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ASIC winds up Western Australian funds management firm

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The Australian Securities and Investments Commission has obtained orders from the Federal Court in Perth to wind up Finchley Central Funds Management.

Finchley is the responsible entity of a registered managed investment scheme known as Finchley Development Capital Funds.

Within FDCF there are two active trusts which have raised funds from retail investors:

• FDCF No. 2: The Gilead Trust, which has more than 600 members who have invested in excess of AUD25m. These funds have been on-lent as mezzanine finance to the developer of the Gilead Retirement Resort in New South Wales; and
• FDCF No. 3: The Riverside Trust, which has more than 300 members who have invested in excess of USD15m. These funds have been on-lent as mezzanine finance to the developer of the Riverside Pier Hotel in Western Australia.

ASIC issued a court application against Finchley on 4 August 2009, alleging that it was just and equitable that Finchley be wound up by the Court.

It alleged that Finchley and its officers had failed and continued to fail to comply with their obligations under the law, and that a winding up order would allow FDCF, the Riverside Trust and the Gilead Trust to be overseen and supervised by an independent party which would assist in the protection of investors’ interests.

ASIC’s court application to wind up the company arose from an ongoing ASIC investigation into the conduct of Finchley and its officers.

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