<a href="https://www.apartments.com.au/developers/sunland-group">Sunland Group</a> has officially lodged plans for its first Gold Coast apartment project since the departure of the Abedian family from the company three years ago, unveiling a new high-rise proposal for a prominent Broadbeach corner site on Old Burleigh Road.

The application was submitted by an entity directed by Tom Jamieson, stepson of longtime Sunland leader Soheil Abedian, and Riaz Rezvanipour, brother-in-law of Sahba Abedian, Soheil’s son.

Sunland acquired the 1,283 sqm site on the corner of Old Burleigh Road and Armrick Avenue for $9.5 million late last year and is now seeking approval for a <a href="https://www.apartments.com.au/new-apartments/99-101-old-burleigh-road-broadbeach-qld-4218">42-storey tower with 81 apartments</a>.

<img alt="First look: Sunland Group returns to Broadbeach with new Old Burleigh Road tower plans" data-entity-type="file" data-entity-uuid="fea2946d-90ee-4cfc-babe-2a8ad5db2cb6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/pers.png?VersionId=BV0fihJw31nDIQ8ozY_h3GbS8mxDyhnm" />

Designed by <a href="https://www.apartments.com.au/architects/contreras-earl-architecture">Contreras Earl Architecture</a>, the proposed tower at 99-101 Old Burleigh Road would deliver a predominantly larger-format apartment mix aimed at the owner-occupier market. Plans include 17 two-bedroom apartments, 55 three-bedroom apartments, and nine four-bedroom residences across 35 residential levels.

The development also incorporates three basement levels, four podium parking levels, two levels of communal recreation facilities, and rooftop plant and equipment. A total of 189 car spaces are proposed, significantly exceeding the 90 spaces required under the planning scheme.

The architecture adopts a sculpted, curvilinear form, with deep wraparound balconies and integrated landscaping intended to soften the tower’s vertical expression. The planning report states the building’s “slender footprint/form provides a complimentary yet varied built form within the local streetscape” and contributes to “a varied, yet ordered skyline.”

Contreras Earl noted in its Architectural Statement that from the early stages, the project addressed a fundamental challenge: how to accommodate the required residential yield while avoiding the conventional model of a tower sitting on a rigid, fully resolved parking podium.

“The most direct response would have been to consolidate parking into a singular, flat podium and extrude a repetitive tower above,” the statement said. “While efficient, this approach would result in a consolidated built form with limited engagement with the surrounding landscape and public realm.”

Instead, the conventional podium model was “deliberately rejected”. The architects described the base of the building as “a landscaped architectural condition where structure, planting and circulation are integrated”.

“Rather than presenting a continuous built mass, the base of the building is articulated through a series of concrete planter elements that organise the podium into a fragmented system,” the statement said. “This approach reduces the perceived bulk of the lower levels while establishing a more permeable interface with the streetscape and adjacent open space.”

<img alt="Sunland" data-entity-type="file" data-entity-uuid="923fad8d-c960-4527-8fbe-975cf1ddf88d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-25%20at%2010.32.03%E2%80%AFAM.png?VersionId=pngwb0hYOIUpq9vDw6F2EsOiVuHF3DiX" />

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The site sits within the High Density Residential Zone and inside the City of Gold Coast’s unrestricted “HX” building height area, where the planning framework anticipates intensified residential development tied to the expanding light rail corridor. The planning report notes the area is undergoing “transition toward more intense development forms” given its proximity to Broadbeach, Surfers Paradise, and high-frequency public transport infrastructure.

Positioned directly opposite Broadbeach Park and within walking distance of Florida Gardens light rail station, the development would sit among a rapidly evolving stretch of Old Burleigh Road that has become one of the Gold Coast’s most active apartment development corridors.

The application joins a growing pipeline of luxury residential projects reshaping Broadbeach, including nearby developments by 5Point Projects, Polycell, and Graya.

The planning report argues the project contributes toward the Gold Coast’s long-term housing targets under the South East Queensland Regional Plan, which forecasts the need for more than 100,000 additional high-rise dwellings across the city by 2046.

