ASIC has suspended the Australian financial services (AFS) licences of Sydney-based financial services providers Theta Asset Management Ltd and Valuestream Investment Management Ltd until 21 July 2020.
The licences were suspended because the two entities are under external administration.
The entities may apply to the Administrative Appeals Tribunal (AAT) for a review of ASIC’s decision.
On 13 December 2019, Christopher Darin and Mervyn Kitay of Worrells Solvency & Forensic Accounting were appointed as administrators of both Theta Asset Management Ltd and Valuestream Investment Management Limited. For further information about the administration and what this means for investors please refer to: http://www.worrells.net.au.
