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Thursday 21 March 2019

19-062MR ASIC obtains interim injunctions against Forex Capital Trading

ASIC has appeared before the Federal Court in Melbourne as part of its action to protect investor funds in OTC derivatives issuer, Forex Capital Trading Pty Ltd, while an ASIC investigation is underway.

On 12 March 2019, ASIC obtained ex parte interim orders in the Federal Court against Forex Capital Trading that restrained the company from removing their assets from Australia, disposing of their property and freezing monies in its bank account, and which prevented the sole director, Shlomi Yoshai, from leaving Australia.

On 18 and 19 March 2019, the matter returned before the court where ASIC sought an extension of the interim orders. The court declined the extension of the freezing orders but made orders to prevent Mr Yoshai from leaving Australia until 5:00pm on Monday 25 March 2019 and to restrain Forex Capital Trading from transferring any property, including client money, overseas.

The matter is next before the court on Monday 20 May 2019.

Editor's note 1:

On 16 April 2019, the orders restraining Forex Capital Trading from transferring any property, including client money, overseas were extended by consent of the parties to 3 June 2019.

Editor's note 2:

On 31 May 2019, the Orders restraining Forex Capital Trading from transferring any property, including client money, overseas were extended and amended by consent of the parties to 30 September 2019. The amendment to the Orders requires Forex Capital Trading to seek ASIC approval in writing prior to making any overseas payments.

Editor's note 3:

On 26 September 2019, the Orders restraining Forex Capital Trading from transferring any property, including client money, overseas were further extended by consent of the parties until 5pm on 31 January 2020.

Last updated: 21/03/2019 12:00