Bob Bourne - Bankwest / CBA

On this page: 

 - Video of Bob Bourne showing you what he lost

 - Link to Bob's GoFundMe page 

 - Video interview with Bob in Parliament House

 - Text of that interview

 - Links to Bob's favourite movie, (a must see for Bank Victims)

 - Bob's submission to the Banking royal Commission

 - Link to Bob's bankvictimnews Facebook community page 

 - Bob's contact details

Bobs favourite movie that he says should be seen by all Bank Victims

"Assault on wallstreet"

trailer: https://www.youtube.com/watch?v=Kes3Vl4cLaU

movie: https://www.youtube.com/watch?v=opVqU-7D7CY

Bob Bournes text of the video interview

Bob Bourne - NSW, former publican  – CBA/Bankwest
LA: Bob Did you have a great track record with Bankwest over many years  developing numerous taverns and hospitality businesses – Yes very successfully
LA: When CBA took over bankwest was there an immediate change in attitude? – Absolutely
LA: Did CBA install xxxxxx xxxxxx  to run “professional management procedures”  YES which amounted to her not depositing large amounts of  BB`s funds for days and weeks after she received them. Yes definitely
LA: What did this do for your creditors?
They put us on notice to pay bills when the funds were diverted hrough the system as a poor relative of the CBA bank
LA: Did xxxxxx xxxxx threaten you with not proceeding with the important development application for Dutton's high rise 75 Unit Block. – Yes she did.
LA: Did CBA engage in financial swap rate deals to the detriment of  your business – Yes …..Stealing
LA: Did CBA appoint xxxxxxx xxxxxx to prepare a negative assessment of your Business with many details wrong - Yes
LA: Were you trading profitably and should not have had receivers appointed by CBA – Yes and they are still trading profitably
LA: Do you believe it was unjustified and wrong for CBA to tell the receivers xxxxxx xxxxxx  to enter premises and Bar you from entry. – Yes definitely
LA: Was it wrong for CBA to remove  all your Files and not lodged any tax returns. - Yes
LA: Was is wrong and cruel for CBA to force you into a fire sale - Yes it was 
LA: What was the result of CBA`s actions – Absolute destruction of my family. There were two suicides and one of my family has had three attempts of suicide and is in care at St Vincents hospital 
LA: Do you believe the royal commission has looked at the Bankwest / CBA issue adequately – Definitely not 

