ABC Learning Centres founder Eddy Groves has agreed to freeze his assets, but the Australian Securities and Investments Commission (ASIC) alleges most have been moved into a discretionary trust under his new wife’s name.
ASIC launched the bid for the hearing that took place in the Federal Court on June 30, but the corporate watchdog says the trust Perfection Too is Groves’ ‘alter ego’ with wife Viryan Collins-Rubie as the sole director.
The commission used recent transfers of two Gold Coast properties as examples of concern to the Federal Court, as dissipating assets that should have been gained from the freeze.
The Palm Beach property where the couple once lived was transferred into Collins-Rubie’s name and a Currumbin Valley property was transferred to Groves’ former brother-in-law Frank Zullo.
Groves’ children are beneficiaries of Perfection Too. A hearing about the trust has been scheduled for July 27-28.
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