NI Presbyterian mutual society, Short of funds for withdrawal?

john2009

expat68 wrote: »

FSA investigation will probably be public info. My understanding from l'estrange and brett is that the administrators report on directors actions will not be made public, even the administrators lawyer may not see the final version according to him.

I take your point. I dont think the admninistrator's report will be made public. But DETI's decision to take action or not to take action must be made public and explained.

goodbyepci

Mark Orr on Will Crawley now!

abeliever

Will did not ask specifically about "advances secured on building sites & development land" ......It would have been good to hear what Mark Orr (PMS Chairman) had to say !

presbyteriannomore

If I heard correctly, Mark Orr stated that PMS were advised about 3 years ago to diversify, his defence for not doing so was that equities would have performed worse than property & land investments, but he failed to mention that equities were not the only alterative option e.g bonds & cash could have been considered. If, as it seems, he has publicly stated that potential risks were highlighted to PMS & they ignored this advice, then it could be a line worth following.
I was astounded at Mark Orr's arrogance. He stated that all PMS members had to do was ask, but didn't a number of you do that, and didn't PMS staff deny everything right up to the day the lettes went out? He continued the line of blaming Gordon Brown for everything & he said that the PMS wasn't a failed project!!!!!! He also tried to infer that his experience is that the majority of Presbyterians are supportive & encouraging of PMS directors - who is he trying to kid?!
Do these guys live in the real world & will they ever meet the concepts of honesty & integrity? But then again that's not the PCI way of doing things!

joylikes2shop

http://news.bbc.co.uk/1/hi/northern_ireland/7891124.stm

Nomad25

:mad: :mad: I really do have to agree with previous poster - what an arrogant, smug git [Mark Orr]!

purt

joylikes2shop wrote: »

http://news.bbc.co.uk/1/hi/northern_ireland/7891124.stm

Funny, I was just coming on to post about this guy's arrogance. Nothing less than I'd expect from someone associated with a Church. Good luck to you all in getting your money back. It seems the Church itself and now the management of the Society are determined to blame everyone other than themselves for this mess.

expat68

i) If everything was open why did they only send out an abbreviated report

ii) Even in the full accounts the level of disclosure in the notes on the lending strategy while complying with the legal minimum would hardly suggest the maximum transparency

iii) Werent people blatantly lied to by Colin Ferguson when they asked specific questions about the underlying investments (several examples on this forum) - one example from a member on this forum who queried an entry in stubbs gazette sticks in the mind

iv) If it was so open why did they tell PCI what was happening before the investors

v) The reason so few people went to the AGM is because they thought the PMS was church backed and trusted it implicitly

vi) This is the start of the directors strategy to ensure they cannt be labelled as negligent

All makes me so angry...........these people could well get away with it and in their own minds they dont see the hurt and damage they have caused.

BelfastGran

I cannot believe what I have heard this am, I feel sick.

We do need help here to get our little bit of savings back, its just unbelievable.

No mention of those who are suffering at this time who have no money to pay bills, elderly, people in Nursing Homes etc etc etc.

crazymess

How dare Mark Orr say that we could have asked for accounts?

Many people don't understand accounts, especially our elderly folk, whose savings they took and squandered. That is why the phones were ringing off the hook in August and September because people wanted answers.

I did make the calls and asked was money lent out to property developers and was told NO - I don't have a problem with the Commercial Property - it will come okay in the end.

These Directors are still telling us - NOTHING HAS CHANGED -

At a meeting recently where a Minister and a director made us all feel there was nothing to worry about. You would have thought we were worrying about nothing.

Surely there is someing not right - its unfair especially for the older generation in our church who need to see their money returned.