The Supreme Court of Queensland has extended orders obtained ex parte by the Australian Securities and Investments Commission on September 28, 2006 preventing Gold Coast couple, Nebojsa Jovicic and Lisa Jovicic from leaving the country.
ASIC took this action as a result of concerns raised by David Stimpson of SV Partners Pty Ltd, the liquidator of Robina Properties (Qld) Pty Ltd and Perpetual Acquisitions Pty Ltd.
The companies went into liquidation on July 25, 2006 and Jovicic were associated with both companies.
In a report to creditors, Stimpson stated that the companies obtained loans from private investors and were to use these funds to invest in property developments including the purchase of properties at discounted prices.
Stimpson noted that although this did occur to a limited extent it is apparent that a substantial amount of funds cannot be properly accounted for.
The Court also appointed William Fletcher of Bentleys MRI as receiver over the property of and Jovicic.
The orders also restrain Michael Spicer, a former director of the companies, from dealing with his assets.
ASIC’s investigations are continuing.
By Kathryn O’Meara
