Australian Unity battles Tweed
Australian Unity Funds Management (AUFM) is involved in a legal dispute with David Tweed’s Direct Share Purchasing Corporation (DSPC) regarding the validity of a transfer from an investor in one of its mortgage trusts.
AUFM attended a directions hearing in Melbourne Federal Court yesterday about the matter.
Australian Unity Investments head David Bryant said it was not clear if it was appropriate for AUI to proceed with DSPC’s request as the investor had notified AUI of circumstances relating to the transfer.
“We are seeking guidance from the court on what action should be taken. Our primary consideration is to act in the best interests of investors, and in accordance with the law,” Bryant said.
Tweed is also involved in a legal battle with Queensland investment house LM Investment Management, with LM vowing to fight attempts by DSPC to gain access to the register of LM’s First Mortgage Income Fund.
The Australian Securities and Investments Commission has previously issued a stop order against another of Tweed’s companies, Hassle Free Share Sales, due to concerns that some statements in its share offer documents were misleading, deceptive or worded unclearly.
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