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PACIFIC CURRENT GROUP LIMITED (PAC) PRODUCES AN AFFIDAVIT CONTAINING FALSEHOODS ABOUT PAC'S FORMER DIRECTOR AND LONG-TERM SHAREHOLDER MICHAEL DE TOCQUEVILLE

Announcement posted by ASI Mutual 24 Apr 2019

PAC SHAREHOLDERS GRANTED ORDER FROM THE FEDERAL COURT OF AUSTRALIA TO DISCLOSE INFORMATION AND CONCERNS TO ASIC

In a continuing effort to bring accountability to bear on Pacific Current Group Limited Directors and former Directors over the failed joint venture and merger with the Northern Lights Capital Partners, LLC and its cohorts. The Company's shareholders, Michael de Tocqueville and ASI Mutual, recently took further action in the Federal Court of Australia to gain order(s) in their favour. 

         Michael de Tocqueville 
         Advocate Partners Pty Ltd 
      (now called ASI Mutual) 
                the Plaintiffs 
                    Versus 
      Pacific Current Group Limited 
               the Defendant

The Federal Court Ordered that:

For the avoidance of doubt, nothing in the Orders restricts any right the Plaintiffs may enjoy by reason of s 247C (2) of the Corporations Act 2001 (Cth).

CORPORATIONS ACT 2001 - SECT 247C

Disclosure of information acquired in inspection:

(1) A person who inspects books on behalf of an applicant under section 247A must not disclose information obtained during the inspection. (2) Subsection (1) does not apply to the extent that the disclosure is to: (a) ASIC; or (b) the applicant.

In a statement about the Court application and granted order, Mr de Tocqueville stated, my Solicitors provided affidavits having regards to the Court matters mentioned in the above. Pacific Current Group Limited as the Defendant also produced an affidavit. 

What a law firm informs me about 'Affidavits'

An Affidavit

An Affidavit is a statement of written facts which the maker either swears or affirms to be true before a qualified witness. This is essentially the paper based version of swearing upon the bible or making an affirmation in Court before giving verbal evidence.

An Affidavit sets out the evidence that the maker would give under oath in Court and they are used extensively in civil proceedings to expedite the Court process. The Affidavit will be read in Court before objections are made to the material within it. The material that is not struck out becomes the witness’ evidence in chief on which they are then cross-examined. As such, it is important that an Affidavit is carefully drafted to comply with the rules of evidence to avoid its content being struck out.

An Affidavit is only used when Court proceedings have been commenced and will usually be sworn by a plaintiff, a defendant or a witness.

What happens if I make a false statement in an Affidavit?

If you are found to have made false statements in an Affidavit or statutory declaration you may be charged with a criminal offence under the Oaths Act. A false statement given in an Affidavit gives rise to a charge of perjury, whereas a false declaration made in a statutory declaration can result in a term of imprisonment of up to 5 years. It depends on how a witness statement is used as to whether any punishment is available for a false statement.

If you have accidentally made a false statement you should rectify it immediately to avoid the above ramifications.

PAC's Affidavit as provided to us, having regards to our most recent shareholder action taken to the Federal Court, was sworn by its Solicitor Michael Keith Hamilton Pryse, a Partner from Herbert Smith Freehills (Freehills). The sworn Affidavit also references contribution(s) made from Pacific Current Group Limited's Chairman Antony (Tony) Robinson. 

Mr de Tocqueville said, The PAC Affidavit was egregious. It contained lies about me. The lies were fiction dressed up, in desperation, as truth. The falsehood written about me, would have been deemed defamatory if published. The PAC affidavit with its lies, concerning me, were refutable. Convincingly refutable in the public domain! Clearly, making false statements in an 'Affidavit' is undesirable, regrettable and also it seems, unlawful. 

PAC in desperation, it seems, will do anything to get their shareholders to clam up!

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PAC’s long-term shareholders including ASI Mutual are continuing to pursue demands for accountability over the failed Joint venture/merger with Northern Lights Capital Partners, LLC, Laird Norton LLC, BNP Paribas Capital Partners, LLC and their cohorts at Northern Lights Capital Group, LLC and NLCG Distributors, LLC. 

ASI Mutual notes from PAC’s 2018 annual report to shareholders, PAC was issued with a notice from the Australian Securities & Investment Commission (‘ASIC’). “ASIC raised concerns with the non-consolidation of Aurora Trust (“Aurora”) in Pacific Current’s 30 June 2017 financial report”. ASIC also stated, it was “concerned that Aurora had not been consolidated from November 2014 to April 2017 when Pacific Current had rights to variable returns of Aurora and had the ability to use its power to affect the relevant activities and returns of Aurora”. Matters for which PAC’s board is collectively responsible. We shareholders are not satisfied the accounts as they were restored, go far enough. They only meet the minimum required standard of a poorly Governed Company. 

ASI Mutual also holds concerns having regards to PAC investment in Nereus. The disclosures are troubling. We have contacted the Australian Securities Exchange (ASX) about our concerns. The disclosures made by PAC about this investment seem conflicting and unintelligible. They are unusual to say the least. 

ASI Mutual urges all shareholders - to thoughtfully consider the contributions Company directors make or have made on their behalf and the quantum of value they bring to their table, when asked to employ or re-employ them. 

http://www.fedcourt.gov.au/online-services/federal-law-search

For further shareholder or media comment, please contact:

Michael de Tocqueville
CEO - Investment Director

Mobile: 0402.039.993
mdet@asimutual.com

ASI MUTUAL

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