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The Abedian family departed Sunland Group in late 2023, ending a four-decade association with the company, and subsequently established the private development firm Abedian &amp; Co. The group is currently delivering <a href="https://www.apartments.com.au/new-apartments/greenmount-residences-cnr-hill-street-and-marine-parade-coolangatta-qld-4225">Greenmount Residences</a> at Rainbow Bay and recently launched <a href="https://www.apartments.com.au/new-apartments/18-mary-avenue-14-18-mary-avenue-broadbeach-qld-4218">18 Mary Avenue</a> in Broadbeach.
</section>

Joel Robinson

First look: Sunland Group returns to Broadbeach new apartment market with new Old Burleigh Road tower plans

The Minns Labor Government has established the new Bays West Delivery Authority to lead the development&nbsp;of the Bays West Precinct and Blackwattle Bay Precinct.&nbsp;

The Authority is charged with creating Sydney’s newest precinct, a thriving, connected, sustainable hub with White Bay Power Station as its cultural heart. Its vision is to build on the area’s natural, cultural and industrial history to shape a vibrant new neighbourhood.

The precinct will deliver up to 8,500 well-located homes, including a minimum of 10 per cent affordable and essential worker homes. Combine new housing with public open space, opening public access to the waterfront for the first time in more than 100 years, while retaining important deep-water facilities to support Sydney’s working harbour.

Located just minutes from the Sydney CBD and connected to a world-class metro, ferry, walking and cycling links, the Bays West precinct will rebalance housing growth towards well-serviced inner-city locations and help tackle the state’s housing crisis.

The Bays West Delivery Authority,&nbsp;an agency of the Department of Planning, Housing and Infrastructure, will report to the NSW Minister for Lands and Property who already has oversight of major precinct renewal projects including at Blackwattle Bay and Barangaroo.

As part of the broader Bays West transformation, the Minns Government recently announced that a proposal from Lendlease to redevelop part of the Bays West Precinct has progressed to Stage 2 of the NSW Government’s unsolicited proposals process.

<img alt="Sydney" data-entity-type="file" data-entity-uuid="2ed71eb9-d8e8-4fa7-b9d1-de4531dcf2f3" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-25%20at%209.42.31%E2%80%AFAM.png?VersionId=IDryFIbped9SNDg72LEN_EecvhUsOPvp" />

The Minns Labor Government has also confirmed the Bays West precinct will have a new suburb name. This will be the first major suburb built in close proximity to Sydney’s CBD in decades and will encompass the area currently being referred to as Bays West, including Glebe Island and the White Bay Power Station. Served by a new Metro station just five minutes from the CBD, it will become one of the most populous suburbs in the Inner West and one of Sydney’s premier cultural destinations.

An early works program is taking shape, which&nbsp;includes the first stages of an international design competition.&nbsp;

The aim of the Bays West&nbsp;International&nbsp;Design Competition is to&nbsp;ensure design excellence is embedded in the project from the start. The competition will deliver an&nbsp;urban framework that defines the character, ambition and long-term identity of&nbsp;this&nbsp;former industrial precinct as it transitions to a vibrant, inclusive and sustainable residential&nbsp;neighbourhood.

The competition will be led by the Bays West Delivery Authority in partnership with Government Architect NSW.&nbsp;

It will launch with an invitation for a global Expressions of Interest, before moving to an invitation-only stage that will be assessed by a panel that&nbsp;will provide advice to Cabinet who will select a winner.

Premier of NSW, Chris Minns said the establishment of the new Authority is the first step in transforming the Bays West precinct into a vibrant, livable suburb minutes from the Sydney CBD and two stops from Hunter St Station on the Metro West line.

“The Authority will deliver well-located homes close to the heart of the city and integrate the new precinct with Blackwattle Bay and the new Sydney Fish Market.

“This is a generational opportunity to build a new suburb on the city’s edge and open the harbour foreshore to the public for the first time in a century.”&nbsp;

Minister for Lands and Property Steve Kamper said the new Bays West Delivery Authority established by the Minns Government will turbocharge the development of Sydney’s newest suburb.

“The Authority is working at a record pace to deliver an international design competition, planning pathways and a financial model so that this development benefits Sydney with well-designed homes in a central location, close to public transport, jobs, entertainment and essential services.

“If we want Sydney to stay liveable and affordable, we need to be bold about using underutilised government-owned land to deliver homes for the future while making sure essential working harbour functions can be accommodated.”

Bays West Delivery Authority established to "turbocharge" Sydney’s newest suburb

Around 400 additional homes could be built at Southwark Grounds on Port Road, lifting total site capacity from 1300 to around 1700 dwellings.

A recently approved code amendment would allow apartment towers of up to 14 storeys in some areas of Renewal SA’s redevelopment of the former West End Brewery.

Renewal SA Acting Chief Executive Shane Wingard said he welcomed the code amendment, with the increase in heights and homes making a positive impact on the supply of high-quality, well-connected housing close to the city.

“By going higher across some parts of Southwark Grounds, we are adding a substantial number of very well-located homes with little impact on project delivery time or planned open space,” Mr Wingard said.

