A former director of now defunct investment group Kebbel has been made to return to Australia after being refused entry to the United States.
Neil Burnard, a director of Palentia Pty Ltd, formerly known as Kebbel (NSW) Pty Ltd left Australia bound for the U.S late last week after telling Australian Securities and Investment Commission he would be available to “speak to ASIC investigators”.
Bernard was planning, according to ASIC to take up residency in the USA.
On Friday, ASIC urgently applied to the Supreme Court of New South Wales for orders against Palentia and against its sole director, Neil Burnard.
ASIC made the application on an urgent, ex parte basis, after receiving anonymous information earlier in the week that Burnard was planning to leave Australia to take up residence in the USA.
ASIC sought orders to restrain Burnard from leaving the country and to deliver up all passports, as well as orders seeking the appointment of a receiver over Burnard’s property, and an order winding up Palentia and freezing the assets of a related company, Tenala Pty Ltd.
ASIC also sought an order that all defendants be required to file an affidavit of their assets.
Despite telling ASIC last Wednesday he was intending to travel overseas early the following week Burnard had boarded a plane for the USA early Friday morning.
ASIC was also concerned that recently Palentia had ceased to trade, had abandoned its registered office and may be insolvent.
ASIC made the urgent application after being informed by airport authorities that Burnard’s plane had not departed Australia. However, following the making of the orders, ASIC was told he had left on an earlier flight. ASIC informed the Court about this fact and the Court decided that the orders restraining Burnard should remain on foot.
Yesterday, Burnard returned to Australia having been refused entry into the USA.
Order by the NSW Supreme Court were that Burnard be restrained from leaving Australia and from coming within 500 metres of an Australian point of departure; that he deliver up to the Registry of the Supreme Court of New South Wales all passports held by him and any unused airline tickets concerning travel arrangements made for the next 12 months; freezing the assets of Burnard, Palentia and Tenala – apart from paying ordinary living expenses of up to $2000 per week and paying legal costs in these proceedings up to $20,000 to the date of the hearing on June 13.
The matter returns to the Supreme Court of New South Wales on June 13.
The action relates to ASIC’s ongoing investigation into the collapse of the Westpoint group of companies in Perth.
Palentia formed part of the Kebbel group of companies, which described itself as a provider of fundraising services in property-related investments.
A director of the Kebbel group, Richard Beck, was also a director of several Westpoint companies.
Beck is the subject of orders made by the Federal Court of Australia in Perth, including a receivership order, obtained by ASIC.
ASIC believes Palentia was involved in raising substantial funds of more than $100 million for Westpoint from retail investors, mainly in NSW and Queensland, and earned commissions from Westpoint of approximately $6.5 million.
ASIC’s investigation is continuing.
By Ted McDonnell
