THE LAUREL SPRINGS INVESTIGATION
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THE LAUREL SPRINGS RETIREMENT VILLAGE
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FINANCIAL INVESTIGATION
DETAILS OF FINDINGS
Details of Findings
11. Failed to obtain Quantity Surveyor Reports 2011 to 2017
18. Defrauded residents who bought new unit - structure unfit for purpose, and unconscionable exit terms
19. Deceived residents - renaming of Village to Resort

11. Failed to obtain Quantity Surveyor Reports 2011 to 2017

The scheme operators knowingly failed to obtain any Quantity Surveyor reports for the Maintenance Reserve Fund (MRF) or the Capital Replacement Fund (CRF), from when they took over Laurel Springs in 2011 until April 2017. A full report is required every three years, and an update is required annually. These failures are offences under sections 98 and 92 of the Retirement Villages Act. Furthermore, in 2018, they refused to provide me with copies of the reports that they did finally obtain for 2017.

11.1 The 2013 Financial Statements

11.1.1 There is no expense for a Quantity Surveyor report for either the MRF or CRF in 2012-2013:

Evidence Document D6.11 - 01

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11.2 The 2014 Financial Statements

11.2.1 There is no expense for a Quantity Surveyor report for either the MRF or CRF in 2013-2014:

Evidence Document D6.11 - 01

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11.3 The 2015 Financial Statements

11.3.1 There is no expense for a Quantity Surveyor report for either the MRF or CRF in 2014-2015:

Evidence Document D6.11 - 01

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11.4 The 2016 Financial Statements

11.4.1 There is no expense for a Quantity Surveyor report for either the MRF or CRF in 2015-2016:

Evidence Document D6.11 - 01

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11.5 The 2017 Financial Statements

11.5.1 There are expenses for Quantity Surveyor reports for both the MRF and CRF in 2016-2017:

Evidence Document D6.11 - 01

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11.6 Reaction to request For copy of Quantity Surveyor Reports

11.6.1 The scheme operators refused to provide me with a copy of the Quantity Surveyor Reports on 16 October 2018, when they would have received the reports obtained in April 2017:

Evidence Document D6.11 - 02

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11.7 Contravention of Retirement Villages Act - Capital Replacement Fund

11.7.1 According to s92 of the Retirement Villages Act, a full Quantity Surveyor Report for the Capital Replacement Fund is required every three years after 2009, and an update report is required every other year:

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11.8 Contravention of Retirement Villages Act - Maintenance Reserve Fund

11.8.1 According to s98 of the Retirement Villages Act, a full Quantity Surveyor Report for the Maintenance Reserve Fund is required every three years after 2009, and an update report is required every other year:

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