Report by Geoff Staker
Ivory’s Rock Conference Centre, established in 1992, is set on 772 hectares of bush and parkland at Peak Crossing, 20 minutes from Ipswich just outside Brisbane, Australia. The centre includes a 4,500-seat shaded outdoor amphitheater, indoor conference facilities and extensive catering and camping amenities. IRCC has won several environment and design awards and is home to abundant wildlife, with many species of birds and wallabies.
The former run-down cattle property has undergone vast improvements since 1992. Today the venue is used by community groups and organisations to host conferences, conventions, music festivals, exhibitions, and local community fairs.
In 2002 IRCC became the target of false reports and baseless allegations by journalist John Macgregor and others. Macgregor fled to Thailand to avoid perjury charges, and later apologized to IRCC's manager over his actions.
This web page debunks false claims and presents accurate information about IRCC.
Please visit IRCC's web site.
* A 400 seat conference hall.
* A multi-purpose outdoor pavilion, including facilities for food outlets and shops.
* A function centre with three separate function rooms accommodating 100 people each.
* A 5,000 seat high-tech amphitheatre.
* Campgrounds for up to 2,500 people with architect-designed bathroom amenities.
* An on-site restaurant.
* A radio licence and broadcasting facilities for large conventions.
IRCC is able to:
* Cater to weddings, conferences, corporate retreats, special events, trade shows and concerts.
* Has been used by local councils, government departments, universities, schools, non-profit associations, businesses and corporations.
* Has been used for major conferences , hosting up to 5,000 guests from around the world.
Conserving and enhancing environmental values is an important part of the Conference Centre's development policy. IRCC was originally developed primarily as an international facility for Elan Vital Australia. The Centre is also well-used and respected by other organisations.
"Ivory’s Rock is a trading name of Ivory’s Rock Foundation (IRF), ABN 49 143 249 290, an Australian Company Limited by Guarantee. IRF is a not-for-profit organisation endorsed by the ATO as a Charitable Institution on the basis that IRF is an educational organisation which holds international conventions, conferences and retreats at Ivory's Rock. Revenue generated from the hire of the facilities is used to assist with the maintenance and further development of the Ivory's Rock facility and any profits are used to support the educational objectives of IRF. IRF is committed to engaging with the local community and encourages use of Ivory's Rock by local community organisations."
IRCC - The Facts
Since 2010, IRCC has been operated by an Australian company, Ivory's Rock Foundation. IRF is a non-profit organisation. All revenue is used to assist with the maintenance and further development of the facility.
What is Myrine Investments Limited's (MIL) relationship to the property known as Ivory's Rock Conference Centre (IRCC)?
MIL is the owner of the property that Ivory's Rock Conference Centre is built on. MIL purchased the property in five separate acquisitions over a number of years, commencing in 1991. MIL has no active connection with IRCC, other than as the landowner.
Where did the funds come from to purchase the IRCC properties?
The funds came from contributions and loans from individuals and from the trust that holds the shares of Myrine Investments Ltd.
Where does Myrine Investments Ltd. get its funds from?
The income from the lease of the IRCC property represents the only funds received by MIL and is used for the normal operating and property expenses of the company. MIL has never paid a dividend. Any excess funds are used for the property, or to repay money loaned to it that was used in acquiring the property.
What happens to all the improvements that Elan Vital Australia has built or may build on the property?
The lease provides that should EVA wish to terminate the lease, EVA can require MIL to reimburse it for the fair market value of the improvements constructed by EVA since the commencement of the lease. Otherwise, this lease was for a long enough period to enable EVA to get the full benefit itself from the facilities it developed.
What is the background to Myrine Investments Ltd?
MIL is a private company. For administrative reasons at the time, it was incorporated in Jersey, Channel Islands, United Kingdom. It was registered in Australia in 1986 (although there was no legal requirement to do so) and lodges all required legal and financial reports with the appropriate authorities in Australia and complies with all local requirements. This includes the annual payment of income tax in Australia.
Who are the beneficial owners of Myrine Investments Ltd?
There is no individual beneficial owner as such and never has been. MIL provided a convenient legal structure for the holding of the IRCC property. The IRCC property is held not for any individual or for any person's benefit but is held for use for educational purposes. The shares of MIL are held for The Prem Rawat Foundation for its public educational and charitable purposes. The status of TPRF is approved by US regulatory authorities.
What is the relationship between Myrine and Elan Vital Incorporated?
Myrine has leased the IRCC property to Elan Vital Australia (EVA) on a long term lease with a potential timeframe of more than 30 years, permitting Elan Vital to undertake all required development to suit its purpose as an international convention centre, primarily for educational purposes. This lease was for a long enough period to enable EVA to get the full benefit itself from the facilities it developed and the rental is an arms-length amount determined by independent valuation with the lessor and lessee being independently advised.
Who manages Myrine Investments Ltd?
The management of MIL rests with the Board of Directors in Jersey. A local person is appointed to manage the day-to-day administration (e. g. the payment of bills, lodging tax and company returns in Australia, etc.) on behalf of the Board.
The information provided above was obrained from an official E.V. web site which proved to be an excellent source of accurate information covering a wide range of related topics.
Hate group allegations debunked
"IRCC is clandestinely owned by Prem Rawat via a Channel Islands tax haven. Prem Rawat is the 'beneficial owner' of IRCC."
The property is owned by Myrene Investments (MIL) - see opposite. There is no individual or beneficial owner, and never has been. Shares are held for The Prem Rawat Foundation for it's public education and charitable purposes, however, MIL has never paid a dividend. Any excess funds are used for the property, or to repay money loaned to it that was used in acquiring the property. The status of TPRF is approved by US regulatory authorities.
"IRCC was built with tax free funds raised by EV."
IRCC was developed using loans and donations ascribed for that purpose, and from the proceeds of events. IRCC and EV Australia operate lawfully and comply with the requirements of Government regulatory bodies.
The allegations listed below were published anonymously in violation of a Supreme Court order in 2003.
"'Prem Rawat has "benefited to the tune of tens of millions of dollars from the activities of a non-profit association (EV)" and "tax free funds raised by these bodies (various EVs) have apparently been transformed into Mr Rawat's personal property assets in Australia ..."'
These claims are provably false and libelous. See evidence opposite.
"'If EV's lease on IRCC was terminated, "all of the property's improvements" would "revert to the property owner."' The document claims that Maharaji would benefit financially as a result.
Prem Rawat (Maharaji) does not own IRCC. Moreover, IRCC appears to be greatly over-capitalized. i.e. The cost of improvements since 1992 exceeds the actual value of the property. The document states, "There is an agreement in place for Mr Rawat to pay for the improvements" by reimbursing IRCC's donors and creditors if EV's lease was to be terminated.
Therefore, if the lease was terminated, and ownership of the property and improvements "reverted to Mr Rawat", Prem Rawat would face a payout resulting in a net loss that would amount to millions of dollars. The authors of the document are unable to see this simple fact.
As the evidence opposite shows, EV Australia holds a 30 (plus) year lease over the property. This is sufficient to obtain the full market benefit from IRCC's facilities.
All of the evidence indicates that Prem Rawat has a continuing long term commitment to the project.