Sydney Investment House in provisional liquidation
The last of eight companies within the Sydney Investment House Group, alleged to have operated an unregistered managed investment scheme, have been placed in provisional liquidation.
The New South Wales Supreme Court yesterday appointed Quentin Olde of Taylor Woodings as provisional liquidator to Sydney Investment House (Newcastle) Pty Ltd , following an application by the Australian Securities and Investments Commission (ASIC).
The company is responsible for the development of the Soque Apartments, located at 13 Roslyn Street, Islington, Newcastle
Olde was also appointed by the court as receiver and manager to assets in a number of trusts associated with the company’s director, Edwin Goulding.
Yesterday’s action follows the appointment of Olde to the Sydney Investment House Group’s seven other companies on October 27.
This followed allegations by ASIC that the companies and two directors had contravened the Corporations Act and the ASIC Act.
Specifically, ASIC alleges the companies and two of its directors, Goulding and Steven Geagea, were involved in the operation of an unregistered managed investment scheme.
It is also alleged the two men made false and misleading statements to investors to encourage them to invest with related company, Sydney Investment House Capital Limited (SIH Capital).
ASIC has also expressed concern that some of the funds raised by SIH Capital through the issue of a prospectus were then lent to related companies and trusts by the defendants in a manner contrary to statements made in the prospectus.
ASIC is seeking orders and declarations in relation to these and other allegations. The court has not set a hearing date in relation to these matters.
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