‘Ponzi scheme’ six wound up

Pilbara News - - Pilbara | News - Tim Clarke

The Fed­eral Court has or­dered the six com­pa­nies at the heart of what ASIC al­leges was a $200 mil­lion Pil­bara Ponzi scheme to be wound up.

The court last week con­firmed KPMG’s Hay­den White and Matthew Woods as liq­uida­tors.

The six com­pa­nies associated with Pil­bara real es­tate de­vel­oper Veronica Macpher­son — Macro Realty De­vel­op­ments AFSL Pty Ltd, Macro All State In­vest­ments and Se­cu­ri­ties Ltd, Pil­bara Prop­erty De­vel­op­ments Pty Ltd, Macro Realty Pty Ltd and 511 GTN Pty Ltd — were in pro­vi­sional liq­ui­da­tion.

Last week, mostly on the ba­sis the com­pa­nies are in­sol­vent, Jus- tice Michael Barker agreed with an ASIC ap­pli­ca­tion to wind up the Macro Group.

The com­pa­nies are all be­lieved to have been in­volved in pro­mot­ing and manag­ing Ms Macpher­son’s New­man Es­tate project, a 240-lot de­vel­op­ment.

ASIC claims the al­leged scheme has taken up to $200 mil­lion from in­vestors in Aus­tralia, Malaysia, Sin­ga­pore, Britain and be­yond.

Perth-based law firm Sy­mons & Co Le­gal, which rep­re­sents more than 500 ag­grieved in­vestors in Malaysia and Sin­ga­pore, has also filed wind-up no­tices on more than 50 com­pa­nies associated with New­man Es­tate in­vest­ment schemes.

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