ASIC puts squeeze on Westpoint
You have no credits left. To view this article subscribe to Business News.
You have used {{points}} and have {{current_points}} remaining. Your credits will reset on {{reset_date}}.
This article is part of a special report and is available to paid Business News subscribers only.
You can purchase access to this special report or subscribe to Business News.
You can purchase access to this special report or subscribe to Business News.
This article is premium content and is available to paid Business News subscribers only.
Subscribe to Business News.
Subscribe to Business News.
Tuesday, 13 December, 2005 - 21:00
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.