ASIC obtains declarations against Goldsky companies

The Queensland Supreme Court has made declarations that three Goldsky entities breached the Corporations Act by operating a financial services business without an Australian Financial Services Licence (AFSL).

The three companies were the Goldsky Global Access Fund Pty Ltd, Goldsky Asset Management Australia Pty LTd and Goldsky Investments Pty Ltd, of which Kenneth Charles Grace had been sole director and shareholder.

ASIC had earlier obtained orders placing the Goldsky entities into liquidation and freezing the assets of Grace.

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It was suspected he had used new investor funds to make payments to previous investors, which he represented as returns in a ponzi scheme arrangement.

The court accepted the companies’ bank accounts had showed approximately $1 million in suspicious transactions, where funds appeared to be used for personal purposes.

The court appointed receiver noted the estimated shortfall of investor funds is $12,547,904. Chris Baskerville from Jirsch Sutherland had been appointed as liquidator of the Goldsky entities, and all investors and creditors can direct their inquiries here.




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