ASIC looks into $124m collapse of investment firm Remi Capital

A property investment firm that collapsed owing $124 million had no income-generating assets, no auditor and was effectively insolvent since its inception, administrators of the company have told investors.told a creditors meeting on Monday the company raised millions of dollars from hundreds of investors over five years for property developments, promising them guaranteed quarterly returns on a 12-month term.

About 69¢ of each dollar invested appeared to go into operations expenses and another 11¢ to commissions and risk fees, he said. Mr Baskerville said that even when it was first established, the administrators’ preliminary investigation indicated Remi Capital might have had just $3 million in equity but $60 million in debt.

“That’s a gap in the capital requirements, so investor number two needs to come in with $1.20 to cover the gap in capital of investor number one,” he said. “My understanding is there is no appointed auditor. My further understanding is there [are] no audited financial statements,” Mr Baskerville said.He said Mr Prestige had claimed to have caused the company to submit a lot of tax returns and financial statements when he replaced Mr Terrill as sole director.

Australia Latest News, Australia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

ASIC secures freezing orders on property mogulThe corporate regulator has secured freezing orders for the assets of A Team Property Group and its founder Sasha Hopkins, who is prevented from leaving Australia until at least Monday.
Source: FinancialReview - 🏆 2. / 90 Read more »

AMP infrastructure fund wins new investorThe fresh investment into the CommIF fund comes as ASX-listed Dexus prepares to take over the running of AMP Capital’s $28 billion real estate and local infrastructure business.
Source: FinancialReview - 🏆 2. / 90 Read more »

Twitter Australia posts $2 million loss, fails to declare advertising revenueTwitter Australia paid less than $150,000 in tax in 2021 as a climb in sales and marketing expenses drove the company to a $2 million loss WTAF
Source: theage - 🏆 8. / 77 Read more »

Twitter Australia posts $2 million loss, fails to declare advertising revenueTwitter is the latest US tech giant to disclose its earnings to ASIC, giving insight into how much money the tech sector makes locally. zoesam93 zoesam93 zoesam93
Source: smh - 🏆 6. / 80 Read more »

ASIC secures freezing orders on property mogulThe corporate regulator has secured freezing orders for the assets of A Team Property Group and its founder Sasha Hopkins, who is prevented from leaving Australia until at least Monday.
Source: FinancialReview - 🏆 2. / 90 Read more »

Aconex founders, EVP back OOH advertising tracker VeridoohEVP has led a $5 million investment round in outdoor advertising transparency software start-up Veridooh.
Source: FinancialReview - 🏆 2. / 90 Read more »