Powered by MOMENTUM MEDIA
realestatebusiness logo

Subscribe to our newsletter

Liquidator appointed to boutique investment bank

ASIC has successfully applied to the Federal Court of Australia for a liquidator to be appointed for ASX-listed boutique investment bank Sino Strategic International.

Michael Basedow of Pitcher Partners has been appointed as the liquidator of ASX-listed Sino Strategic International following an application by ASIC.

The appointment follows an investigation by ASIC after it was concerned the boutique investment bank had been involved in “multiple contraventions” of the Corporations Act and it was not “complying with its obligations” under the legislation.

According to the regulator, the affairs of Sino Strategic have not been “properly managed for some time” and the assets of the company were “at risk”.

Commenting on the action, ASIC commissioner John Price said the regulator is targeting poor corporate culture and poor governance practices in listed companies.

Advertisement
Advertisement

“Failure to report to members and file accounts is unacceptable. ASIC will seek to wind up companies that disregard important legal obligations which exist to protect investors,” he said.

In November 2014, Sino Strategic was convicted and fined $18,000 for failing to hold annual general meetings and lodge financial reports with ASIC.

Sino Strategic is the Australian holding company of a Chinese subsidiary company that operates a licensed gaming business in Shanghai.

Liquidator appointed to boutique investment bank
mortgagebusiness

Latest News

Making news this week, RBA keeps options open for September, Rates up to 91bp higher for existing borrowers: Lendi, RBNZ boosts cash rate to...

While the central bank went hard on its third consecutive 50-bp hike – without considering another option – the August minutes reveal it...

The state’s Premier has said residents impacted by this year’s floods will be offered buy-backs and land swaps, however no date has been...

VIEW ALL

Join Australia's most informed brokers

Do you know which lenders are providing brokers and their customers with the best service?

Use this monthly data to make informed decisions about which lenders to use. Simply contribute to the survey and we'll send you the results directly to your inbox - completely free!

Do you think the new NSW property tax will help or hinder first home buyers?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.