Court orders asset freeze on Perth businessman

The Federal Court has ordered for a Perth businessman’s assets to be frozen in connection with an investigation by the corporate watchdog.

The Australian Securities and Investment Commission sought the orders in relation to an ongoing investigation into matters regarding Chris Marco, trading as Coastline Group and related entity AMS Holdings (WA).

Part of the investigation also relates to an investment scheme operated by Mr Marco.

Under the asset preservation orders, property and cash owned by Mr Marco will be frozen while Asic’s investigation continues.

“Asic sought the orders to protect the interests of any persons who might ultimately be aggrieved due to suffering loss as a result of the conduct being investigated,” the watchdog said in a statement.

Asic said the assets might be needed to pay debts, compensation or damages to those who may have suffered a loss as a result of the conduct under investigation.

Editors Note: This is a corrected version of the original article, which said Coastline Group is based in the Maldives, was established in 1994, is involved in a range of industries including logistics, pilling and construction, building material supplies, hotel resort development, luxury yachts and boat manufacturing, and comprises nine companies. These claims are not correct and Business News apologises for the errors