       I will allege that Officers of the Bank, by Fraud, devised a
       finance package known as a Bills Discount/Endorsement Facility with
       Simulated Foreign Currency Loan Option, and marketed that package to 
       small businesses. 

      Particulars.   
      (a) In 1985 representatives of the Bank held seminars and promoted
          the package to small business proprietors. 
      (b) It was represented as follows:
             - that the foreign currency loan would only be offered in
               conjunction with bill facility. 
             - that the transfer from the bill facility to the foreign
               currency loan was at the discretion of the Bank. 
             - that the foreign currency loan would carry low interest,
               that is, the Singapore Inter-Bank Offer Rate plus the Bank's 
               margin. 
             - that the customer would have to accept the exchange risk. 
             - that any profit to the customer from a fall in the value of
               the foreign currency against the Australian dollar, would be 
               credited to the bill facility to "soften" the roll-over 
               costs. 
      (c)  The bills were a sham as follows:
            - the bills were signed in blank by the customer as to the
              identity of the acceptor or maker of the bill, Officers of the 
              Bank illegally, and without authority, inserted the name of 
              the Bank as the acceptor or maker of the bill. 
            - the bills were retained at the customers branch of the bank. 
            - the bills were not discounted to independent dealers on the
              open money market, or at all. 
            - the "interest" representing the bill roll-over costs were
              fixed by the bank. 
            - the transactions recorded in the Bank's internal
              documentation - were fictitious. 

      (d)  The foreign currency loans were a sham, as follows:
            - there was no foreign currency loan, only a contractual
              pretence between the Bank and its customer. 
            - there was no foreign exchange risk, only a contractual
              pretence between the Bank and its customer. 
            - there was no nexus between the Australian dollar account
              provided by the Bank to the customer and the foreign 
              currency or currencies, if any, held by the Bank. 
            - the purported debit by the Bank of "exchange losses" to the
              account of the customer was a fraud. 
            - the purported charging by the Bank of "withholding tax" to
              the account of the customer was a fraud. 
            - the Loan Agreement entered into between the customer and the
              Singapore Branch of the Bank was sham, entered into in 
              breach of the laws of Singapore. 
            - the Forward Exchange Contracts entered into between the
              customer and his Branch of the Bank were a sham. 
            - the loans were approved by the customer's Branch of the Bank.
            - Security for the loans was taken by the customer's Branch of
              the Bank. 
            - the loans were administered by the customer's Branch of the
              Bank, or at a later time, Sydney Head Office. 
            - advice on currency fluctuations was rendered by Group
              Treasury in Sydney. 
            - when the finance package was offered to the public and the
              Loan Agreement entered into, Group Treasury knew the 
              Australian dollar would fall against the Swiss franc and the 
              U.S. dollar. 
            - the notices of demand were issued by the custome r's Branch
              of the Bank. 
            - recovery proceedings were undertaken by the solicitors for
              the Bank. 
            - transactions recorded in the Bank's internal documentation
              were fictitious. 

(d)(iii) "choice and quality of financial services."
         I will allege that the quality of the financial services provided
         by officers of the Bank and its agents was abominable. 

         Particulars
         (a) Officers of the Bank displayed personal animus towards myself
             including insulting my professional ability and my integrity. 
         (b) Failure to respond adequately, or at all, to my letters
             complaining about the conduct of the overdraft account to the 
             Company. 
         (c) Failure to respond adequately, or at all, to letters from my
             solicitors questioning the conduct of the overdraft account 
             of the Company. 
         (d) Fraudulent appointment of a receiver to the rentals of the
             mortgaged property. 
         (e) Misrepresentation by the receiver and misappropriation of
             rentals. 
         (f) Deriliction of duty by the receiver, including failure to
             have leases executed, failure to collect rentals, failure to 
             increase rentals and failure to evict defaulting tenants. 
         (g) Failure to provide a foreign currency loan. 
         (h) Failing to charge interest at S.I.B.O.R plus Bank margin.
         (i) Failing to provide a Fixed Rate Bills Endorsement Facility in
             accordance with a contact to do so. 
         (j) Failing to reverse illegal debits from the overdraft account
             of the Company. 
         (k) Failing to restore the approved overdraft limit to the
             Company. 
         (l) Manipulating the overdraft account of the Company, by
             reversing an isolated transaction to render Mr & Mrs Rigg 
             personally liable to the Bank. 
         (m) Committing perjury in proceedings by the Bank against Mr. &
             Mrs. Rigg personally. 
         (n) Abuse of  the legal process, as follows:
               - failure to provide particulars pursuant to the Rules of
                 the Court. 
               - extracting evidence from an affidavit, out of context,
                 and making improper submissions to the Court. 
               - engaging in protracted and spurious interlocutory
                 proceedings. 
         (o) The Managing Director of the Bank wrote a letter to Senator
             Paul McLean containing palpable falsehoods.  The letter was 
             incorporated into Hansard and thereby misled the Senate.  The 
             letter was replied upon, in part, by the Chief Justice of New 
             South Wales to dismiss the appeal by Mr. & Mrs. Rigg. 

(d)(iv) "information to users"
        I will allege, generally, that officers of the Bank, failed to
        provide to me any or any adequate information, relating to the 
        following: 
          - the true nature of the Bills Discount/Endorsement Facility.
          - the true nature of the Simulated Foreign Currency Loan Option.
          - the reason for transacting the Bill facility to the overdraft
            account of the Company. 
          - the conduct of the receiver of rents.

I will shortly provide to you the following documentary evidence,
   1) A speech by Senator Paul McLean, entitled "Case History - Tony Rigg" 
      and the annexures thereto. 
   2) A speech by Senator Paul McLean, entitled "The Rigg Incident" and
      the annexures thereto. 
   3) Pleadings and affidavits filed in the Supreme Court of New South
      Wales. 
   4) Copies of the Bank's files.
   5) References relating to the standing of my Company in the industry. 
   6) Materials relating to offers to engage in overseas work and joint
      ventures. 
   7) Evidence in relation to the foreign currency loans will be given in
      conjunction with other witnesses. 
  

Yours faithfully,


A.T.RIGG.   

------END SUBMISSION----


More Info: Tony Rigg has subpoened C.B.A.'s reply to his submission to the
Banking Inquiry but C.B.A.'s lawyers had his subpoena struck out even
though the Banking Inquiry was a public inquiry.  A public inquiry is one
were all documents are available to the public. 


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Regards Andrew Rigg