by Alan Thornhill
A company which raised some $15 million from unsuspecting investors is now in the hands of receivers.
This follows action by the Australian Securities and Investment Commission.
ASIC took action in the Supreme Court of Queensland, to protect more than 135 investors, who placed money with the company, Global Rule Pty. Ltd.
As a result, it obtained interim orders ifrom the court..
The Supreme Court appointed Mr Michael McCann and Mr Graham Killer of Grant Thornton as receivers and managers over the assets of Global Rule.
Freezing orders were also made restraining the disposal of any property (including monies and securities) by Global Rule’s directors, Frederick Leslie Hansen and William John Meywes
These orders were made subject to a number of conditions,
These include meeting ordinary living, business and operating expenses and reasonably incurred legal costs.
ASIC has alleged that Mr Hansen and Mr Meywes, through Global Rule, operated an unregistered managed investment scheme which has raised approximately $15 million from over 135 investors.
ASIC commenced its proceedings in the Supreme Court for the appointment of receivers and managers to identify and secure the assets of the alleged scheme for the benefit of investors and creditors.
McCann and Killer are to provide a report to the Court by 11 October 2010.
ASIC’s investigation is continuing.
Alan Thornhill is a parliamentary press gallery journalist.
Private Briefing is updated daily with Australian personal finance news, analysis, and commentary.
Tuesday May 21
The Dow Jones Index fell 18.97 points to 15,335.40
Unions are seeking a rise of $30 a week in the National Wage Case, which opens today
The latest Morgan Poll shows support for the L-NP down 1 per cent to 55 per centover the past week and the ALP at 45 per cent, 1 per cent, on a two-party preferred basis.
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