ASIC acts on property developer

ASIC has lodged an application with the Federal Court requesting the appointment of a provisional liquidator to special purpose property development company, Mortimer Close Pty Ltd.

ASIC is also seeking to wind up the company on just and equitable grounds and to preserve the personal assets of sole director, Mr Mark Goldenberg.

ASIC's action follows a number of complaints made by individuals who invested funds with Mr Goldenberg on the understanding their money would be used to develop land in Wellard, south of Perth. ASIC alleges Mr Goldenberg has mismanaged the company's affairs and inappropriately used money from its bank account.

ASIC's application aims to protect the interests of investors and the company. The matter is listed for hearing before the Federal Court on 16 December 2008.

Background
On 26 September 2008, ASIC suspended the Australian financial services (AFS) licence of Concentric Wealth Management Pty Ltd (CWM) following the appointment of a receiver and manager. Mr Goldenberg is currently CWM's sole director.