Since the project officially launched in 2025, Mr Wingard said more than 12,000 enquiries had been received about living at Southwark Grounds.

“The very strong early interest we’ve seen since homes were first released in the precinct reinforces our plans to create more housing opportunities,” he said.

The Southwark Grounds code amendment was launched in December last year, with community engagement undertaken over five weeks from January.

It proposed increasing maximum building heights from eight to 14 storeys on the eastern section of Southwark Grounds, and to 12 storeys across the remainder of the site, with minimum building heights ranging from two to four storeys.

The code amendment was implemented through an Early Commencement policy in late January, allowing developers to quickly explore the viability of increased height and housing yield while other planning processes continue.

One of the first developers delivering apartment sites have already finalised redesigns to increase the number of apartments following the code amendment.

Samaras’ development adjacent to the future Colonel Light Park is now planning to deliver 125 apartments across 11 storeys, significantly greater than original plans of around 50 apartments across four storeys.

The developer is also exploring the potential for additional affordable housing outcomes.

Most of the apartments at Southwark Grounds will be delivered within a master-planned precinct on a large parcel of land on the eastern portion of the site, covering around two-thirds of its 8.4 hectares.

Wingard said detailed precinct planning over the coming months may identify further opportunities to increase yield further that could see total apartment numbers at Southwark Grounds, exceed this number.

Affordable homes at Southwark Grounds will also see a net increase, with Renewal SA maintaining its commitment to a minimum of 20 per cent affordable housing across the development.

&nbsp;

&nbsp;

Civil works have begun across the site, with construction under way on the first new roads surrounding a townhouse precinct in the south‑west corner of Southwark Grounds. This includes Renewal SA’s 17 Founder’s Row homes, which are on track for completion by Christmas.

“We expect to have people living at Southwark Grounds by the end of the year, so delivering roads and public spaces for those residents is among our highest priorities.”

Construction of 40 townhouses off Anderson Street, known as West Village and being delivered by Contour, is forecast to begin in mid‑2026. Kolabb’s Anderson Lane development will follow shortly after, delivering a further 26 townhouses.

Southwark Grounds is a state government‑led urban renewal project now set to deliver around 1,700 homes over the next decade.

Homes will be supported by a supermarket, a range of retail and hospitality offerings anchored by a revitalised Walkerville Brew Tower, a childcare centre, car parking and well‑connected public spaces.

400 new homes planned for Adelaide's former West End Brewery site

Brisbane developer&nbsp;<a href="https://www.apartments.com.au/developers/cavcorp">Cavcorp</a> has lodged plans for a new mixed-use residential development at <a href="https://www.apartments.com.au/new-apartments/55-wyandra-street-teneriffe-qld-4005">55 Wyandra Street</a>, Teneriffe, anchored by an 85-metre public laneway designed to reconnect the suburb’s riverfront with the Gasworks precinct.

The buildings, known as Teneriffe House and Teneriffe Lane, would replace the existing Queensland Cotton head office site with a 15-storey residential tower transitioning to eight storeys toward Helen Street. The project has been designed by Plazibat Architects and lodged as a code assessable development application for 93 apartments across a 3,401 sqm mixed-use site within the Newstead and Teneriffe Waterfront neighbourhood plan.

Central to the scheme is the transformation of an existing service easement into a publicly accessible cross-block connection linking Wyandra and Helen Streets. Cavcorp says the new laneway will act as both a pedestrian shortcut and a landscaped civic space between the Teneriffe Riverwalk, ferry terminal, and Gasworks precinct.

<img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="26e7f058-b065-4de8-b13d-a2b8cb64dfcc" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/bldg.png?VersionId=sELS0ZKYi361oYipUa1BIKfe_.DLZoFV" />

“The revised proposal delivers a legacy public-realm cross-block link, permanently secured for community use, transforming an existing private easement into a safe, high-quality pedestrian connection between the Teneriffe heritage riverwalk and the Gasworks–Long Island precinct,” the planning report states.

The laneway will sit beneath a large subtropical loggia integrated into the podium levels of the development. The design incorporates deep landscaping, water gardens, lobby spaces, business lounges, and ground-floor apartments to create what Cavcorp describes as a climate-responsive “urban verandah.”

The tower itself has been designed as a slender form with recessed floorplates and curved translucent corners inspired by contemporary Japanese architecture. The building height aligns with the Commercial Road precinct controls, which permit towers up to 15 storeys within proximity to Longland Street.

