Macro developer told to hand over passport by ASIC

Macro developer told to hand over passport by ASIC
Macro developer told to hand over passport by ASIC

A West Australian-based property developer has had to surrender her passport as ASIC continues their investigation into a property investment scheme in the Pilbara.

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

"ASIC made the application in order to protect the interests of shareholders, investors and creditors," ASIC advised.

Macpherson is a director and direct/indirect shareholder of companies Macro Realty Developments Pty Ltd, Macro Realty Pty Ltd, Macro All State Investments and Securities Ltd, Macro All State Investments and Securities Ltd, Pilbara Property Developments Pty Ltd, which form the Macro Group.

The Federal Court also made interim asset preservation orders against Macpherson and the Macro Group, as well as restraining her and the Macro Group from providing financial services advice, dealing in financial products, promoting financial products and otherwise carrying on a financial services business.

The orders were made as a result of an application by ASIC in July in order to protect the interests of shareholders, investors and creditors as it continues its investigation into the Macro Group’s operations, in particular investments in a land development in the WA Pilbara region, known as The Newman Estate.

The prior orders in this matter were subject to a non-publication order.

The matters subject to these interim orders have now been set down for a final hearing on 19 December 2016.

ASIC advised its investigation is at an early stage, with a focus on investments in a land development that was subject to ASIC action and Federal Court permanent restraint orders in May this year.

Earlier this year, the Federal Court in Perth permanently restrained the marketing and promotion of a proposed Pilbara property investment "The Newman Estate" by Macro Realty Developments Pty Ltd (Macro) and made declarations that Macro, Property Tuition Pty Ltd (21st Century Property) and Education Holdings Pty Ltd (21st Century Education) breached various provisions of the Corporations Act by promoting and marketing the investment proposal.

 

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