Article summary

<ul data-end="785" data-start="311">
	<li data-end="459" data-section-id="5hbcyr" data-start="311">Pikos Group has released the five-penthouse collection at Skye Kangaroo Point, headlined by a two-storey sky home spanning more than 1,000 sqm.</li>
	<li data-end="561" data-section-id="1p7lq8n" data-start="460">Early buyer interest suggests the residences could set a new Queensland apartment price record.</li>
	<li data-end="667" data-section-id="1y70z0l" data-start="562">The collection includes four move-in ready penthouses and the highly customised Skye One residence.</li>
	<li data-end="785" data-section-id="yvm0y1" data-start="668">The release caps one of Bri​sbane's most ambitious luxury apartment developments overlooking the Brisbane River.</li>
</ul>

<hr data-end="790" data-start="787" />
Pikos Group has released the five-penthouse collection at its <a href="https://www.apartments.com.au/buildings/skye-residences-by-pikos-kangaroo-point-8-river-terrace-kangaroo-point-qld-4169">Skye by Pikos</a> development in Kangaroo Point, with early buyer interest indicating the flagship residences could eclipse every apartment sale previously recorded in Queensland.

The collection crowns the luxury riverfront development with five residences, including four completed penthouses and Skye One, a two-level sky home spanning more than 1,000 sqm that will be tailored to its eventual owner.

[smartcode_project:default project_id=90059 project_image_fid=374075]

Wanting to offer a fully customisable home, Pikos is offering Skye One as a blank canvas, allowing the buyer to work alongside the developer's design team to customise the home's layout, finishes and internal spaces.

The residence will feature a 247 sqm private rooftop terrace with its own swimming pool, sauna, steam room, outdoor kitchen and multiple entertaining areas overlooking the Brisbane River and CBD skyline.

The remaining four penthouses have been completed and are ready for immediate occupation, each offering four bedrooms, expansive open-plan living areas, soaring ceilings and private lift access.

[smartcode_project:default project_id=90059 project_image_fid=374059]

One of the defining features throughout the project is its use of Roman Classic Travertine, with more than 20,000 sqm of the natural stone imported from Italy after being personally selected by Pikos Group Founder and Executive Director Pedro Pikos, interior designer Julie Williamson and third-generation stone specialist Mario Caucci.

Pikos said the penthouse collection represented the culmination of the company's long-term vision for Skye.

"True legacy isn't measured by what we build today, but by what endures tomorrow," Pikos said.

"Our ambition is to create places that become more valuable with time, enrich the lives of generations, and stand as timeless landmarks long after we've stepped away."

[smartcode_project:default project_id=90059 project_image_fid=374060]

Williamson said the interiors were inspired by the natural character of Kangaroo Point and the Brisbane River rather than international design trends.

"Materiality tells the story of a place," Williamson said.

"We looked to the movement of the Brisbane River, the texture of the cliff face and the warmth of the surrounding landscape to create interiors that feel understated, enduring and unmistakably Brisbane."

Positioned above the Kangaroo Point cliffs, Skye places residents within walking distance of Howard Smith Wharves, South Bank and James Street while offering uninterrupted river and city views.

[smartcode_project_cta:default project_id=90059]

Joel Robinson

Brisbane's next apartment price record? Pikos unveils Skye's exclusive penthouse collection

Article summary

<ul data-end="888" data-start="289">
	<li data-end="442" data-section-id="8tsh6o" data-start="289">DVB Projects is preparing to launch its second Gold Coast apartment development, with demolition now underway at 137 Old Burleigh Road, Broadbeach.</li>
	<li data-end="573" data-section-id="1nyxl3e" data-start="443">The 34-level tower will comprise just 49 ultra-luxury residences, including half-floor, full-floor and penthouse apartments.</li>
	<li data-end="717" data-section-id="oiyimj" data-start="574">The launch follows strong demand at DVB's nearby Sea Glass project, which is more than 50 per cent sold and currently under construction.</li>
	<li data-end="888" data-section-id="epk9o9" data-start="718">The development adds to the transformation of Old Burleigh Road, with premium beachfront apartment projects continuing to reshape the tightly held Broadbeach strip.</li>
</ul>

<a href="https://www.apartments.com.au/developers/dvb-projects">DVB Projects</a> is preparing to launch its second Gold Coast apartment development, with demolition now underway on the Broadbeach site as the Sydney developer moves closer to bringing the ultra-luxury project to market.