Bob Bourne - Submission to the Banking Royal Commission

Page 1
Time submitted : 14/02/2018 01:57:53 PM PWF.0001.0001.1874
Questions about you
1.1 Submitted By: Robert J T Bourne
1.2 Email: bob@bobbourne.net
1.3 Phone Number: 0414409528
1.4 State: NSW
1.5 Making the complaint for: Business
1.5.1 Relation to this person:
1.6 Name of the Business: Bo‐Jean Pty Limited
1.7 Relationship to Business: Director
Questions about the banking, superannuation or
financial services entity your submission relates to
2.5 Industry: Banking
2.5.Name of Bank / Financial Provider : OtherBankwest
2.6 Indicate the main nature of your dealings with this entity
Small business finance
`
Page 2
3.1 Which of the Royal Commission’s terms of reference is your submission about?
Misconduct or conduct falling below community standards and expectations ‐ Effectiveness of redress for
consumers
3.2 What did the financial services entity do that amounts to misconduct or conduct falling below community standards and expectations?
1. Prior to 2015, my company Bo‐Jean Pty Limited had banked with Bankwest for 16 years.
2. During that time Bankwest financed Bo‐Jean for seven different successful developments, and were
the business bankers and financiers for a range of business acquisitions. There were no failures, and no
payment defaults.
3. By the end of 2014 Bo‐Jean owned and profitably operated Settler’s Bottle Shop, Kariong Tavern,
Henry Kendall Tavern, and Dutton’s Tavern.
4. Those assets had bank valuations for mortgage purposes at that time exceeding $27 million.
5. In early 2015 Bo‐Jean’s banking facilities totalling about $12 million were up for renewal.
6. Through November and December 2014, and thence January and into February 2015 I was continually
told by officers of Bankwest that the finance facilities would be renewed. Accordingly, and in reliance on the
assurances from Bankwest, Bo‐Jean took no steps to obtain re‐finance with any other lender.
7. Contrary to its assurances, Bankwest did not renew the facilities.
8. Instead, without notice it terminated the facilities and applied a usurious default interest rate, which
took monthly interest liabilities overnight from circa $62,000 per month to an impossible $175,000/month.
9. In other words, Bankwest lulled Bo‐Jean into a false sense of security about finances, and then caused
insolvency artificially by imposing the default interest rate. I placed trust in and relied on the bank to do what
was right for me. The bank owed me a fiduciary duty, which they breached.
10. On top of the default interest rate, Bankwest immediately appointed its employee Alison Fragar to
oversight the management of the business. She took control of all payments and receipts, and thence was
either incompetent or unavailable to process supplier payments in a timely fashion, which immediately led to
problems with suppliers.
11. Bankwest then appointed Ferrier Hodgson as Receivers and Managers on 9 April 2015.
12. Ferrier Hodgson conducted a fire‐sale of assets, eventually selling all the assets and paying just
themselves and the bank.
13. Ferrier Hodgson’s unjustifiable costs of that little exercise were nearly $900,000. That is, for them to
sell a bottle shop and a tavern, and close another tavern, they charged nearly a million dollars in fees.
14. By its own actions Bankwest caused the insolvency of Bo‐Jean. Had it acted honestly or conscionably,
Bob Bourne would still have his company and its assets.
15. Instead, Bankwest destroyed a business, rorted a million dollars in “bonus” default interest, and
allowed its mates at Ferrier Hodgson to pocket the best part of another million, leaving Bo‐Jean and Bob
Bourne with exactly nothing.
The matter is an unconscionable disgrace. It has left a trail of destruction, unpaid employees, and a financially
broken man.
Since then, Bankwest and CBA have simply prevaricated and passed the buck.
We thank you for your assistance in trying to resolve the matter.
3.3 When did this happen? : 01/02/2015
3.4 What do you think caused or contributed to these events?
At some stage, without notice to Bo‐Jean, Bankwest decided it did not wish to continue the finance facility to
Bo‐Jean. This must have been because of some internal decision of Bankwest, because it did not arise from any
change in circumstance or default of Bo‐Jean.
`
Page 3
Instead of notifying me in a timely fashion (ie before the expiration of the facility) that Bo‐Jean should look for