<img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="a8a17d40-43b6-4718-b3fd-67676fcbb485" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/pers%202_1.png?VersionId=i3VwDtp5AmL_8InW7w4qRbDFEpb744Jt" />

The project will comprise a mix of larger-format apartments aimed at owner-occupiers, downsizers, and families. The proposed apartment mix includes 11 loggia apartments across the lower levels, 50 four-bedroom Sky-Terrace apartments from levels three to seven, and 32 Sky-Pool Homes occupying the upper tower levels. The Sky-Pool Homes will feature private thermal plunge pools integrated into oversized balconies.

According to the application, the apartments are intended to reinterpret the scale and character of Teneriffe’s woolstore conversions and Queensland homes within a vertical residential format.

“The sky-pool homes build on Cavcorp’s previous projects and introduce a distinct apartment typology to Teneriffe, informed by both local and international precedent and responding to an identified market demand for enhanced safety, space and amenity,” the planning submission notes.

A major focus of the proposal is its five-level wellness and lifestyle offering, extending from the basement through to the rooftop.

Amenities proposed include a rooftop Swim &amp; Racquet Club with a 25-metre Olympic lap pool and tennis court, coworking spaces and libraries, golf simulators, wine storage, concierge facilities, business lounges, pet wash areas, and rooftop longevity-focused wellness spaces with spas, outdoor fitness zones, and landscaped terraces.

<img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="944b352c-49b9-4247-a4c6-5967b4b69fda" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/amenity.png?VersionId=Ed_qKjAtMwFT.5gfl3jiA9QwdWxSMsaX" />

All parking will be concealed within basement levels accessed from Wyandra and Helen Streets. Cavcorp says the deep-basement engineering approach allows the entire ground plane to prioritise landscaping, pedestrian movement, and active frontage rather than vehicle infrastructure.

The development continues Cavcorp’s concentration in Newstead and Teneriffe, where the Brisbane developer has delivered a number of apartment projects including Lucent, Le Bain, and Luminare, as well as the Long Island Wellness Precinct nearby. Several of those projects have received national design and architecture awards, including recognition under Brisbane’s “Buildings that Breathe” program.

Cavcorp unveils wellness-focused Teneriffe House and Teneriffe Lane apartment buildings

Focus Group Investments has lodged plans for a new apartment development at <a href="https://www.apartments.com.au/new-apartments/64-70-hanover-street-fitzroy-vic-3065">64–70 Hanover Street</a> in Fitzroy, seeking to utilise the Victorian Government’s recently introduced Great Design Fast Track pathway to accelerate approvals for the project.

The proposal is among the latest developments to emerge through the state-led initiative, which was established to fast-track well-designed residential projects in activity centres and transport-connected inner-city locations. The pathway allows qualifying developments that meet elevated design and housing benchmarks to bypass traditional council planning timeframes and instead be assessed directly by the Department of Transport and Planning.

Designed by SJB, the development will comprise a mix of apartments above activated lower levels, with a strong focus on architectural articulation, landscaping, and communal amenity. The design response seeks to balance the industrial character of Richmond’s former warehouse precincts with a more contemporary residential form.

<img alt="First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Richmond apartments" data-entity-type="file" data-entity-uuid="abea51cc-d85b-479e-9aef-a589f3b37ca7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/ground.png?VersionId=e1Kf8EyPWwyiVumtqQ4rM5S4GpOR3CCz" />

Proposed are 63 new dwellings, a wide ranging mix of studio, one-, two-, and three-bedroom apartments, and townhouses and duplexes. They will be spread across a part-three, part-eight storey building.

The Planning and Urban Context Report by Tract says the development is of an "exemplary architectural standard" and has been carefully crafted by SJB Architects.

"Dwellings&nbsp;will benefit from excellent access to natural light, cross-ventilation opportunities and extensive communal space," the report noted.

The architectural material highlights the project’s integration of landscaped elements and communal spaces throughout the building. The proposal also incorporates sustainability initiatives aligned with the Victorian Government’s push for higher-performing apartment developments under the fast-track program.

The Great Design Fast Track was unveiled by the Victorian Government in 2024 as part of a broader housing supply strategy aimed at accelerating the delivery of new homes. Projects assessed through the pathway must demonstrate high-quality architecture, sustainability outcomes, and housing diversity while being located close to public transport and existing infrastructure.

<img alt="First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Richmond apartments" data-entity-type="file" data-entity-uuid="afdbe834-8dc4-4a77-a943-ba07bc927348" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/site_11.png?VersionId=0J657j.TaChAZfp93wqJYBTqSsnREJx2" />

Focus Group, founder and led by Paul De Lutiis, is increasingly active across Melbourne’s inner suburbs, targeting well-connected urban renewal locations suited to medium and higher-density residential development. The Fitzroy proposal continues that strategy, leveraging the area’s strong transport links, established retail amenity, and proximity to the CBD.

