14/09/2015 - 15:28

Asic steps in on Macro plans

14/09/2015 - 15:28

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The corporate watchdog has stopped Perth-based Macro Realty Developments from promoting a Pilbara property investment that ran afoul of Australian company regulations.

Asic steps in on Macro plans
Macro Realty Developments managing director Veronica Macpherson. Photo: Attila Csaszar

The corporate watchdog has stopped Perth-based Macro Realty Developments from promoting a Pilbara property investment that ran afoul of Australian company regulations.

The Australian Securities and Investments Commission has obtained an injunction from the Federal Court prohibiting Macro, 21st Century Property and 21st Century Education from promoting a proposed investment in the Pilbara, which included a seminar that was to be held for prospective investors last week.

Investors were to be appointed as directors and shareholders of a company and would create a trust, and through that company they would acquire certain properties from Macro in Newman Estate.

“The investors were to be paid a director’s fee but agreed that Macro would be the sole decision-maker for the company,” Asic said in a statement.

“Asic alleges that by agreeing to become a director of a company where Macro will remain the sole decision-maker for all business associated with the company, 21st Century and Macro are counselling and procuring investors to contravene their director’s duties under the Corporations Act.

“Asic also alleges that the investment documents in relation to the proposed Pilbara property investment are misleading and deceptive, and that the investment proposal is a financial product.”

Asic said it would ask the court to make the injunctions against Macro, 21st Century Education and 21st Century Property permanent.

Macro managing director Veronica Macpherson said the marketing and promotional material Asic was referring to was not generated, permitted or endorsed by the firm.

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