ASIC appoints receivers to Star Investment Group

ASIC has secured the appointment of receivers to Star Investment Group Australia and associated entities following a further Federal Court hearing into the investment scheme.

Justice Anderson on October 6 appointed Adrian Robert Hunter and Jonathon Kingsley Colbran of RSM Australia Partners as joint and several receivers and managers to the property of Star Investment Group Australia and Gondal Holdings, and as joint and several receivers to the property of director Ijaz Ahmad.

The orders follow ASIC's application to the court in September seeking to preserve assets and protect investors while its investigation continued.

The court's earlier asset preservation disclosure and travel restraint orders made on September 15 remain in place. The matter has now been adjourned to a date yet to be fixed.

Financial Standard understands Ahmad left Australia in April 2025 and is currently overseas.

ASIC's investigation centres on an investment scheme operated by Star Investment Group Australia and associated with the  Lake Narracan Resort development in Victoria. The regulator previously told the court there were reasonable grounds to suspect contraventions of the Corporations Act and ASIC Act.

The September orders restrained Star Investment, Gondal Holdings and Ahmad from dealing with or dissipating assets, subject to limited exceptions, while requiring information about their assets and liabilities to be provided to the court.

ASIC has said the proceedings are intended to identify, preserve and protect assets that may be available to investors and other affected parties, while its investigation examines matters including fundraising, financial records, directors' duties and potential misleading or deceptive conduct.

The regulator's action relates to funds raised through investments in Star Investment and the Lake Narracan development, with Gondal Holdings owning the development land. ASIC's investigation remains ongoing.

The appointment of receivers represents a further escalation in the proceedings, giving the independent appointees responsibility for assessing the affairs and property of the entities and Ahmad in accordance with the court orders.

ASIC has previously stressed that the court's findings at the interim stage concern protective orders and that Ahmad had not yet had an opportunity to respond to its application.