another source of finance, Bankwest continually led me to believe that they would renew the facility. I was
told "don't worry, it's in progress and will be renewed".
I relied on the bank.
Throughout the course of the banking relationship I was in a position of vulnerability and subordination. I
placed trust in and relied on the bank.
I was given and took advise from the bank as to the structure of my business, and the assets in which it should
invest. The bank took an active role in encouraging the acquisition of various assets, and thus the growth of
not only my business, but also the banking facility.
The bank owed me a fiduciary duty, which they ignored.
When eventually Bankwest did not renew the finance facility, I was notified only after the expiration of the
facility, and thus after the date for repayment. In other words. by the time Bankwest informed me that they
would not renew the facility, it was already due for full repayment. They then deemed it in default, and
applied default interest, rendering my otherwise perfectly successful business insolvent.
The various false statements which led me to believe that the facility would be renewed were a breach of the
bank's duty to me.
The failure to properly notify me of an intention not to renew was a breach of the bank's duty to me.
The imposition by the bank of an ineffective and negligent payments manager was a breach of the bank's duty
to me.
The imposition of default (in my view penalty) interest was a breach of the bank's duty to me.
The refusal of the bank to work with me in good faith to manage a sale of assets and a concomitant reduction
in debt was a breach of the bank's duty to me.
The appointment of grossly over‐charging receivers who conducted a firesale of assets with no regard to my
interests was a breach of the bank's duty to me.
I was exploited by the bank and its receivers for their own benefit.
My reliance on the bank contributed to these events. I relied on their advice about asset acquisition and cash
flow, and on their assurances of finance.
3.5 Did you make a complaint in relation to what happened? : Yes
3.5.1 When did you first make this complaint? : 14/02/2015
3.5.2 Who did you complain to? : The entity itself
3.5.3 What happened when you made the complaint?
Nothing
3.5.4 What was the outcome of your complaint?
No action
3.5.5 When was this outcome reached? :
`
Page 4
If Court / Tribunal Proceeding were commenced :
Which Court were the proceedings commenced :
Are these proceedings still underway? :
If the proceeding was completed, what was the out come :
When were the proceeding completed :
Were you satisfied with this outcome? : No
`
Page 5
What culture or governance practices and other practices (including risk management, recruitment and remuneration practices and/or the use of a superannuation member’s retirement savings by a financial service entity) of the entity are of concern and why?
How effective are the mechanisms for consumer redress and how could they be improved?
They are not effective.
The bank simply stonewalls.
There appears to be no scope for genuinely working with the customer to get a decent outcome for all
involved.
What changes would you like the Royal Commission to recommend?
I would like:
1. a ban on bank actions which cause the customer to be in default;
2. a ban on the imposition of interest rates that are effectively a penalty, and the imposition of which causes
insolvency;
3. a requirement for banks to provide adequate (say, 90 days) notice of an intention not to renew a finance
facility;
4. a ban on banks re‐valuing security property at their own volition in circumstances where a reduced
valuation may cause a default of contract conditions;
5. the institution of an out‐of‐court mechanism for redress and compensation for bank customers who have
suffered loss by the banks action;
6. a requirement for banks to act as "model litigants" in litigation so as not to beat aggrieved customers by
process or attrition or technicality;
7. a requirement for banks to promptly respond to complaints, and to advise in simple terms where customers
can further press their complaint if not satisfied;
8. the institution of a mechanism whereby the best interests of all parties must be taken into account by
receivers;
9. a statutory dictate that receivers and brokers are undeniably agents of the bank, and the bank is directly
liable for their actions;
10. a statutory dictate that banks owe a fiduciary duty to customers whom they advise, and who rely on them.

