ASIC chills out on Eddy Groves' asset freeze
Illustration: John Shakespeare.
FAILED childcare entrepreneur Eddy Groves finally seems to be getting the better of corporate pup ASIC.
Earlier this year he beat the travel ban that was in place for three years while the Australian Securities and Investments Commission sifted through the ABC wreckage.
ASIC dropped charges against Groves in July and did not say whether it planned to pursue further legal action.
CBD can now reveal that the freeze on his assets has also been lifted.
ASIC, which continues to investigate the ABC collapse, said at the time of the asset freeze that it was seeking to ensure Mr Groves' assets were not whittled away in case it later chose to pursue him to recover money for ABC creditors.
The freeze targeted a trust that owned three Queensland properties including a five-bedroom, beachfront Palm Beach property.
The lifting of the travel ban meant Groves could visit some of his properties abroad, such as the $5 million pad in Nevada he was planning to sell. He also has half-share of a property in Chantilly, France, worth about $4 million.
Bauble for sale
FOR those interested in Eddy memorabilia, one of his former basketball toys, the Adelaide Arena - which is home to South Australia's National Basketball League team the 36ers - has been put up for sale by Commonwealth Bank, which is trying to recoup millions from Eddy's loan default.
Interested parties have until the end of the month to apply.
WITH the Olympics now a memory of the indebted British taxpayer, and the Paralympics now wrapped up, we finally have a medals tally Australia can dominate.
Take that, second-ranked Israel, third-placed Malta, Belgium, and well, the entire G7.
It's the global rankings of the unbroken stretch of economic growth. In Australia's case it's 21 years, and, as Treasurer Wayne Swan was quick to point out, it's ''a record no other advanced economy comes even close'' to reaching.
Indeed, Swan had Treasury's brightest boffins ploughing through the statistics over the weekend, compiling a table representing the number of years of consecutive economic growth to date. And what a table. Showing countries such as Slovakia, Luxembourg and even Estonia struggling to deliver multiple years of growth so far.
Last week's GDP figures ''were an opportunity to pause and reflect on Australia's remarkable economic performance over the past two decades'', Swan said.
Tapping our north
IT SEEMS the federal opposition is getting serious about supporting the push by mining billionaire Gina Rinehart for a special economic zone in Australia's north.
Opposition finance spokesman Andrew Robb has apparently been lined up as the inaugural keynote speaker for the Developing Northern Australia Summit that is being held in Cairns this November.
One of the main sponsors is Rinehart-backed Australians for Northern Development and Economic Vision, which says it wants ''to unleash the potential of north Australia by getting government out of the way''.
Not sure what Robb will have to say about that in his speech, which is titled ''Tapping in to the great potential of Northern Australia to boost the nation's economy, create jobs and to position Australia strategically in world food, minerals, energy and tourism markets''. Rinehart, who was recently trying to offload some of her shares in Age owner Fairfax Media, is not currently listed as a speaker at the event.
Tinkler all quiet
GIVEN his propensity for no-shows, it is a fair question whether coal baron, and Singapore resident, Nathan Tinkler will even send lawyers to the New South Wales Supreme Court this morning, where Mirvac has begun proceedings to recover about $17 million owed by two of his private companies.
Ocean Street Holdings and Buildev Group were ordered to pay Mirvac the money by last Monday, to complete the agreed purchase of a property in Newcastle. The deadline came and went without a whisper from Tinkler's camp.
Back in April, then chairman Tinkler didn't even bother turning up to the Aston Resources shareholder vote on the merger with Whitehaven Coal - the deal that was supposed to seal his fortune.
THURSDAY'S CBD column incorrectly said that Lachlan Murdoch used the News Corp corporate jet extensively in the past 12 months. The Age apologises to Mr Murdoch for the error and for the suggestion that he used his position as a director of News Corp for his personal benefit.
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