ASIC investigates Westpoint group

THE Australian Securities and Investments Commission has commenced legal proceedings in relation to a number of companies within the Westpoint Group, as part of an investigation into the affairs of the companies. On Tuesday, ASIC filed an application in the Federal Court in Perth seeking the winding up of York Street Mezzanine Pty Ltd and the appointment of a provisional liquidator to the company. York Street is a company within the Westpoint Group which has raised what is known as ‘mezzanine finance’ for a Sydney property development. ASIC contends that the project is suffering from a significant shortfall of assets over liabilities so that some 900 investors are at serious risk of not receiving repayment of their investments, currently estimated to total more than $75 million. ASIC said it had also applied for declarations, injunctions and disclosure orders regarding alleged misleading and deceptive conduct by York Street in its communications to investors who hold promissory notes. The court has also been asked to consider an application for declarations and injunctions against Westpoint Management Ltd on the basis that it was knowingly concerned in, or a party to, York Street’s alleged misleading and deceptive conduct.

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