Askk has an interest in land located in Lot 2, 615 Hume Highway Beveridge, Victoria.
ASIC suspects that since October 2017, Askk has raised in excess of $10 million dollars from more than 270 investors in relation the land, and since this time, investors have been making ongoing payments in respect of their investment.
ASIC is concerned that Askk:
- may be operating an unregistered managed investment scheme (MIS);
- may be carrying on a financial services business in relation to the promotion and operation of an unregistered MIS without holding an Australian Financial Service Licence; and
- may have engaged in conduct that is misleading or deceptive during the promotion of the scheme to investors.
ASIC’s investigation is ongoing. The freezing orders remain in place until the next hearing date on 8 February 2019.
Further information on land banking is located on ASIC’s MoneySmart website. If investors have any questions regarding ASIC’s investigation, they can contact ASIC on 1300 300 630.
Download the Court Orders
Download ASIC’s Originating Process
Future court hearing dates and court orders made in the proceeding can be viewed via Federal Law Search by searching File Number “VID1620/2018” at https://www.comcourts.gov.au/public/esearch.