Court or­ders freeze dur­ing project probe

Pilbara News - - News - Nick Sas

The cor­po­rate reg­u­la­tor wants a WA prop­erty de­vel­oper to sur­ren­der her pass­port pend­ing an in­ves­ti­ga­tion into a failed $100 mil­lion Pil­bara prop­erty de­vel­op­ment.

The Fed­eral Court in Perth made in­terim or­ders against Macro Group direc­tor De­siree Macpher­son in the Fed­eral Court last Wednes­day.

The or­ders in­clude an in­terim as­set preser­va­tion order and pre­vent Macro Group, a Vic­to­ria Park­based firm, and Ms Macpher­son from pro­vid­ing fi­nan­cial ser­vices, ad­vice, deal­ing in fi­nan­cial prod­ucts, pro­mot­ing fi­nan­cial prod­ucts and car­ry­ing on a fi­nan­cial ser­vices busi­ness.

The order re­lates to an Aus­tralian Se­cu­ri­ties and In­vest­ment Com­mis­sion in­ves­ti­ga­tion into the $100 mil­lion New­man Es­tate, billed as the Pil­bara’s largest prop­erty de­vel­op­ment.

ASIC said the in­ves­ti­ga­tion was at an early stage.

“ASIC made the ap­pli­ca­tion in order to pro­tect the in­ter­ests of share­hold­ers, in­vestors and cred­i­tors,” it said in a state­ment.

The in­ves­ti­ga­tion re­lates to the cor­po­rate watch­dog’s crack­down on in­vest­ment schemes mar­keted by prop­erty spruiker Jamie McIn­tyre.

ASIC launched a push against Mr McIn­tyre’s com­pa­nies last year, tar­get­ing a se­ries of land­bank schemes on the east coast.

In Septem­ber last year ASIC ob­tained an in­terim in­junc­tion stop­ping the New­man Es­tate pro­posal from be­ing mar­keted.

And in May, ASIC banned Macro Re­alty De­vel­op­ments and com­pa­nies as­so­ci­ated with Mr McIn­tyre from pro­mot­ing the prop­erty in­vest­ment scheme.

The Depart­ment of Con­sumer Pro­tec­tion an­nounced that the State Ad­min­is­tra­tive Tri­bunal in May had granted a su­per­vi­sion order on Macro Re­alty.

The mat­ters sub­ject to Ms Macpher­son’s in­terim or­ders have been set down for a fi­nal hear­ing on De­cem­ber 19.

ASIC said the in­ves­ti­ga­tion was at an early stage.

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