The 34-level tower at <a href="https://www.apartments.com.au/new-apartments/137-old-burleigh-road-broadbeach-qld-4218">137 Old Burleigh Road</a> will comprise just 49 residences, ranging from half-floor apartments through to full-floor homes and a penthouse. The launch follows the strong sales performance of DVB's nearby Sea Glass development. More than half of the apartments at Sea Glass, on the other side of Broadbeach, have been snapped up, well ahead of its late 2027 completion

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="2944b4be-c84e-4b54-8dc1-c712e76704c0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/E02_Exterior_Street%20Level%20Entrance.jpg?VersionId=YoNig7pRdrE3HCue7sUj78LzJteeQf3H" />

The start of demolition at 137 Old Burleigh Road signals DVB Projects’ underlying confidence in the Gold Coast’s luxury beachside apartment sector.

“We see the Gold Coast as one of the most compelling lifestyle markets in Australia, particularly at the premium end where demand continues to deepen,” said Dean Brown, Managing Director of DVB.&nbsp;

“This project has been carefully designed to respond to that demand - delivering large-format residences with a level of quality, privacy and amenity that is still relatively rare in the apartment market on the beachside."

Brown says the site itself is "exceptional."

"Old Burleigh Road is one of the most tightly held beachfront strips, and opportunities to deliver a project of this scale and calibre in this location are extremely limited.”

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="398f377a-c037-455e-9250-0c5e0d84c35b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/I12_FF%20Balcony.jpg?VersionId=NwOiRWGMubR1c8wthuEfggklcja7al9." />

The project will comprise 40 half-floor residences of approximately 260 sqm, alongside eight full-floor residences spanning around 524 sqm.

A single penthouse will crown the building, featuring a private pool, barbecue area, indoor gym and dedicated entertaining spaces.

Residents will have access to a resort-style suite of amenities, including a 20-metre pool with daybeds, a gymnasium, hot and cold plunge pools, a sauna, and private residents’ lounge and dining facilities.

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="d1642bb0-9a66-4427-a022-dfc0988c6287" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/A02_Pool%20to%20View.jpg?VersionId=c0IXPyn_Gp_Kn3XCwzMrqIVkAdCEwVXP" />

Sales agent Todd Matheson, of <a href="https://www.apartments.com.au/project-marketer/pezet-matheson">Pezet Matheson</a>, which is marketing both 137 Old Burleigh Road and Sea Glass, said 137 Old Burleigh Road would address a clear gap in the market for genuine luxury products.

“There are very few opportunities on the Gold Coast where buyers can secure a residence of this size and quality in a new building,” Matheson said.

“What we’re seeing is a growing cohort of downsizers and interstate buyers who still want space - they’re not willing to compromise on living area, entertaining or finishes.

“This project has been designed with that buyer in mind. It offers the scale of a home, combined with the convenience and security of apartment living, in one of the coast’s most desirable positions.”

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="59aae0ca-5639-4320-8aca-d0bf60f48e43" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/E01_Exterior%20Hero.jpg?VersionId=DS8Zfy2WtgUEtdfe0TEUuf1W1GfcZq8S" />

Located on a 1,156 sqm site one block from the beachfront, the development will replace an ageing walk-up building and is expected to contribute to the ongoing transformation of the Old Burleigh Road strip into one of the Gold Coast’s most prestigious residential corridors.

With the development moving into the delivery phase, 137 Old Burleigh Road is slated to hit the market later this year.

[smartcode_project_cta:default project_id=145141]

DVB Projects to launch second Broadbeach apartment tower as demolition commences

A proposal to redevelop one of North Sydney's ageing commercial buildings has taken another step forward, with plans for a 38-storey mixed-use tower adding momentum to the long-awaited transformation of the Alfred Street precinct.

