ASIC obtains asset-freezing orders against company secretary of Continental Coal Limited (in liquidation)

Following an ASIC application, the Federal Court in Perth has made asset preservation orders, by consent, against Ms Jane Rosemary Flegg, a Western Australia-based company secretary of ASX-listed company Continental Coal Limited (now in liquidation).

ASIC obtained these orders in connection with its ongoing investigation into matters including the use of investors’ subscription money at a time when they were required by law to be held in trust. ASIC sought orders pending the outcome of its investigation, with the aim of preserving the interests of investors.

Ms Flegg consented to the orders on the basis that her rights are reserved and with no admission of liability or wrongdoing.

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