Fitzroy has been one of the most popular spots for developers and buyers in recent years. The likes of PACE Development Group, SMA Projects, Crema Group and Chapter Group, currently selling projects in the suburb.

First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Fitzroy apartments

Asic

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Following a five-week trial in the District Court of NSW, Mr Peter Alan Gregg of Pyrmont, NSW has been found guilty of criminal charges brought by ASIC. The jury gave its verdict today in the District Court in Sydney.
Mr Gregg was found guilty of two counts of contravening section 1307(1) of the Corporations Act 2001. The jury found that Mr Gregg, a former director and chief financial officer of Leighton Holdings Ltd (LHL), had engaged in conduct which resulted in the falsification of LHL's books.
Mr Waugh, of Maylands, Western Australia, the former managing director of Leighton Welspun Contractors Pvt Ltd, was found not guilty of one count of aiding and abetting the commission of an offence by Mr Gregg under s1307(1).
Gregg was remanded to appear before the District Court on 31 January 2019.
The matter was prosecuted by the Commonwealth Director of Public Prosecutions.
Earlier this year Gregg sold his Double Bay trophy home.
The four-bedroom, heritage-listed 1934 mansion is known locally as "Taj" secured around $7.75 million.
Gregg and wife Tobi Moroz purchased the house in 2015 from prominent legal couple Maurice Neil and Natasha Goulden for $6.2 million.
The landmark Spanish Revival property has been listed through Michael Finger and Peter Leipnik.
​The Wiston Garden Spanish Mission-style house was built on the cul-de-sac in 1934 at a cost of £2,700.
The heritage listed property was built in 1934 by poulterer Albert Glazebrook with rare Max Le Verrier light fittings.
 
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jrobinson-rf4aSBido9

Former Leighton executive Peter Gregg found guilty of falsification of company books

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Melbourne couple Mrs Shilpa Karandikar and Mr Shrikrishna Karandikar have pleaded guilty in the Moorabbin Magistrates Court following an ASIC investigation.
On 5 December 2018, Mr and Mrs Karandikar, of Clarinda, Victoria, separately pleaded guilty to offences against the National Consumer Credit Protection Act 2009 (National Credit Act) which include breaching an ASIC banning order.
Mrs Karandikar was convicted of engaging in credit activities contrary to a four-year ASIC banning order against her, and sentenced to a fine of $5,000 (out of a maximum fine of $17,000).
Mrs Karandikar admitted to having prepared home loan applications to the National Australia Bank for three customers between July 2014 and August 2015 through her husband’s former mortgage broking business, Siddhi Vinayak Finance Pty Ltd. The 2014 banning order was based on Mrs Karandikar having submitted false documents to secure a $243,000 home loan for a customer (<a href="https://asic.gov.au/about-asic/media-centre/find-a-media-release/2014-releases/14-173mr-asic-bans-melbourne-mortgage-broker-for-submitting-false-documents/" target="_BLANK">14-173MR</a>).
In sentencing Mrs Karandikar, Magistrate Crisp indicated it was a serious matter as Mrs Karandikar was engaging in the exact activities she had been banned from doing.
Mr Karandikar was convicted of giving false documents to the National Australia Bank, stating that he had completed customer identification forms in the presence of the home loan applicants, when he had not. Mr Karandikar was sentenced to a fine of $5,000 (out of a maximum fine of $17,000)
Mr and Mrs Karandikar were permanently banned from engaging in credit activities in December 2017 (<a href="https://asic.gov.au/about-asic/media-centre/find-a-media-release/2017-releases/17-434mr-asic-permanently-bans-melbourne-couple-for-contravening-an-asic-banning-order-and-engaging-in-misleading-and-deceptive-conduct/" target="_BLANK">17-434MR</a>).
Background
The National Australia Bank identified the misconduct and reported it to ASIC.
The maximum fine and term of imprisonment for each charge is:
<ul>
<li>s 82 of the National Credit Act (100 penalty units and/or two years imprisonment;</li>
<li>s 160D of the National Credit Act (100 penalty units and/or two years imprisonment).</li>
</ul>
Prior to 1 July 2015, a penalty unit was $170. A bill to increase the penalty units for these types of offences, and others, is currently before Parliament.
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Victorian mortgage broker banned by ASIC for providing false home loan documents to NAB