Now on public exhibition through the NSW Government's Housing Delivery Authority-led State Significant Development pathway, the proposal for 271-273 Alfred Street would replace an underutilised commercial building with 95 apartments, ground-floor retail, commercial space and affordable housing. The proposal was submitted by&nbsp;Tara Shore Pty Ltd, acting for the John Taylor Family Trust.

While the project will deliver much-needed housing on the southern edge of the North Sydney CBD, it also represents another piece of a broader precinct that has spent years in planning limbo.

<img alt="First look: New public domain vision underpins 95-apartment North Sydney tower on Alfred Street" data-entity-type="file" data-entity-uuid="7e1ce1b4-38df-48ab-992f-386814d86308" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Alfred%20St%20da%20podium.png?VersionId=sC_h6w.A9VEoB98qsqowPlIoz__sBZBt" />

Despite its proximity to both North Sydney Station and the Victoria Cross Metro, redevelopment of Alfred Street has progressed slowly over the past decade as broader planning controls, zoning and building heights remained unresolved. The introduction of the Housing Delivery Authority pathway has provided a new avenue for projects to progress, allowing rezoning and development assessment to occur concurrently and unlocking sites that have long been earmarked for renewal.

Designed by Office of Cortese &amp; Gilder, the proposal seeks to do more than replace an ageing office building. The architects have positioned the project as the first stage of a wider public domain vision that would improve pedestrian connectivity and create a more cohesive mixed-use precinct as neighbouring sites are redeveloped over time.

The proposal includes a widened Alfred Street setback, new street trees, landscaping and outdoor seating, along with a landscaped through-site pedestrian link connecting Alfred Street with Little Alfred Street. The connection is intended to become the first section of a future east-west pedestrian network extending across the precinct.

<img alt="First look: New public domain vision underpins 95-apartment North Sydney tower on Alfred Street" data-entity-type="file" data-entity-uuid="8ea39ac3-46ad-4562-b4a0-b862e91c2dda" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Alfred%20St%20da%20site.png?VersionId=K7umCd21KpetEFuVfsPlnJKhUOsmTTdV" />

The mixed-use tower would comprise retail space at ground level, commercial uses on level two and apartments from level three upwards.

In total, the development would deliver 95 apartments, including nine one-bedroom, 28 two-bedroom, 56 three-bedroom and two four-bedroom residences. Twenty-one apartments, representing 15 per cent of the residential gross floor area, would be secured as affordable housing and managed by a registered community housing provider for at least 15 years.

Nine basement levels would provide 133 resident car spaces, seven motorcycle spaces and 111 bicycle spaces.

According to the Architecture and Urban Design Report, the public domain strategy is designed to transform what is currently an inward-facing commercial edge into a more active and connected pedestrian environment, creating a stronger relationship between the commercial core and surrounding residential neighbourhoods.

Office of Cortese &amp; Gilder has also prepared a broader public domain framework spanning neighbouring properties between 263 and 283 Alfred Street, arguing that a coordinated approach to redevelopment will deliver better public spaces, improved tower separation and a more connected streetscape as the precinct evolves.

The proposal comes at a time where North Sydney is slated for future residential growth. Commercial developer FiveX has residential plans for the neighbouring site at 275 Alfred Street. They've proposed a 39-storey mixed-use tower with 184 apartments, while Freecity was recently approved for nearly 300 apartments across a 51-storey building on Walker Street.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-freecity-gets-green-light-for-mixed-use-apartment-and-hotel-tower-in-north-sydney">First look: Freecity gets green light for mixed-use apartment and hotel tower in North Sydney</a>

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-fivex-plans-39-storey-residential-tower-in-booming-north-sydney">First look: Fivex plans 39-storey residential tower in booming North Sydney</a>

&nbsp;

Alfred Street the latest North Sydney pocket to be transformed by residential development

Buyers considering a residence at boutique Gordon townhouse development <a href="https://www.apartments.com.au/new-townhouses/lume-gordon-43-47-dumaresq-street-gordon-nsw-2072">Lume</a>&nbsp;now have another reason to bring forward their decision.

