Westpoint boss to be questioned over family trusts
The corporate watchdog has scored a win against failed property developer Westpoint, after it was given permission to question Westpoint managing director Norm Carey about any family trusts of which he may be a beneficiary.
The Australian Securities and Investments Commission (ASIC) had asked the Federal Court to expand existing orders against four Westpoint directors — Norman Carey, Graeme Rundle, Cedric Beck and John Dixon — and a number of associated Westpoint companies.
Justice Robert French said the variation of orders could include trusts that had the directors as beneficiaries.
Receivers appointed to the property of the directors can now ascertain if the director is a beneficiary, either directly or contingently, and can add the property to the receiver order.
ASIC previously said directors could be hiding funds and property in trusts and not disclosing them to receivers.
Recommended for you
Licensee Centrepoint Alliance has completed the acquisition of Brighter Super’s annual review service advice book, via Financial Advice Matters.
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
