Investigative Journalism and Learning Hub - Waratah Strata Management Warned About SP52948 Insurance Risks, Safety, Financial Health (Bankruptcy Risk), and Non-compliance with Laws

From:	SP52948 owner
To:	Committee members: Stan Pogorelsky, John Gore, Genelle Godbee, Ramesh Desai, Kathryn Cutler, Carlos Fornieles Montoya, Andrew Ip, Jeffery Wang
Cc:	SUU Insurance, BCB Insurance Brokers
Subject:	SUMMARY Insurance risks and mismanagement of strata plan SP52948 with high concerns for safety, financial health (bankruptcy risk), and non-compliance with laws on 26Sep2023
Date:	26/9/23, 22:01

Part 7 of submissions. For six previous submissions, committee members and Waratah Strata Management did not offer any evidence to refute our claims (unredacted documents, photos and videos).

Any recipient who wishes NOT to receive these concerns, simply reply to our email. They wish will be respected but that cannot stop further legal actions.

61. Like in 2022, SP52948 complex worth more than $146 million, insurance renewal appears to have expired (due date was 21 September 2023). Complex uninsured for five days.

As of 26 September 2023, negative balance in Admin Fund was $33,522.42.

Waratah Strata Management changed their own data in Income & Expenditure Report for 31 August 2023 (end of financial year) and three different versions were found in late evening on 31 August 2023, 6 September 2023, and 16 September 2023, generating a result which is almost 57 percent lower on 16 September 2023 than on 31 August 2023.

Three different versions of Admin Fund balance exist for 31 August 2023: $18,759.11 in report on 31 August 2023, $14,903.11 in report on 6 September 2023, and $10,652.86 in report on 16 September 2023.

Attachments:

SP52948-three-different-versions-Admin-Fund-balance-31Aug2023.png

SP52948-insurance-as-on-26Sep2023.pdf

SP52948-Income-and-Expenditure-Report-1Sep2023-to-26Sep2023.pdf

62. As of 26 September 2023, there are 16 Open Work Orders, of which some go back to 2017.

Three recent repairs for water-related issues are listed on top of the Orders.

Lot 158 sun-room leaks are still listed as well.

Attachment:

SP52948-waratahstrata.com.au-website-Maintenance-Open-Work-Orders-page-1-26Sep2023.png

63. Risks with poorly prepared SP52948 10-Year Capital Works Fund, with updates for OH&S and fire safety risks in 2023. and City of Ryde Council issued the order and a show cause order for fire safety

Response was received from City of Ryde Council on 14 September 2023 who advised us that they had issued the order and a show cause order for fire safety to SP52948 (through Waratah Strata Management).

Owners are kept uninformed about it.

Attachment:

SP52948-discrepancies-in-BIV-report-for-10-Capital-Works-Fund-in-2017-and-2021.pdf

64. Insurance problems - one of the Motions for AGM 2023 has just been submitted:

Repayments in amount of $28,545.69 (GST excl) to insurance companies for legal costs of Solicitor Adrian Mueller in 2017, 2022, and 2023.

Repayment to insurance company in amount of $1,574.00 (GST excl) for water leak damages which were below excess threshold in FY 2022.

Rejected claim by insurance company in amount of $13,497.00 in 2021 for sun-room window frame of Lot 190 destroyed by strong winds on 30 November 2020.

Owners corporation carrying out additional costs of $12,270.00 for repairs in Lot 190.

Insurance commissions paid to Waratah Strata Management in amount of $37,913.27 from 2018 to 2022 (insurance details for 2023 are still undisclosed by Waratah Strata Management) with evidence of previous strata agency BCS Strata Management not allowed to receive insurance commissions due to conflict of interest.

Waratah Strata Management renewed insurance for SP52948 without owners corporation decision at general meeting or decision at any committee meeting by decreasing insured sum for catastrophe from $38,920,350.00 in FY 2022 to $21,982,500.00 in FY 2023.

Waratah Strata Management renewed insurance for SP52948 without owners corporation decision at general meeting or decision at any committee meeting by increasing insured sum for loss of rent and temporary accommodation from $19,460,175.00 in FY 2022 to $43,965,000.00 in FY 2023, indirectly highlighting the risks for losses due to uninhabitable properties (poor maintenance) (attachment "SP52948-insurance-premium-changes-1997-to-2023.webp").

65. Seventh incident with fallen tree/large branch towards Fontenoy Road with damage to fence.

On 20 September 2023, fallen branches from tree on SP2948 common property damaged fence towards Fontenoy Road, near bus stop - very lucky that this repeated issue did not hurt anyone. Staff of Uniqueco Property Service hid the damaged fence planet behind the column in the little-visited area of basement:

SP52948-risks-with-fallen-trees.and-lack-of-their-proactive-maintenance.html

On 16 March 2015 large branch fell from SP52948 property and damaged public bus stop shelter, which has never been repaired.

On 18 February 2023, large branch fell from SP52948 property and possibly damaged car with license plate CM32EM.

Attachments:

SP52948-fallen-tree-across-the-fence-towards-bus-stop-photo-3-16Mar2015.jpg

SP52948-broken-large-tree-branch-28Dec2020.jpg

SP52948-broken-tree-blocking-pathway-near-bus-stop-on-Fontenoy-Road-photo-1-7Apr2021.jpg

SP52948-fallen-large-tree-near-bus-stop-behind-Block-C-photo-4-21Mar2022.jpg

SP52948-unrepaired-damages-to-bus-stop-area-due-to-fallen-tree-photo-5-13Nov2022.webp

SP52948-large-tree-branch-fallen-on-Fontenoy-Road-photo-2-18Feb2023.jpg

SP52948-unrepaired-damages-to-bus-stop-area-due-to-fallen-tree-photo-5-13Nov2022.webp

66. In spite of significant negative balance in Admin Fund for most of FY 2023 without disclosure to owners, monthly salary for Uniqueco Property Services increased two times: 2% in March 2023, and additional 10% in September 2023.

Here is how salary increases for building manager occurred in part of 2022 and whole 2023 (attachments "SP52948-building-management-base-contract-changes-1999-to-2024.webp" and "SP52948-Uniqueco-Property-Services-salary-increases-2022-to-2023.pdf").

67. Evidence is the best advocate for real status of SP52948.

SP52948-experiences-with-Waratah-Strata-Management-from-customer-perspective.html

SP52948-Waratah-Strata-Management-organised-non-compliant-ordinary-committee-meetings-in-period-2017-to-2023.html

Waratah-Strata-Management-non-compliance-of-SP52948-Auditor-reports.html

SP52948-negative-trends-with-Admin-Fund-under-Waratah-Strata-Management.html

SP52948-continuous-delays-with-fire-and-OHS-problems.html

and much more.

Regards,

Attachments: