ASIC obtains Court docket orders freezing property of Brite Advisors

The Australian Securities and Investments Fee (ASIC) has obtained interim orders from the Federal Court docket freezing the funds and property of Australian Monetary Providers licensee Brite Advisors Pty Ltd.

ASIC’s software for these orders was made as a result of ASIC is anxious that the present monetary place of Brite is unknown, as Brite has didn’t lodge with ASIC its monetary statements and auditors report for the monetary 12 months ended 30 June 2022.

The worth of Brite’s funds beneath administration has not been reported by any entity inside the Brite Group in an audited stability sheet since December 2019.

Brite and its associated entities function in a number of international locations (together with the UK, US, Hong Kong, and Australia) offering advisory, pension administration and asset administration companies. Brite provides an funding platform to self-invested private pension suppliers, qualifying recognised abroad pension schemes, and self-managed superannuation funds.

Justice Banks-Smith ordered that Brite be restrained from, amongst different issues:

  • eradicating property from Australia,
  • diminishing the worth of any of its property,
  • incurring new liabilities, and
  • withdrawing or transferring any monies accessible in any account with any monetary establishment in Australia and elsewhere by which Brite has any authorized or equitable curiosity.

ASIC sought the orders to assist shield the beneficiaries of the property beneath administration by Brite, together with the beneficiaries of those that have their pensions or superannuation funds invested on the Brite Platform.

The orders are in place till an additional listening to earlier than the Court docket, listed for 9 November 2023.