Offshore Macro investors seek answers and assurances on funds

Offshore Macro investors seek answers and assurances on funds
Offshore Macro investors seek answers and assurances on funds

Offshore investors had been concerned about their investment through Macro Realty especially since the closure of its Singapore office.

"About time someone puts a stop to this unbridled licence by Macro Group to borrow money from tens of hundreds of investors all over the world," one source advised yesterday after the ASIC announcement.

ASIC advised Perth’s Federal Court has made the interim orders against Desiree Veronica Macpherson that required her to surrender all passports. 

"Many from our part of the world, namely Hong Kong, Malaysia and Singapore have invested significant portions of our life savings because of our high regards for the Australian financial regulatory system, natural justice and common laws.

"We have been following this development for almost a year now with little in the way of information since Macro closed their office in Singapore after fellow investors complained about not getting paid their monthly interest, and hope the authorities will take the appropriate actions in an expedient manner to ensure borrowers' interests are fully protected."

The website reports it was "proud to announce that MACRO Realty Developments has been awarded the REIT Manager of the Year Award – Singapore 2016 as part of The European Global Banking & Finance Awards."

The European Global Awards recognises organisations and individuals achievements based on leadership, innovation and attention to sound corporate governance.

Earlier this year the WA State Administrative Tribunal (SAT) announced that it has granted a supervision order in relation to Macro Realty Pty Ltd following an application by Consumer Protection.

“Macro Realty is suspended from carrying on its business and controlling the agency’s bank accounts. The supervisor, Alan Ferris of BDO, will now take control of the agency’s financial operations and begin the process of winding up the agency,” the WA Department of Commerce said.

The action follows the company’s failure to appoint a person in bona fide control of the agency as required by the Real Estate and Business Agents Act. The previous person in control of the agency resigned on 9 February 2016 and Macro Realty requested a three-month grace period to find a replacement.

The three-month grace period was granted by the acting commissioner for Consumer Protection, David Hillyard, on condition that the agency submitted its monthly reconciliation summary reports for their three trust accounts for February, March and April 2016.

“The agency’s failure to adequately adhere to these conditions was cause for action to be taken to have a supervisor appointed in order to safeguard the money and property of consumers,” Mr Hillyard said.

“It is extremely important that agents understand and fully comply with any condition placed on their licence, especially relating to three-month grace periods. The risk for doing otherwise, as in this instance, can be fatal to their business,” he said.

“Immediate and decisive action will always be taken to safeguard the money and property of consumers where we believe, on reasonable grounds, that an agent is either unable or unwilling to fulfil their obligations under the Act.”

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

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