Keypoint joined in Westpoint action
The Federal Court of Australia has added Keypoint Developments to the proceedings brought by the Australian Securities and Investments Commission (ASIC) against the former directors of Westpoint — Norman Carey, Graeme Rundle, Richard Beck and John Dixon — along with four associated companies.
The ruling comes after it was revealed one of the associated company’s involved in the proceedings, Richstar Enterprises, transferred $875,000 to Keypoint shortly after the court had frozen the assets of all of the parties concerned on March 30, 2006.
Furthermore, Carey’s sister held a directorship with Keypoint.
The Federal Court has now ordered the funds be transferred back to Richstar no later than 4.00pm on May 12, 2006.
While Keypoint has been joined in the legal proceedings, it has not been placed in receivership or had its assets frozen like the other parties involved.
The news comes just days after the corporate regulator revealed it had commenced proceedings to liquidate Westpoint’s Cinema City Mezzanine company, having determined the organisation was insolvent and had no directors to manage its activities.
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