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ASIC has issued a relief instrument that will allow fractional investment platform DomaCom to deliver an equity release product for the ageing retiree cohort who are asset rich and cash poor.
DomaCom CEO Arthur Naoumidis said the result was a major milestone for DomaCom.
“We have been working with ASIC for over six years to obtain the necessary regulatory framework for our Senior Equity Release (SER) product," Naoumidis said. 
“With the last big four bank recently withdrawing from the reverse mortgage market, we believe there is a need for an alternative source of funding that will enable retirees to sell fractions of their house whilst remaining in their home and enjoy a contented retirement in their later years.
"With the large baby boomer cohort entering retirement, the need for equity release funding over the next 5-10 years should be very significant and our SER product will help the 3 trillion-dollar superannuation sector to provide the capital needed.”
The SER product will be structured as a financial product to be provided by financial advisers who complete an accreditation course for this product.
“The financial advisers will, for the first time, have a financial product available that will enable them to assist their retired clients in funding their lifestyle using their most significant asset– their home.
"Also, financial advisers will now have an additional tool to assist them with intergenerational family wealth planning to manage the upcoming transfer of wealth between generations.” 
DomaCom will now focus on the work needed to deliver the SER product to the market and is targeting the first half of 2019.
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ASIC grant DomaCom's Senior Equity Release after six year pursuit

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Former financial adviser and accountant, Satvir Singh Birk, of Reedy Creek, was today sentenced in to two and a half years imprisonment, following an ASIC investigation.
On 25 May 2018, Mr Birk, 42, pleaded guilty to five counts of dishonestly using his position as director of The Carter Group with the intention of gaining an advantage, for himself or others, in the amount of approximately $800,000.<a href="https://asic.gov.au/about-asic/news-centre/find-a-media-release/2016-releases/16-216mr-gold-coast-former-financial-advisor-and-accountant-charged-with-multiple-counts-of-fraud-involving-approximately-800-000/" target="_BLANK"> </a>
The charges relate to conduct between September 2010 and October 2011, while Mr Birk was an authorised representative of Professional Investment Services Pty Ltd (PIS) and a director of the Carter Group (now in external administration) which was a corporate authorised representative of PIS.
ASIC alleged that Mr Birk dishonestly used his position as a director in that he:
· caused cheques to be drawn on a client’s superannuation account without authorisation;
· deceived some clients as to the use of funds withdrawn from their superannuation funds;
· deceived another client as to the price at which units in an unlisted registered managed investment scheme had been sold for and used a portion of the proceeds for the benefit of Mr Birk’s father; and
· misled clients in relation to the value and other details of units they had purchased in an unlisted registered managed investment scheme.
‘Mr Birk’s actions were dishonest and betrayed the trust of his clients. Today’s decision shows this type of behaviour will be met with serious consequences,’ said ASIC Commissioner Danielle Press.
Mr Birk has been convicted and imprisoned for two and a half years, to be released after serving four months upon entering into a recognisance order of $10,000 upon the condition that he be of good behaviour for a period of two and a half years.  
The matter was prosecuted by the Commonwealth Director of Public Prosecutions.
In July 2017, ASIC permanently banned Mr Birk from providing financial services. (<a href="https://asic.gov.au/about-asic/news-centre/find-a-media-release/2017-releases/17-245mr-asic-permanently-bans-gold-coast-financial-adviser/" title="17-245MR ASIC permanently bans Gold Coast financial adviser">MR17-245</a>).
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j.ballantyne1990-6AQqhLzZaK

Former Gold Coast financial adviser sentenced to two and a half years in jail

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ASIC will cancel the Australian financial services (AFS) licence of Austplan Pty Ltd (Austplan) effective from 25 November 2018 by agreement with the licensee. 
ASIC was concerned about Austplan’s ability to do all things necessary to ensure the advice provided by its representatives was compliant.
Its surveillance found deficiencies in the financial services provided by a number of Austplan representatives, including their failure to act in the best interest of their clients in relation to establishing self-managed superannuation funds (SMSF). 
Austplan also received client referrals from GM Homes (Australia) Pty Ltd, a building and mortgage business, which is not licensed to provide financial advice or any other financial service.  
As part of the cancellation Austplan is required to comply with conditions such as maintaining its current Professional Indemnity insurance policy until the cancellation takes effect (25 November 2018) and its membership of Australian Financial Complaints Authority (AFCA) until all consumer complaints have been resolved.
Austplan will also have to submit the required financial statements with ASIC and retain all materials relating to personal advice provided by its representatives.
ASIC is continuing to make enquiries in relation to the advice provided.
ASIC’s Deputy Chair Peter Kell said AFS licensees have an obligation to ensure that their representatives are adequately trained and competent to provide financial services that are in their clients’ best interest. 
"ASIC will take action where we see licensees not properly supervising their representatives," he said.
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ASIC to terminate Austplan’s AFS licence

