Asic fears man behind troubled Dunk Island development may flee Australia and move assets
by Ben Butler from World news | The Guardian on (#56VPH)
Regulator has launched legal action against James Mawhinney and Mayfair 101, which has taken $140m from investors
The Australian Securities and Investments Commission fears the man behind troubled efforts to redevelop Queensland's cyclone-ravaged Dunk Island, James Mawhinney, may leave the country, a court has heard.
Asic also fears assets belonging to Mawhinney's investment group, Mayfair 101, may be moved, counsel for the regulator, Jonathan Moore QC, told the federal court on Thursday.
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