Ascent Investment restrained amid probe

The Federal Court has temporarily frozen the assets of Applecross-based Ascent Investment and ordered director Michael Dunjey to surrender his passport, amid an investigation by the corporate watchdog.

Last week, the Australian Securities and Investments Commission lodged an application calling on the court to prevent the company and Mr Dunjey from dealing with or disposing of property, withdrawing or transferring money or leaving the country.

The orders were sought after ASIC confirmed it was investigating allegations the company raised funds by misleading investors and that those funds may have been improperly dealt with.

ASIC is also trying to ascertain whether Ascent Investment may have been driving an unregistered managed investment scheme.

During a pre-hearing late yesterday, Justice Darren Jackson granted the orders sought, allowing the watchdog to safeguard investor funds while the investigation continues.

The orders are due to end by next Tuesday morning, when the matter is scheduled to return to court for an interlocutory hearing. 

The entity has operated since 2007.