The Australian Securities and Investments Commission has successfully applied in the Supreme Court of New South Wales to appoint a provisional liquidator to Sydney Investment House (Newcastle) Pty Ltd – one of seven companies related to the Sydney Investment House Group.
Quentin Olde of Taylor Woodings has been appointed as provisional liquidator to Sydney Investment House (Newcastle) Pty Ltd which is responsible for the development of the Soque Apartments located at 13 Roslyn Street, Islington, Newcastle.
Olde was also appointed by the court as receiver and manager to the assets comprised in a number of trusts associated with director of the companies, Edwin Goulding.
This action follows the appointment of Olde to the Sydney Investment House Group’s seven other companies on October 27, 2006 following allegations the companies and two directors had contravened the Corporations Act and ASIC Act.
SIH Capital is an unlisted public company which raised over $8.4 million from the public through the issue of redeemable preference shares between November 2004 and June 2005.
The funds raised from the public were lent to other companies within the Sydney Investment House Group that were controlled by Goulding. Many of the investors in SIH Capital were previously investors in SIH Equities and had their investments rolled over into SIH Capital.
Specifically, ASIC alleges the companies and two of its directors, Goulding and Steven Geagea, were involved in the operation of an unregistered managed investment scheme.
It is also alleged the two men made false and misleading statements to investors to encourage them to invest with related company, Sydney Investment House Capital Limited (SIH Capital).
ASIC has also expressed concerns that some of the funds raised by SIH Capital through the issue of a prospectus were then lent to related companies and trusts by the defendants in a manner contrary to statements made in the prospectus.
ASIC is seeking orders and declarations in relation to these and other allegations. A hearing date in relation to these matters has not been set by the court.
The following companies associated with the Sydney Investment House Group have now been placed into provisional liquidation:
• Sydney Investment House Equities Pty Ltd (SIH Equities),
• Sydney Investment House Capital Limited (SIH Capital),
• Sydney Investment House Pty Ltd,
• Sydney Investment House (Beaconsfield) Pty Ltd,
• Melbourne Investment House Pty Ltd,
• Melbourne Investment House (Hawthorn) Pty Ltd,
• Melbourne Investment House (Collingwood) Pty Ltd, and
• Sydney Investment House (Newcastle ) Pty Ltd.
By Kathryn O’Meara