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The Australian Securities and Investments Commission (ASIC) has noted the decision by Premier Investments Limited (Premier) to write down the value of its casual wear brand name assets by $30 million in its financial report for the year ended 28 July 2018.
ASIC had raised concerns on the value of these assets in Premier’s financial report for the year ended 29 July 2017.
They had questioned the "reasonableness and supportability of royalty rate assumptions and sales growth forecasts used in testing the assets for impairment".
ASIC stated: "Premier has referred to the increasingly competitive retail landscape and structural changes impacting the apparel industry in Australia and New Zealand."
The impairment of non-financial assets remains a "focus area of ASIC’s financial reporting surveillance program".
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Premier Investments write down brand name assets

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Mrs Shilpa Karandikar and Mr Shrikrishna Karandikar of Clarinda, Victoria have separately appeared in the Moorabbin Magistrates Court on 3 October 2018 having been charged with offences against the National Consumer Credit Protection Act 2009 (National Credit Act) following an ASIC investigation. The matters were adjourned for mention on 5 December 2018.
Mrs Karandikar was charged with three counts of engaging in credit activities contrary to a four-year ASIC banning order against her. It is alleged that Mrs Karandikar had prepared and submitted home loan applications for three customers in contravention of the banning order made on 10 July 2014. That order was made on the basis that Mrs Karandikar had submitted false documents to secure a $243,000 home loan for a customer.
Mr Karandikar was charged with three counts of giving false documents to the National Australia Bank, certifying that he had completed customer identification forms in the presence of the home loan applicants, when it is alleged he had not met them. The home loan applications were submitted to the National Australia Bank through Mr Karandikar's former mortgage broking business, Siddhi Vinayak Finance Pty Ltd.
ASIC permanently banned Mr and Mrs Karandikar in December 2017 from engaging in credit activities. The basis for the permanent bannings included the continuation of credit activities and misleading and deceptive conduct.
The Commonwealth Director of Public Prosecutions is prosecuting these matters.
Background
The National Australia Bank identified the misconduct and reported it to ASIC.
Engaging in conduct that is contrary to a banning order, contrary to section 82 of the National Credit Act, carries a maximum criminal penalty of 100 penalty units and/or two years imprisonment.
Giving information or a document to another person, while engaging in a credit activity that is false in a material particular, or materially misleading, contrary to section 160D of the National Credit Act, carries a maximum criminal penalty of 100 penalty units and/or two years imprisonment.
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Couple charged with breaking ASIC banning order and providing false documents 

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An ongoing ASIC investigation has resulted in the permanent banning of former National Australia Bank (NAB) branch manager Mathew Alwan from engaging in credit activities and providing financial services.
The ban is the result of an extensive ASIC investigation in respect of NAB employees in greater western Sydney who were accepting false documents in support of loan applications and falsely attributing loans as having been referred by NAB introducers in order to obtain commissions. This conduct was the subject of the first case study before the Financial Services Royal Commission.
Mr Alwan’s banning follows the permanent banning of former NAB employees Danny Merheb and Samar Merjan (also known as Samar Awad) from engaging in credit activities and providing financial services, and the <a href="https://propertyobserver.com.au/finding/residential-investment/property-management/2-uncategorised/87011-reckless-loan-fraud-prompts-asic-ban-on-former-nab-branch-manager" target="_blank">seven year banning</a> of former NAB branch manager Rabih Awad.
From 2012 to 2015, Mr Alwan assigned 101 home loans as being referred to NAB by an introducer, causing a total of $186,725 to be paid to the introducer by way of commission.  ASIC found in 25 of these loan applications, Mr Alwan had knowingly given NAB false or misleading information and documentation.   
The introducer in question is Mr Alwan’s relative, a fact he did not disclose to NAB and actively concealed from the bank when questioned.
ASIC found that Mr Alwan’s conduct was dishonest, deliberate and repeated.
ASIC also found Mr Alwan personally lent money to a NAB staff member who reported to him and to a NAB customer while loan applications by each of them were pending approval, creating an unacceptable conflict of interest.
Mr Alwan has the right to lodge an application for review of ASIC’s decisions with the Administrative Appeals Tribunal.
ASIC’s ongoing investigation is considering whether a brief for criminal charges should be referred to the CDPP.
<h2>Background</h2>
On 16 November 2017, NAB announced a remediation program for home loan customers whose loans may not have been established in accordance with NAB’s policies.
NAB has identified that around 2,300 home loans since 2013 may have been submitted with inaccurate customer information and/or documentation, or incorrect information in relation to NAB’s Introducer Program.
 
