ASIC has obtained orders by consent in the Supreme Court of New South Wales against Mr Phi Long Nguyen following an ex-parte application to the Court on 19 July 2007.

These orders follow allegations by ASIC that Mr Nguyen, of Padstow Heights in New South Wales, was a trustee of an unlicensed financial services business known as the PLN Superannuation Fund%2C offering people early access to their superannuation.

The orders restrain Mr Nguyen from leaving or attempting to leave Australia.

The orders also prevent Mr Nguyen from dealing with or disposing of any assets held on behalf of the PLN Superannuation Fund, and dealing with or disposing of any assets he may hold personally, except for the payment of ordinary living expenses and legal fees.

To date, ASIC has identified 30 affected people mainly from the Filipino community in Western Sydney, and over $2.4 million that has passed through various PLN Superannuation Fund bank accounts.

ASIC’s investigation is continuing with the assistance of the Australian Transaction Reports and Analysis Centre and the Australian Taxation Office.

The matter returns to Court on 3 December 2007.

Editor's note:

On Monday 3 March, 2008, Justice Hammerschlag of the Supreme Court of New South Wales extended the orders by consent regarding Mr Phi Long Nguyen until Monday 7 July, 2008. The matter returns to Court on this date for further directions.

On 20 July 2009, Justice Bergin made Orders by consent in the Supreme Court of New South Wales dismissing the proceedings against Mr Nguyen.