In paragraph 36 the statement that "(MFL has told us that it took $189,000 in fees)" should have read "(MFL has told us that of this amount $189,000 was prepaid fees, which were to be paid proportionately in arrears for each month of the duration of the loan. Fees actually received by MFL totalled $39,375)".
The Commission regrets any inconvenience this may have caused.
The PDF copy was removed as soon as the Commission became aware of the error. The published report and the copy below are correct.
An inquiry under section 10 of the Securities Act 1978 into the circumstances of the offering and management of interests in the 1 Parliament Street Car-Park Limited contributory mortgage.
Table of Contents
- Glossary of Abbreviations
- Background to this Report
- Summary of the Commission's Conclusions
- Background to the Inquiry
- Background to the Offer
- The Valuation Information
- The Promissory Note
- The Mortgage Financier Limited Removed as Broker
- Principal Areas of Inquiry
- Findings as to Breaches of the Securities Law
- Liability for Breaching the Securities Law
- Who is an Issuer of the Parliament Street Mortgage
- Who is a Promoter of the Offer?
- Update
- Actions
- Recommendations
- Appendix A
- Appendix B