Westpoint investigation to take years
Westpoint administrator PBB has predicted it will take years to complete its investigations into the failed developer.
PPB also confirmed that about 90 associated companies could be pulled down with Westpoint, but could not put a figure on how much investors may have lost.
The Perth-based Westpoint Corporation was wound up in the Federal Court last week on grounds of insolvency.
Law firm Slater and Gordon is expected to launch court action — bankrolled by IMF — against a number of dealer groups and individual financial planners associated with Westpoint within the next fortnight.
Slater and Gordon lawyer Joanne Rees said any action by individuals against Westpoint or financial planner groups who recommended Westpoint products would not take as long PBB’s investigations.
“The actions for investors can take place a lot more promptly than criminal or civil actions taken by regulators,” Rees said.
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