The Australian Securities and Investments Commission (ASIC) today obtained orders in the Supreme Court of Queensland winding up Wide-I Design Corporation, a company registered in Vanuatu, ETP Ventures Pty Ltd and Cyrus Strategies Pty Ltd (the companies).

Ms Tracy Dare and Mr Philip Hennessy of KPMG in Brisbane were appointed liquidators of the companies. Ms Dare and Mr Hennessy had previously been appointed receivers of the companies in June 2002, following an application by ASIC.

ASIC sought the wind-up orders following concerns that the companies had carried on unregistered managed investment schemes.

An ASIC investigation found that the schemes promoted the investment of Australian investors funds offshore, and raised at least $2.2 million from around 200 investors, who were mostly members of church communities on the Sunshine Coast, Queensland.

Investment opportunities offered by the companies included the ‘Car Contributors Club’, ‘Sunshine Coast Housing’, shares in Koitaki Farms Ltd and several bridging loan arrangements.

ASIC has previously obtained orders banning the companies’ sole director, Mr Peter Urquhart from being involved in the management of a company for three years. Mr Urqhart was also permanently restrained from being involved in a financial market, providing financial services or financial products and carrying on any managed investment scheme in contravention of the Corporations Act.