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Big freeze for Westpoint

THE corporate regulator’s moves against players in the Westpoint property investment group continued last week with interim asset freezing orders issued against four directors of the company and a number of associated entities. The Australian Securities and Investments Commission made an urgent application in the Federal Court of Australia in Perth against Norm Carey, Graeme Rundle, John Dixon, and Richard Beck, as well as against Richstar Enterprises Pty Ltd, Westpoint Realty Pty Ltd, Bowesco Pty Ltd and Redchime Pty Ltd. “The application was made in the public interest because investigations to date have revealed serious questions of potential liability to Westpoint Corporation Pty Ltd and investors arising out of the collapse of a number of Westpoint entities,” ASIC said in a statement. “The areas of concern include the management of the Westpoint mezzanine companies and the raising of funds through the issue of promissory notes in excess of limits represented to investors. “Also, certain transactions in the period immediately prior to the appointment of receivers and managers and a liquidator to Westpoint Corporation appear to reduce the overall asset position of the Westpoint group in favour of Richstar Enterprises Pty Ltd, Westpoint Realty Pty Ltd, Bowesco Pty Ltd and Redchime Pty Ltd.”

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