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ASIC permanently ban another former NAB branch manager for accepting false loan documents

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Metricon Homes Pty Ltd (Metricon) has paid $50,400 in penalties after ASIC issued four infringement notices for misleading advertising aimed at first home buyers.
Metricon’s '2K on your way' campaign for its 'HomeSolution' house and land packages (HomeSolution) contained misleading representations about eligibility to qualify. 
The HomeSolution advertisements created the impression that consumers who qualified for the first home owner grant could obtain a Metricon HomeSolution house and land package with a $2,000 deposit.  However, consumers were still required to fund the balance of the prescribed 5% deposit (approximately $30,000 on a typical $600,000 package, but could be as much as $41,000 on a $825,000 package).  This additional amount was financed through an unsecured personal loan, typically through one of Metricon’s associated finance brokers.   
Any disclaimer in the HomeSolution advertisements was not prominent enough to effectively qualify the dominant message of the advertising.  Consumers were also required to navigate through links on Metricon’s website to the HomeSolution landing page where eligibility conditions were listed in small font at the bottom of that page.
In response to ASIC’s investigation, Metricon has withdrawn the concerning advertising and ceased promoting its '2K on your way' offer.
ASIC reminds all financial services firms to regularly review their advertising compliance arrangements. ASIC proactively monitors all forms of advertising, including advertising on-line, and will take action in appropriate circumstances.
Last month Metricon was named HIA's top residential builder for a third consecutive year.
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Metricon Homes pays $50,400 in penalties for misleading first home buyers

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ASIC has applied to the Federal Court of Australia for the appointment of provisional liquidators to Aviation 3030 Pty Ltd (Aviation) related to that company’s operation of a property investment scheme involving 98 hectares of land at Point Cook, Victoria.
ASIC’s application has been listed for hearing in the Federal Court of Australia in Melbourne on 27 September 2018.
ASIC is seeking:
<ul>
<li>the appointment of George Georges and John Lindholm of Ferrier Hodgson as provisional liquidators of Aviation; and</li>
<li>orders requiring the provisional liquidators to provide a report to the court which sets out, among other things, the identity of Aviation investors (which includes shareholders and unitholders), the financial position of Aviation, and an opinion as to the validity of the issue of 63% of shares in Aviation to a director and former director.</li>
</ul>
The grounds of ASIC’s application include that:
<ul>
<li>there is a justifiable lack of confidence in Aviation’s management;</li>
<li>Aviation issued shares without a prospectus when one was required; and</li>
<li>the Aviation scheme is an unregistered managed investment scheme which was required to be registered with ASIC.</li>
</ul>
Once the provisional liquidators’ report has been provided to the Court, ASIC will consider whether it should seek orders from the Court for the winding up of Aviation and the managed investment scheme it operates through five separate trusts (the Aviation scheme). ASIC will also consider whether to seek orders to wind up all of the trustee companies involved in the Aviation scheme, each of which are controlled by Aviation directors, as follows:
1.      Aviation3030 Investment Pty Ltd
2.      Aviation3030 Holdings Pty Ltd
3.      Aviation 3030 Heng Ly Pty Ltd
4.      Point Cook Aviation3030 Pty Ltd
5.      Aviation 3030 HL Pty Ltd.
Aviation purchased property at Point Cook for $7.8 million in 2011 with a view to rezoning the property to increase the value of 756 Aviation Road. To facilitate the purchase and rezoning of the property, Aviation raised around $10.59 million from approximately 73 shareholders and unitholders. On 13 September 2012 the Aviation property was rezoned from Green Wedge Zone to Farming and appears to have significantly increased in value.
On 6 July 2018 Aviation entered into a contract for the sale of the land at Point Cook. This contract was formally terminated on 17 August 2018 and ASIC is not aware of there being any current sale contract.
ASIC has previously, in 2016, issued court proceedings against Aviation to limit the ability of Aviation to deal with the proceeds of the sale of the Aviation property, pending further disclosures being made to investors about a share issue in 2016 to companies owned by a director and former director, and an opportunity to obtain independent advice concerning their investments.
By agreement with ASIC, Aviation provided corrective disclosure to investors in September 2016 about the 2016 share issue to companies owned by a director and former director. The freezing order was vacated when it became apparent that the sale would not then proceed.
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