The Gold Coast Bulletin

Guvera blues go on

- LIAM WALSH

ACCOUNTANT­S and a fundraisin­g outfit who spruiked fizzled music streamer Guvera are in the sights of a potential class action by lawyers.

It marks the latest turmoil for Gold Coast-based Amma Private Equity.

Bannister Law said yesterday it was investigat­ing Amma and accountant­s in relation to Guvera, which raised almost $185 million from investors.

“We’re investigat­ing how the money was raised for unsophisti­cated investors and any advice that they were given by accountant­s,” Charles Bannister said.

It was unclear on what grounds any action, potentiall­y to take place in the Federal Court, might be initiated.

Amma, chaired by Darren Herft, helped raise funds for Guvera, where Mr Herft was also a director, via promotiona­l events with accountant­s.

That included subsidised travel to locations including Dubai and Beverly Hills.

Accountant­s were also offered incentives including bonus shares or options.

Mr Bannister was coy on specifying how many former clients they had already spoken to. The law firm quoted a former Guvera shareholde­r, Mark Cohen, who said he was a “simple investor and lost $30,000 of my superannua­tion savings on the poor advice of my accountant­s”. He was unavailabl­e for interview.

Guvera, which had boasted a 30 million song library, ceased in 2017 after running for nine years.

Amma is already defending a lawsuit from an elderly investor who pumped $8.7 million into Guvera.

A separate Brisbane couple, both 80, have also lodged a winding up attempt in Queensland’s Supreme Court against an Amma-linked fund, called App Income Investment­s. App Income has not filed a defence yet.

Attempts to obtain comment from Mr Herft were unsuccessf­ul but he has previously said: “We have followed the Corps Act and had legal advice to support (actions) at all times”.

 ??  ?? Amma chair Darren Herft has said his company followed the Corps Act and took legal advice.
Amma chair Darren Herft has said his company followed the Corps Act and took legal advice.

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