The Australian Securities and Investments Commission (ASIC) has obtained consent orders in the New South Wales Supreme Court in relation to an investment scheme operated by Karl Suleman and Karl Suleman Enterprizes Pty Ltd.

Today the Supreme Court, on the application of ASIC, disqualified Karl Suleman from managing a corporation for life.

The Supreme Court also declared that Karl Suleman and Karl Suleman Enterprizes Pty Ltd:

• operated a managed investment scheme that should have been registered;
• carried on a securities business without holding a dealers licence; and
• carried on an investment advice business without holding an investment advisers licence.

The Supreme Court also made permanent injunctions restraining Karl Suleman and Karl Suleman Enterprizes Pty Ltd from operating the unregistered managed investment scheme or a substantially similar scheme and carrying on a securities or investment advice business.

The court continued the orders restraining Karl and Vivian Suleman from dealing in any of their assets.

The remainder of ASIC's application in relation to Vivian Suleman and the damages claimed against Karl and Vivian Suleman has been adjourned to 22 July 2002.

ASIC has established a hotline on 02 9911 2408 for queries from any affected investors.

ASIC’s investigation is continuing.