25/03/2010 - 15:41

ASIC cancels Teys licence

25/03/2010 - 15:41

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Property investment company SAS Global Forrestdale Pty Ltd is facing further pressure after the corporate regulator cancelled the financial services licence of its responsible entity, Teys Property Funds Ltd.

ASIC cancels Teys licence

Property investment company SAS Global Forrestdale Pty Ltd is facing further pressure after the corporate regulator cancelled the financial services licence of its responsible entity, Teys Property Funds Ltd.

The cancellation comes after Teys Property Funds was placed into administration earlier this month.

The Australian Securities and Investments Commission today said its decision to cancel Teys' Australian Financial Services Licence was taken after talks with administrators concluded there would be no impact on investors in the managed investment scheme operated by Teys.

Teys Property Fund went into administration after parent company, ASX-listed Teys Ltd sold its strata management businesses to Whittles Australia.

As a result of the sale, Teys said it would no longer support two of its subsidiaries, Teys Property Funds and TPL Holdings Pty Ltd, and both were placed in administration.

Teys Property Funds was the responsible entity for 11 property and mortgage funds, including SAS Global Forrestdale.

SAS Global Forrestdale is one of the last SAS Global investment companies not to be placed in administration or receivership, however it is feeling the effect of significant debts totalling more than $70 million owed to Teys Property Funds and BankWest.

SAS Global director Tony Beamish told WA Business News that SAS Global Forrestdate was operating as per normal, and refused to comment on the recent turn of events regarding Teys.

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