Navra Legal Action

Mark C

Mark C

Hi everyone, first I apologies if this has been discussed previously and a disclosure I have never held Navra Funds, Navra Shares nor have I engaged Navra for any advise.

I recently caught up with some friends who said they lost allot of money following Navra advice to buy Navra Funds and Shares. They asked me if I knew anyone who had taken legal action against Navra for the advise they gave?

The first time I ever heard of Navra was through this forum so I thought it best to post the question here.

Many thanks,

Mark
 
I assume they didn't invest in Great Southern - otherwise they would already be part of the Class Action (which is bank related, not specifically Navra related).

Otherwise, if they were unitholders in the NavraInvest funds (specifically those affected by the Structured Property Fund) or shareholders in NavraInvest, they should apply for an account on http://sharesq.com/ and ask questions there.

From what I've heard from other people, my understanding is that some people have looked at legal action, but you'd end up fighting the insurers for a small piece of their insurance pie. The liquidator has come back and said he found no evidence of wrong-doing in relation to the company itself, so there's likely to be no action against the directors there. I doubt ASIC or anyone is interested any more since the company no longer operates.
 
Tax losses on navrainvest?

Hello Sim
I tried to create an account in sharesq.com, but it kept rejecting me (now it said my username and email address have been used?) I am still living overseas.
What I would like to know is whether we would be able to claim tax losses from navrainvest shares for the tax year ended 30jun13? Where would I be able to find that info?
Thanks.

PS - I did a search on navra, navrainvest and it looked like these websites have been deleted. How can I find out latest info on what's happening?
 
Last edited:
geoffw said:
The question was about being able to claim tax losses. That's the answer your accountant can give.
Click to expand...

OK, thanks, Geoff.

But, I would like to know whether navrainvest is truly dead (not just in administration) for tax loss purposes. It seems all info about them on the internet have been wiped out! How do I get updates on them going forward for tax purposes?
 
babushka - email me at [email protected] and I'll get your account sorted out.

There has been a bit of discussion about this topic, as it is of interest to all shareholders.

You should check with your tax advisor for your own situation, but someone else said theirs had told them that if the company is listed as wound up on the ASIC website, you could write it off now ... however I checked and it currently says "Status: External Administration", so I don't know what that actually means.

The administrators have said there is no expectation of any further distributions to shareholders.

Either way, I suggest you try and get on sharesq.com so you can see what other people have written on the subject.
 
Thanks, Sim. I will send you an email soon.

Yes, I also searched ASIC website and found the same status - ext adm. I tried to find out who the administrator has been, but it seemed the company appointed has split into 2 different companies.

Not sure why all navra websites have been wiped out from the internet? I thought at least the historical info would still be there.


Sim said:
babushka - email me at [email protected] and I'll get your account sorted out.

There has been a bit of discussion about this topic, as it is of interest to all shareholders.

You should check with your tax advisor for your own situation, but someone else said theirs had told them that if the company is listed as wound up on the ASIC website, you could write it off now ... however I checked and it currently says "Status: External Administration", so I don't know what that actually means.

The administrators have said there is no expectation of any further distributions to shareholders.

Either way, I suggest you try and get on sharesq.com so you can see what other people have written on the subject.
Click to expand...
 
babushka said:
Not sure why all navra websites have been wiped out from the internet? I thought at least the historical info would still be there.
Click to expand...

Websites cost money to operate ... the administrator's prime objective is to minimise outgoings (so they can maximise the amount they can keep for themselves :rolleyes: )

They allowed the navrainvest.com.au domain name to lapse a few months back, so the website disappeared.

There was no new information being published on the website anyway.
 
babushka said:
Hello Sim
I tried to create an account in sharesq.com, but it kept rejecting me (now it said my username and email address have been used?) I am still living overseas.
Click to expand...

I went to create an account and I got a message "502 bad gateway" after entering my details- however a confirmation email had been sent out asking for confirmation of account. This then blocked that email from being used again.
 
So what happened here.

Navs was a big poster on SS years back and didn't he resurface again about a year ago as a financial plannner again?
 
Terry_w said:
So what happened here.

Navs was a big poster on SS years back and didn't he resurface again about a year ago as a financial plannner again?
Click to expand...

I thought he was a guru/spruiker of some sort a few years ago until it all came crashing down.

I remember Peter Spann also used to be a contributor. He did the managed funds thing drawing ongoing commissions regardless of fund performance (as all fund managers do to be fair).

I miss Peter Spann as he was happy to jump into an argument and defend his product/decision on the forum.

I hope they both contribute again but I think it is unlikely to happen (at least until the next property boom!)
 
handyandy said:
Hi Terry

I don't think he did as he is bankrupt so can't act as a financial adviser but it seems he took a job.

http://www.mccarthygroup.com.au/team

no doubt spinning his rental reality to a new group of bunnies.

Hop Hop
Click to expand...

Curious he now holds a day job, just because his business went belly up does not necessarily mean he lost any of his personal fortune... or perhaps he did??? I recall his property portfolio was impressive with properties mainly in Syd blue chip areas.
 
Steve Navra is a very smart and charismatic individual who has an extensive history as a share trader . From my all reports he was pretty good at this .

Where he came unstuck was that he came up with a structure of investing that relied on drawing down equity and using this to live on . He also had people drawing down equity and investing that in higher yielding investments , in particular in an agribusiness that went bankrupt . I'm not aware of all the specifics , but I'd assume this was the main trigger to the collapse .

My main concern with his structure was that it relied on ongoing growth and the ability to refinance to draw down equity to keep on going . At one of his seminars I asked him what would happen if there wasn't ongoing growth and you couldn't refinance . His answer was it would be a disaster , but it's not going to happen . Well it did happen .

I'm not sure whether this was a factor in the financial situation that many of his clients were left .

Part of the reason why I don't know is that most threads that raise Steve are deleted or referred to another ( I assume lower traffic ) forum. Given this forum was the platform that generated much of his business I don't think it's unreasonable to have ongoing debate here .

There were many heated debates on the forum about Steve and his methods . I received pm's asking why I had it in for him. I didn't have it in for Steve , I met him several times and he was a very pleasant and articulate person .

I had a problem ( justifiabley it seems ) with his system and along with several other members questioned him about it ( bill , are you still around ...)

I think it would be nice if members of this forum could be made aware of what has gone on.

Cliff
 
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