BizLawCentral: ASIC executes warrants to support liquidators

The raids were carried out on 9th September but details have only now been released, after a second court hearing ordered ASIC to retain the documents and other items seized.

ASIC alleges both companies were operated by Mr Roger Gareth Munro of Kingscliff, NSW.

The warrants were issued by the Supreme Court of Queensland in Brisbane under section 530C of the Corporations Act.

ASIC took this action because it believed that Mr Munro failed to deliver all of the books and records of the two companies to the liquidators appointed, as required by law.

It also follows an ASIC investigation into RG Munro and Starport which concerned the location of approximately AUD100 million of funds lent to both companies for the purpose of futures investments.

Following the liquidator’s appointment to RG Munro in October 2008, ASIC received a number of complaints from both the liquidator and investors, alleging a lack of co-operation by Mr Munro in the liquidation process . Both parties also voiced concerns about the location of approximately AUD88 million in investor funds. Starport was placed into liquidation in April 2009.

ASIC also obtained orders from the Supreme Court on 9 September 2009, which required Mr Munro to surrender all passports issued to him to the Court, prohibiting him from leaving Australia.

The matter returned to Court on 14 September 2009. At that time orders were made requiring ASIC to retain the property, books and records seized on 9 September 2009, pending a further order of the Court.