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.
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