Anthony @ Equity Investigations, Dear Anthony, Message Board

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Strategies & Market Trends : Anthony @ Equity Investigations, Dear Anthony,

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To: StockDung who wrote (82970)	1/15/2003 12:23:08 AM
From: SEC-ond-chance	Read Replies (1) of 122087

New Tel's ever bending stories 04Dec02 THE commercial relationships between Deloitte Touche Tohmatsu chief executive Domenic Martino and embattled New Tel chief Peter Malone stretched to more than 40 companies in the past few years, according to company records. But on February 22 this year, Mr Martino resigned from all of them citing his busy new role as chief executive of the accounting giant in Australia. New Tel is under fire for raising more than $100 million during the tech boom - a period through which Mr Martino was a director - but now has less than a few million dollars left. It announced a highly dilutive restructuring yesterday in a deal with the mysterious Broadband & Wireless group, which is still to secure Telstra's signature on a debt buyout. New Tel owes Telstra more than $10 million. Mr Martino was appointed chief executive of Deloitte in April last year, 10 months before he started cutting ties with Mr Malone's New Tel. Sources close to Mr Martino have indicated there was disquiet within Deloitte about the partners having extensive commercial relationships outside the firm. Mr Martino has denied this. While Mr Martino sat on the board of New Tel, Deloitte did extensive consultancy work, earning more than $4 million in the 1999-2000 to 2000-01 financial years alone. The Australian revealed yesterday that investors and creditors have been bemused by the role Mr Martino played on behalf of New Tel boss Mr Malone in the past month, given his resignation as a director in February. Astron Communications director Chris Burke, whose company was interested in buying New Tel assets, said Mr Martino held a meeting on Mr Malone's behalf last month. This contradicts Mr Martino, who said his only efforts for Mr Malone were to tell creditors to deal with insolvency company Sims Lockwood, a task he carried out as a favour to Mr Malone, with whom he has had a business relationship and friendship since the 1980s. Mr Martino resigned from New Tel on February 22 as well as quitting a host of other companies linked to himself and Mr Malone. These included 33 shelf companies: NGVS (No.1) Pty Ltd through to NGVS (No.19) Pty Ltd and Rand (No.1) Pty Ltd through to Rand (No.14) Pty Ltd. It's unclear what these companies do, but Mr Malone resigned from all of them on the same day as Mr Martino. This report appears on news.com.au.

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