Looks like there is a helluva lot more going on behind the scenes as far as the fate of The Sandringham Hotel is concerned. The news is good but scary. Bank style scary......
A press release undercover.fm received from a media contact for the Sandringham Hotel reveals the reasons behind the Sando's financial troubles and it's not because they couldn't pay....
In an attempt to uncover some unsavoury bank policies the Sandringham Hotel is the latest Australian business to unite with Unhappy Banking, fighting what appears to be unconscionable conduct by BankWest, now owned by the Commonwealth Bank.
Founder of Unhappy Banking Geoff Shannon welcomed Sando owner Mr Tony Townsend to the grassroots movement fighting unethical bank actions. "It is never good for us to come across another business owner in such financial distress, who has been treated extremely badly by a bank, but unfortunately we are seeing a pattern of this. Businesses that are trading successfully, with no default of payments to the banks are suddenly being forced to wall because the bank simply changed their internal views and processes. It is criminal."
Criminal indeed, Tony Townsend, spoke of his initial disbelief that his bank could, or would actively work against him. "I simply couldn't understand how or why a bank with whom I had a successful and ongoing relationship could come in and change the rules to effectively force my wife and I out of the business we've built up hands-on over the years. We never missed a payment to the bank, we were on track. There's a lot more to unfold with this story." They never missed a payment. Apparently Mr Townsend has had all his financial books and records reviewed by a panel of senior business advisers, "They have told me there is no rational case for the bank acting toward me in this manner, and anomalies appear exist with the banks action."
Geoff Shannon founded Unhappy Banking to bring questionable banking practices to the public attention, and give business owners who have been affected by banks unconscionable conduct a voice.
"It appears from our initial review of the Sando case that Tony Townsend is another victim of Project Magellan. It is very complicated, but effectively we believe Commonwealth Bank reviewed the BankWest commercial loan book to clear over 1000 loans that were outside Commonwealth's lending guidelines. They didn't just shift the goalposts, they took them away."
Mr. Shannon has successfully lobbied the federal government for a senate inquiry into banking practices post-GFC. The Commonwealth's actions under their BankWest brand will be right in the spotlight.
Hopefully, with the help of Geoff Shannon The Sando and other business that have been unfairly affected by unjust and cruel banking policy will live to fight another day and continue to sustain their operations.
