Court Hears of Retirement Village Group Prime Trust Collapse
Unitholders may be interested to read the attached article by Mr Peter Mickelborough in the Herald-Sun dated 26 March 2013. The article states that the Receivers have now commenced legal action against the APCH Directors and other defendants over the management rights.
The article states that "Mr Lewski's company, Retirement Guide, was given the management rights for 12 Prime Trust retirement villages for free ... then sold them to investment bank Babcock & Brown for a personal gain of $60 million". The article notes that the legal action seeks compensation, damages, interests and costs.
This action over the management rights is separate from, and in addition to, the legal proceedings already on foot, namely the Federal Court proceedings being conducted by ASIC seeking to disqualify certain APCH Directors from holding positions as company directors, and Supreme Court proceedings being conducted by the Receivers over the $33 million listing fee. We note that further legal proceedings may also be initiated.