Carlton Investments (CIN.AX) and Amalgamated Holdings (AHD.AX) have built up crossholdings approaching a billion dollars, separating ownership and control, allowing the companies to manipulate their own share prices and present deliberately falsified annual reports. CIN and associates hold 35% of AHD shares, while AHD and associates hold 61% of CIN shares. The combined crossholding has a nominal value of $868m, constituting 44% of CIN's and AHD's combined market cap. CIN and AHD also have substantial crossholdings with fellow criminal investment companies AFI, MLT, ARG and WAM.
http://www.asx.com.au/asxpdf/20130912/pdf/42jb3qsl6g9mr8.pdf
Buried in the notes of its 2013 annual report, with next to no detail provided, CIN discloses inter-company loans totalling $158m, up from $148m in 2012, that it eliminates upon consolidation. These $158m loans are apparently of zero interest to an investor wishing to build a fair view of the company. Some of the loans are taken out by Eneber, the controlled investment vehicle that owns much of CIN. So CIN has taken out a loan from itself, and used the proceeds to buy itself.
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