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The extent to which BBY, the collapsed stockbroker, was run using the advice of a psychic is being slowing revealed as the liquidators continue their forensic investigation.
Nervine Rottinger, who calls herself a professional intuitive and energy healer, knows a bit about chakras, the centres of spiritual power in the human body.
She once helped Glenn Rosewall, the former executive chairman of failed stockbroker BBY, deal with his chakras before moving on to use astrological charts and intuition to forecast share prices, estimate budget and deal with staff issues.
Her activities at BBY are being revealed during a liquidators’ examination in the NSW Supreme Court on the collapse of BBY in May 2015.
KPMG says the liquidation of the company is one of the most complex since landmark insolvencies such as Lehman Brothers during the GFC.
The investigation into the mismanagement and failure of BBY has involved analysis of more 10 terabytes of company electronic data, 155,000 transactions across over 100 bank accounts, 15.8 million internal emails, 2,500 boxes of records and 30,000 subpoenaed documents.
About 6,000 former BBY clients have potential claims totalling $61 million. KPMG expects a shortfall of more than $23 million.
The court examination has turned its attention to the psychic and her role in advising Rosewall, the biggest BBY shareholder with his father tennis great Ken.
In court, Rottinger agreed she had no financial training. She first met Rosewall at 9am on June 9, 2009.
Among her actions at BBY, she told the court she:
- Prepared an astrological chart on Firestone, a South African coal explorer BBY had invested in.
- She looked for “patterns when certain planets are aligned so that they generate wealth”.
- Predicted that 2014 would be tight for BBY.
- Bounced ideas around with Rosewall.
- Discussed share prices and the business.
“A lot of people in the old days would call it magic,” she told the court. “These days we call it ‘mind over matter’.”
She said there was a significant relationship between astrology and financial market movements.
Rottinger was introduced to Glenn Rosewall by former BBY CEO Arun Maharaj who had attended one of her meditation sessions.
Maharaj has revealed that the clairvoyant was given access to BBY’s accounts and had her own column to provide revenue estimates.
He told the court: “She would alter them and then send them back to Glenn who would sign them off.”
Rottinger said her work was intuitive.
“I just get an image in my mind that tells me what a price may be,” she said.
However, she told the court: “I’m not always right.”
Apparently she initially charged $300 for a couple of hours work but later stopped billing.
The court examination continues.
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via Business Insider http://read.bi/2clyOee