Receivers check in over Sebel land owners
AN investment scheme involved in the ownership of The Sebel Reef House and Spa property at Palm Cove has been placed in receivership.
But the hotel business is not included in the receivership and continues to operate independently.
A spokeswoman for Mirvac, which manages the luxury hotel on Williams Esplanade, said it was "business as usual".
Mirvac Group communications manager Kate Lander said the company did not own the property but were managers of the award-winning business. She said the receivership did not affect the business, staff, creditors or guests.
The Reef Hotel Resort scheme is one of 15 unregistered managed investment schemes involved in the receivership. There are 43 associated companies also in receivership.
KPMG partners Damian Templeton and Philip Hennessy were appointed by the Federal Court as receivers and managers to the schemes and companies previously managed by Melbourne accountant Mark Letten.
The Australian Securities and Investments Commission has alleged that Mr Letten operated commercial property joint ventures as unregistered managed investment schemes and it has placed the schemes and companies under receivers KPMG.
The court has confirmed that 11 of the schemes breached the Corporations Act 2001 by not being registered.
It is understood $80 million of investors' money is tied up in resorts and property developments on the east coast from Palm Cove to Tasmania.
There are more than 1000 investors involved in the schemes.
Mr Templeton said as receivers and managers their first task was "to identify and preserve the property of the schemes and companies to assess the true financial position of each scheme".
"This will include a realistic assessment of the current market value of the properties in each scheme to determine the best option for moving forward," he said.
Real estate experts put the value of the Sebel property at between $8-10million.
The schemes will continue to operate as normal during the investigation.
KPMG is required to report back to the court on its investigations and identify investors by April 12.
After this, investors will be provided with a copy of the relevant report and be given 30 days to make their own submissions on the future of the schemes.
Mr Templeton said the receivers and managers aimed to maximise returns for scheme investors.
Investors can contact KPMG on 1800 882 944 or (03) 9838 4238 or by email to lettenschemes@kpmg.com.au. For more information visit KPMG's Letten Schemes website.
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Business as usual: An investment scheme involved in the ownership of The Sebel Reef House and Spa has been placed in receivership.
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