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ASIC puts squeeze on Westpoint

The Australian Securities and Investments Commission is investigating Westpoint’s practice of raising mezzanine finance through retail investors. ASIC said investors were at risk of losing around $150 million in Westpoint’s east-coast property developments and has filed a Federal Court application for the appointment of a provisional liquidator to Anne Street Mezzanine Pty Ltd. This is in addition to a prior application made for the appointment of a provisional liquidator to York Street Mezzanine Pty Ltd in respect of the Sydney CBD property.

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