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Monday 24 August 2015

15-226MR Statement on Oceanic Asset Management Pty Ltd and Mulato Nominees Pty Ltd

Following a successful application made by ASIC, the Federal Court of Australia has made orders appointing Mr Vince Smith, a Perth partner of Ernst & Young, as a provisional liquidator of the following companies:

  1. Oceanic Asset Management Pty Ltd (OAM)
  2. Oceanic Equities Pty Ltd
  3. Australian Global Capital Pty Ltd
  4. Mulato Management Services Pty Ltd
  5. Mulato Nominees Pty Ltd (ACN 008 980 309)
  6. Ridgeway House Pty Ltd (ACN 125 133 806) (all six together "the companies").

ASIC's application was made as a result of concerns arising from complaints made to ASIC and the West Australian Police Services Major Fraud Squad by a large number of UK-based investors. This followed the suspected suicide of one of the directors of the companies Mr David Jones, and his wife Mrs Jeanette Jones in June this year.

ASIC was also successful in obtaining asset preservation orders and the appointment of a Trustee (Mr Kimberley Wallman of HLB Mann Judd) to the deceased estate of Mr David Jones (this includes the former residential property of the deceased  located in the Perth suburb of Como).

OAM holds an Australian Financial Services licence and is licensed to provide advice to wholesale clients. OAM appears to have been operating a number of unregistered managed investment schemes.

ASIC made the application in order to protect the interests of shareholders, investors and creditors.

ASIC's investigation into the affairs of OAM and associated entities is continuing.

Editor's note:

On 17 November 2015, following a further application made by ASIC, the Federal Court of Australia has  made orders appointing Mr Vince Smith, a Perth partner of Ernst & Young as liquidator to Oceanic Asset Management and associated entities (refer: 15-341MR).

 

Last updated: 18/11/2015 12:00