ASIC has disqualified Melbourne property guru Henry Kaye from managing corporations for five years.
Kaye was involved in 26 failed companies which provided investment and property education services to the public, as well as the running of property investment and development activities.
ASIC found that Kaye breached his duties as a director by failing to document significant intercompany loans within the group and to ensure the loans were property secured. The loans were then made to companies that were controlled by Kaye and not repaid, which contributed to the collapse of a group of companies.
The regulator also found that Kaye failed to maintain financial records in relation to a number of companies and was not fully aware of the financial position of the main companies within the group.
The disqualification still permits Kaye to manage Dorcas 1 Pty Ltd and Medinvest 2 Pty Ltd – the trustee companies to Kaye’s self-managed superannuation funds.
Kaye still has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
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