missreaux
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« on: February 16, 2009, 06:52:31 PM » |
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Former Westpoint boss to stand trial
13th February 2009, 14:15 WST
The former boss of the collapsed Westpoint group faces trial with others on charges related to the on-selling of apartments in Perth.
Former Westpoint founder Norm Carey and chief executive Graeme Rundle, along with Westfield Realty, a subsidiary of the liquidated Westpoint Corporation, are among seven defendants named in an action brought by the WA Commissioner for Consumer Protection.
Carey and a number of the defendants appeared on Thursday in Perth Magistrates Court, which heard the matter would be left in the hands of the Director of Public Prosecutions ahead of a likely District Court trial.
Other defendants named in the action are David Lewis, Daniel Egan, Thomas Haynes and Sean Niven.
The court was told another defendant, Carey’s brother Allen, had died.
Charges laid against Lanepoint, a company linked to the Westpoint group, had been dropped, the court was told.
The WA Department of Commerce says the charges involve misrepresentations related to the sales of apartments at a development in Perth’s inner-southern suburb of Rivervale.
It is alleged potential purchasers paid deposits to enter into contracts and were subsequently urged to terminate them, before the properties were on-sold at a higher price.
Magistrate Barbara Lane adjourned the charges against all defendants to the same court on March 13.Westpoint collapsed in 2006, with failed mezzanine financing deals costing 4,300 small investors an estimated $350 million.
The Australian Securities and Investments Commission last year successfully intervened in an attempt by Norm Carey to gain court approval for a Perth property development.
It also sought to freeze the assets of Allen Carey’s Rold Corp, a move that was rejected by then Federal Court judge Robert French.
AAP
OH MY GOD!!! I can't believe it! I thought he was so nice!!
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