ASIC moves against Westpoint entities
The securities regulator has frozen the assets of a number of Westpoint entities, obtaining asset preservation orders in the Federal Court of Australia in Perth.
The defendants in the case include Norman Carey, Graeme Rundle and other entities associated with the Westpoint Group of companies, Richstar Enterprises, Bowesco, Keypoint Developments and Silkchime.
The orders prevent them from dissipating assets or transferring assets outside Australia and have replaced existing receivership orders.
According to the Australian Securities and Investments Commission, as the process of asset identification is largely complete, the new undertakings can now relate specifically to those identified assets to ensure they are preserved for creditors in compensation proceedings.
The new orders and undertakings will expire on June 30, 2008.
Recommended for you
The central bank has released its decision on the official cash rate following its November monetary policy meeting.
Melbourne advice firm Hewison Private Wealth has marked four decades of service after making its start in 1985 as a “truly independent advice business” in a largely product-led market.
HLB Mann Judd Perth has announced its acquisition of a WA business advisory firm, growing its presence in the region, along with 10 appointments across the firm’s national network.
Unregistered managed investment scheme operator Chris Marco has been sentenced after being found guilty of 43 fraud charges, receiving the highest sentence imposed by an Australian court regarding an ASIC criminal investigation.
