The Australian Securities and Investments Commission (ASIC) has obtained an undertaking from Mr Jim Kolios, also known as Dimitrios Spyrou and Dimitrios Kolios, in the Supreme Court of New South Wales that he will not manage a corporation until further order.

The undertaking follows an application by ASIC to restrain Mr Kolios from managing corporations.

ASIC made the application after investigations revealed that Mr Kolios was convicted of offences in 1999 which, under the Corporations Act, automatically disqualifies a person from managing a corporation.

Mr Kolios is a director of three property development companies against which ASIC has commenced proceedings for alleged illegal fundraising. The Supreme Court also ordered that Mr Kolios be joined as a defendant in these proceedings.

The matter is next before the Supreme Court on 8 December 2003.

Background

On 15 October 2003, ASIC obtained orders, without admissions, from the Supreme Court of New South Wales freezing the assets of Mr Donald Richard Maxwell, Oceanwalk Projects Pty Limited, Mr Malcolm Fortune, Central Development Group Pty Limited, Procorp Investments Pty Limited and 12 other related companies.

The orders also restrain some of the parties from dealing with assets received from investors.