LKM directors grounded
The Australian Securities and Investments Commission (ASIC) has been successful in an application to prevent the directors of LKM Capital from leaving the country.
Rolf Koops and his wife Sandra Martin have been forced to surrender their passports and international travel documents after a debenture scheme operated by LKM and managing about $63 million of investors’ funds was placed into receivership in August 2008.
Affidavits filed by ASIC with the NSW Federal Court alleged breaches of directors’ duties against Koops and Martin pursuant to sections 180-184 of the Corporations Act, according to ASIC.
The orders will remain in effect until May 31, 2010.
Recommended for you
Insignia Financial has announced the status of the two private equity bidders as due diligence comes to an end, with one bidder opting to pull out.
The corporate regulator has cancelled the AFSL of a Queensland-based financial services provider, having held the licence since mid-2016.
The financial advice industry has reacted to the appointment of Dr Daniel Mulino as the new Minister for Financial Services, with hopes for improvements in legislation and education standards.
With less than one-third of Australian business owners seeing an adviser, Business Health has detailed how advice practices can successfully target this underserved client segment.
