Olive promoters to refund $100,000

The husband and wife directors of a Gold Coast-based agri-business investment company have been forced to repay investors more than $100,000, after an olive scheme failed to fill its subscription.

An enforceable undertaking has been handed to the Australian Securities and Investments Commission (ASIC) stating that Managed Investment Projects (MIP) and two of its directors, Frank Reginald Spindler and Carol Anne Spindler, will repay $101,322 to 17 investors.

In 1999 MIP issued a prospectus for an olive growing project, but the scheme was only taken up by 17 investors and did not reach its minimum subscription level.

Following concerns from involved investors, ASIC revoked the group’s dealers licence in August last year and conducted a review of the project. The industry watchdog then raised concerns that the Spindlers had not refunded investor money, and had breached the law in the way the scheme was marketed.

The enforceable undertaking also states the Spindlers will not act as a proper authority of a securities dealer or investment adviser for 18 months, unless the enforceable undertaking is provided before any potential appointment.

The Spindlers have also agreed not to become a director or responsible officer of a licenced dealer in securities or investment adviser company for three years, without ASIC’s approval.