Other Comments
What did the financial services entity do that amounts to misconduct or conduct falling below community standards and expectations?
Installing PROFESSIONAL OVERSIGHT of the running of the business from January 2014 where all cheques drawn on the business had to be pre-approved by AxxxxN xxxxxR, SENIOR MANAGER CORPORATE CBA BANK. Mostly on a weekly basis, AxxxxN FxxxxR was not available to process those cheques for circulation meaning that as those cheques were sent to suppliers, many cheques were dishonoured as Bankwest Deposit System through the CBA Bank would not reach Bankwest in a timely fashion and cheques presented were dishonoured.
Suppliers on many occasions sought reference to credit rating referral which is apparent from the Equifax credit rating system. On checking Equifax, Alison Fragar's personal name appears as an invasion of privacy causing credit referral and rejection of trading objectives. At various points prior to the CBA takeover, Bankwest invited me to borrow at LVRs of up to 70% on their highly specialised and specific commercial enterprise assets, and encouraged me to purchase my Terrigal home. After CBA acquired Bankwest, CBA took no fair or proper account of Bankwest's historic encouragement of Bo-Jean Pty Ltd borrowings particularly in the continuous successful expansion of the business. In January 2014, at the end of a term loan, with indications of approval from Wxxxxn O'xxxxn, Senior Commercial Manager (Oxxxxn statement attached) and on 9 April 2015, appointed Ferrier Hodgson as Receiver, Manager and Agent warning me off the premises to sell all assets. Ferrier Hodgson then appointed, Jack Lucas to operate the hotel businesses. His stand over intimidation of the staff immediately had effect on the smooth running of the business. Serious misconduct during the receivership initiated by Bankwest in April 2015, involving an arrangement under which all of my hotels under the receivers administration had attempted to cancel a Tooheys tap tie to a Carlton United tap tie in exchange for payment to Jack Lucas, the appointee, as these premises had long been affiliated with the original brewing group, Tooheys.
The CBA omitted to consider the success of Bo-Jean Pty Ltd businesses. Prior to the 9 April 2015, a development application was lodged by me with Gosford City Council to develop a 14 storey block of 75 units with the Tavern to be relocated back to the premises. Mxxxxxn Kxxxy of Ferrier Hodgson re-appointed me (Robert Bourne) to progress with the application and consent was granted in December 2015. The premises was then sold off-market in January 2016 for $6,000,000 WITH ALL THE PROCEEDS GOING TO THE CBA.
When did this happen?
Expiry of term loan in January 2014.
What do you think caused or contributed to these events?
The indications by Bankwest that the loan would be rolled over as per statement of Wxxxxn O'xxxxn on January 2014. When the term loan was not rolled over, Axxxxn Fxxxxr (Commercial Manager conducting management oversight) commenced the interest rate to be 17.5%, which was previously 6.4%. From being encouraged by Warren O'Brien that the loan was going to roll-over, I had relied on this and there was no purpose of seeking a loan elsewhere.
Did you make a complaint in relation to what happened?
Yes
What culture or governance practices and other practices (including risk management, recruitment and remuneration practices and/or the use of a superannuation member’s retirement savings by a financial service entity) of the entity are of concern and why?
There are no considerations for risk management which accommodates for the customer. The risk management process that the CBA has ONLY accommodates for the bank and not their customers.
We went from a strong commercial relationship with Bankwest for 16 years, to an aggressive revisionist new ownership of Bankwest by the CBA.  
Once Bankwest was acquired by CBA, the CBA Bank had a tendency to treat pre-existing Bankwest commercial clientele such as myself as second rate, and had a disinclination to properly consider our individual merits as borrowers and customers.
Approaches were made to JxxxxxxxN CxxxxxT (SENIOR MANAGER CREDIT CONTROL OF CBA) Mxxx WxxxxxN (GENERAL MANAGER CREDIT GROUP RE-STRUCTURE), CxxxxxxxA SxxxxxN (CBA GOVERNMENT RELATIONS), BxxxxxxxxxxxxxxC (CBA CUSTOMER RELATIONS) and Exxn RxxxxxxxN (GENERAL MANAGER GOVERNMENT AND INDUSTRY AFFAIRS).
How effective are the mechanisms for consumer redress and how could they be improved?
As a result of the request for a face to face meeting with CBA, the following occurred. I received a reply stated as follows - "Unfortunately, we are not in a position to have a meeting with.... these customers have either; appeared before the courts previously; or, are currently before the courts; or have had their mattes resolved through a settlement agreement; or we do not believe that a constructive dicussion is likely. In each case, the matter has been the subject of considerable internal review and we are satisfied that the bank acted in an appropriate manner".
What changes would you like the Royal Commission to recommend?
That the Financial Ombudsman Service limit of $2,000,000 be removed.
At the beginning of the loan, points of review be established before signing the contract e.g. bank panel valuers (at the bank's expense) to provide fresh valuations. The expectations of the bank through FOS to allow more time for the business similar to a Chapter 11 (12 months protection) from creditors and the bank that would allow a more realistic sale price without the firesale precured by receivers, administrators and agents.  
Other Comments
The outcomes of culture and the governance practices had toxic effects on me and my immediate family. The personal pressure destroyed my relationship with my wife and children who could not handle this type of toxic conduct.
 

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To contact any bank victims please contact Leon Ashby 0435 423 626
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If you are a Bank Victim and want to have your say.
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