'Destroyed records, falsified documents': ASIC turns up heat on ISG's $145m collapse
Australia’s corporate regulator has provided a huge cash boost to liquidators investigating the collapse of Brisbane-based ISG Group, as allegations of destroyed records, falsified documents and related-party transactions intensify scrutiny of the failed investment scheme.
Since allowing ISG to trade while insolvent a few years ago, ASIC has stepped up its investigations into the failed property group. (Image source: API Magazine)
Liquidators of Brisbane’s failed $145 million ISG Group, who say they have uncovered the destruction of records and falsification of documentation, have been given $600,000 by the corporate regulator to investigate further.
The appointed liquidators, Olvera Advisors are also seeking to engage commercial litigation funders to recover company assets, including “scheme funds loaned/paid to related parties”.
In an update to investors and creditors,…
