This article is from the Australian Property Journal archive
THE corporate regulator is looking to wind up the VKK land banking scheme which was seeking to develop a 212 acres Green wedge land in Keysborough in Melbourne’s south east.
ASIC has commenced proceedings in the Federal Court to wind up the VKK Investments Unit Trust, 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 Rd Keysborough.
According to ASIC, around 125 investors have invested around $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.
Australian Property Journal
