ASIC to wind up two public firms
The Australian Securities and Investment Commission (ASIC) is seeking orders to wind up two public investment and technology companies, Gognos Holdings and Dynamic Agri Tech, although both companies are opposing ASIC's decision.
According to the corporate regulator, the companies:
- Had been involved in multiple contraventions of corporations legislation and were not complying with their obligations under that legislation; and
- There was a justifiable lack of confidence in the conduct and management of the companies' affairs which would give rise to a risk of the public that warranted protection.
ASIC also applied to the Supreme Court of Queensland to appoint the liquidators of the companies.
Gognos' business was to raise funds from the public through the isues of its shares and subsequently those funds were on-lent to dynamic and related entities to fund their business operations which included the development of technology to manufacture animal fodder in container modules.
The matter was adjourned by consent until December.
AUTHOR
Oksana Patron
Recommended for you
Record flows into iShares ETFs helped BlackRock’s assets under management reach US$13.5 trillion in the third quarter, but it reported outflows from the APAC region.
Regal Partners has passed $20 billion in funds under management, helped by $723 million in net inflows during the last three months.
Global investment manager Fidante has formed a strategic partnership with a London-based asset manager to secure exclusive distribution rights across the APAC region.
Blackwattle Investment Partners has hired a management trio from First Sentier Investors – who departed amid the closure of four investment teams last year – to run its first equity income offering.
