• Get our Daily Newsletter

  • ASIC to wind up land banking scheme VKK Investments Unit Trust


    Share
    ASIC office

    ASIC announced that has commenced proceedings in the Federal Court of Australia to wind up a land banking scheme known as the VKK Investments Unit Trust (VKK scheme), as well as the trustee and operator of the scheme, Gem Management Group Pty Ltd (Gem).

    The VKK scheme owns land located at 64 Hutton Road, Keysborough in Victoria.

    ASIC understands that around 125 investors have invested a total of approximately $22 million into the VKK scheme. Gem has operated the VKK scheme since May 2010.

    ASIC alleges that the VKK scheme constitutes a managed investment scheme which has not been registered, in contravention of the Corporations Act 2001(Act). ASIC also alleges that Gem, which does not hold an Australian Financial Services licence, has also breached the Act by operating an unregistered managed investment scheme.

    ASIC is seeking to appoint liquidators to both the VKK scheme and Gem.

    Gem and the VKK investors will have the opportunity to make submissions to the Court in relation to ASIC’s application.

    Related News

    arrow

    ASIC to wind up land banking scheme VKK Investments Unit Trust

    2

    Send this to a friend

    Subscribe to LeapRate
    PGlmcmFtZSBzcmM9Ii93cC1jb250ZW50L2E0bHIvaGFuMTZyZXNfNjI1eDQwMC5odG1sIiB3aWR0aD0iNjI1IiBoZWlnaHQ9IjQwMCIgZnJhbWVib3JkZXI9IjAiIHN0eWxlPSJib3JkZXI6bm9uZTsiIHNlYW1sZXNzPjwvaWZyYW1lPg==
    PElGUkFNRSBTUkM9Imh0dHBzOi8vYWQuZG91YmxlY2xpY2submV0L2RkbS9hZGkvTjgwMTcuMTkxNDQzMkxFQVBSQVRFL0IxMDY0ODE4OS4xNDIxOTAzNjE7c3o9NjAweDQyNTtvcmQ9W3RpbWVzdGFtcF07ZGNfbGF0PTtkY19yZGlkPTt0YWdfZm9yX2NoaWxkX2RpcmVjdGVkX3RyZWF0bWVudD0/IiBXSURUSD02MDAgSEVJR0hUPTQyNSBNQVJHSU5XSURUSD0wIE1BUkdJTkhFSUdIVD0wIEhTUEFDRT0wIFZTUEFDRT0wIEZSQU1FQk9SREVSPTAgU0NST0xMSU5HPW5vIEJPUkRFUkNPTE9SPScjMDAwMDAwJz4=
    Fill out the form below for more information
    for lising in LeapRate's Forex Yellow Pages

    Please enter the company name, email address to reach you and phone # (optional):

    Please fill out the message field to the right for any questions or special inquiry: