Asic fears man behind troubled Dunk Island development may flee Australia and move assets
Regulator has launched legal action against James Mawhinney and Mayfair 101, which has taken $140m from investors
- The Guardian
Earlier, during the federal court hearing, Moore asked for the virtual courtroom to be closed because “there is a fear that if they [Mawhinney and companies associated with him]...
Mayfair 101One of the most unusual parts of this case is the fact that ASIC made enquiries about the cost of a private jet flight to London. It was about $250k and ASIC filed evidence that because Mr...
DefamatoryClarification - The Guardian
Asic also feared assets might be moved, he said.
Mayfair 101Did ASIC think Mr Mawhinney would pick up 130 properties and put them on a plane?
Defamatory - The Guardian
“I have not been served with any order,” Mawhinney told Guardian Australia on Thursday evening.
Mayfair 101ASIC ran the application on an ex parte basis. Mayfair 101 believes this is because ASIC knew the allegations were incapable of being sustained if they were defended, so they decided to initiate...
Clarification - The Guardian
Asic’s application was before the court on Thursday morning, but media were excluded from almost all of the hearing, which was held by videoconference.
Mayfair 101This journalist was dialled into the hearing when it started. This was no coincidence.
Accurate - The Guardian
Mawhinney has consistently denied any wrongdoing and told the Victorian court the BVI company in question, 101 Investments, was in fact part of the Mayfair 101 group.
Mayfair 101As the name suggests, 101 Investments Ltd is part of the Mayfair 101 group. 101 Investments Ltd is owned by Mayfair Group Holdings Ltd. ASIC had this information available to them.
Clarification - The Guardian
Former National party politician Julian McGauran, who invested $1m in Mayfair 101, has also made similar legal allegations.
Mayfair 101Mr McGauran withdrew his claim several years ago.
Clarification - The Guardian
The regulator has been investigating Mawhinney and Mayfair 101
Mayfair 101In 4 years their investigation has consisted of (a) not interviewing Mr Mawhinney, (b) not asking for financial statements, and (c) not asking for a list of assets held by the group. This is not an...
Clarification - The Guardian
Asic also fears assets belonging to Mawhinney’s investment group, Mayfair 101, may be moved, counsel for the regulator, Jonathan Moore QC, told the federal court on Thursday.
Mayfair 101On the one hand ASIC says there were assets capable of being moved, on the other hand a Ponzi scheme has no assets. ASIC's allegations made in oral submissions (which were never backed up in...
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The GuardianAsic fears man behind troubled Dunk Island development may flee Australia and move assets
Mayfair 101ASIC's fears were misconceived. They made out Mr Mawhinney to be an international fugitive when he wasn't. The regulator ought to have interviewed Mr Mawhinney before making such outlandish...
FalseDefamatoryMistaken
