Court takes further action against property developer

By Georgia Brown

The Federal Court has enforced interim orders against an Australian-based property developer, seizing all passport and visa documents to restrict travel outside of Australia.

In a statement today, ASIC announced that The Federal Court in Perth has made interim orders against West Australian-based property developer Ms Desiree Veronica Macpherson and several Macro Realty Group companies of which she is a director and shareholder, following an application by ASIC on 21 July 2016.

The companies subject to the orders are:

  • Macro Realty Developments Pty Ltd (ACN 159 678 930),
  • Macro Realty Pty Ltd (ACN 143 381 060),
  • Macro All State Investments and Securities Ltd (ACN 168 713 719) (Holder of Australian financial services licence number 468439),
  • Macro Realty Developments AFSL Pty Ltd (ACN 160 620 502), and
  • Pilbara Property Developments Pty Ltd (ACN 162 445 187), (all five together, the Macro Group).

ASIC obtained orders requiring Ms Macpherson to surrender to the Registry of the Court all passports held by her, any visa entitling her to enter, visit or reside in any country other than Australia and any airline ticket(s) for travel outside Australia until further order.

The Court also made interim asset preservation orders against Ms Macpherson and the Macro Group as well as restraining her and the Macro Group from providing financial services advice, dealing in financial products, promoting financial products and otherwise carrying on a financial services business. Ms Macpherson can apply to vary the orders on a day's notice.

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

The matters subject to these interim orders have been set down for a final hearing on 19 December 2016.

ASIC's investigation is at an early stage, with a focus on investments in a land development in the Pilbara region of Western Australia known as "The Newman Estate" that was subject to ASIC action and Federal Court permanent restraint orders in May this year.

Earlier this year, ASIC announced that the Federal Court had permanently restrained the marketing and promotion of proposed Pilbara property investment by Macro Realty Developments Pty Ltd.

ASIC's investigation is ongoing.

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