Vic: ASIC seeks receivership for third Kaye company

AAP General News (Australia)
12-03-2003
Vic: ASIC seeks receivership for third Kaye company

MELBOURNE, Dec 3 AAP - The Australian Securities and Investments Commission (ASIC)
will seek to have a third company of Melbourne property investment spruiker Henry Kaye
placed in the hands of receivers.

A spokesman for ASIC said the commission had made an application to the Federal Court
seeking a receiver appointed to Henry Kaye's Property Corporate Services.

Part of the application is also seeking an order for him to surrender any passports,
the spokesman said.

Two other Kaye companies National Investment Institute and Empower Group, were put
in receivership last week, prompting calls for greater regulation of get-rich-quick property
investment seminars.

Mr Kaye expressed regret to angry investors at a meeting of NII creditors in Melbourne yesterday.

Creditors of the Empower Group also met yesterday.

ASIC's application will be heard in the Federal Court at 2.15pm (AEDT) today.

AAP clm/gfr/rcg/jlw

KEYWORD: KAYE

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