For a limited time, purchasers of a residence at Lume will receive a BMW iX3 50 electric SUV, valued at more than $120,000, as part of their purchase. The offer is designed to add value for buyers while complementing the lifestyle envisioned for the architecturally designed Upper North Shore development.

Scott Timmins, Development Manager at <a href="https://www.apartments.com.au/developers/winim">WINIM</a>, said the partnership was created to provide buyers with a compelling reason to act.

"In today's market, buyers need a compelling reason to act now, and the BMW partnership was designed to create that catalyst. We wanted to add genuine value for our future purchasers. Choosing the all-electric BMW iX3 50 also reflects the values behind LUME, forward-thinking design, innovation and a more sustainable way of living. It's a premium incentive that complements the lifestyle our buyers aspire to and rewards those who commit early."

[smartcode_project:default project_id=7354 project_image_fid=374893]

Delivered by WINIM in partnership with Burtonwood Investment Partners, Lume comprises 14 architecturally designed two, three and four-bedroom townhomes created for families seeking the space of a freestanding house with the ease of modern, low-maintenance living.

The three-storey residences, designed by award-winning architecture practice <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a>, have been tailored for families and multi-generational living, featuring private internal lifts, flexible lower-level spaces, generous open-plan living and entertaining areas, media rooms, and landscaped outdoor spaces with custom outdoor kitchens.&nbsp;

Inside, engineered oak flooring, bespoke dining joinery with integrated wine fridges and backlit bars, sculptural porcelain bathrooms, Parisi freestanding baths and Astra Walker tapware create interiors that balance functionality with refined finishes.

Each townhome has been designed to combine generous internal spaces with sustainability initiatives such as EV charging infrastructure, while <a href="https://www.apartments.com.au/landscape-architect/arcadia-landscape-architecture">Arcadia</a>'s landscaped communal areas, centred around a restored creek line and native planting, encourage residents to connect with nature and spend more time outdoors.

[smartcode_project:default project_id=7354 project_image_fid=269527]

Rothelowman's Gary Tsui said the architecture was conceived to respond carefully to its Upper North Shore setting.

"Our vision was to create elegant, uplifting homes that draw on and positively contribute to the local character through meticulously considered design and an interaction with the surroundings."

The communal landscape has been designed as more than an open space between homes. Arcadia's Ben Newell and Kate Phillips said the adjoining reserve provided an opportunity to create a distinctive natural retreat for residents.

"Just as waterways carve their way through Ku-ring-gai's landscape, a raised boardwalk weaves through the reserve, connecting the homes to this tranquil oasis."

[smartcode_project:default project_id=7354 project_image_fid=374892]

Located just 300 metres from <a href="https://www.apartments.com.au/developments/gordon-nsw-2072">Gordon</a> Village and Gordon railway station, Lume offers convenient access to Sydney's CBD while placing residents close to some of the North Shore's leading schools, including Ravenswood, Pymble Ladies' College and Knox Grammar. Lane Cove National Park, Gordon Golf Club and a range of cafés and restaurants further reinforce the family-focused lifestyle on offer, with the BMW iX3 50 complementing everything from local trips around Gordon to weekend drives and city commutes.

Construction is underway with completion expected in mid-2027.

[smartcode_project_cta:default project_id=7354]

Boutique Gordon townhomes now come with a BMW iX3 50

Two apartments have sold for more than $10 million at EADE Byron Bay, setting some of the highest apartment prices ever achieved in the coastal town and underlining the growing appetite for luxury beachfront apartments in Australia's most popular coastal locations.

The $210 million project by Vitale Property Group has now secured more than $70 million in sales, led by residences that changed hands for $12.75 million and $11.75 million.

The record-breaking transactions reinforce the shift occurring in Byron Bay's premium property market, where affluent downsizers and lifestyle buyers are increasingly opting for high-end apartments over large beachfront homes.

<a href="https://www.apartments.com.au/new-apartments/eade-byron-bay-29-shirley-street-byron-bay-nsw-2481">EADE Byron Bay</a> occupies a rare 6,000 sqm absolute beachfront site on the corner of Shirley and Milton Streets overlooking Main Beach and The Wreck surf break, just 350 metres from Byron Bay's town centre.

The 25-residence development is the first beachfront apartment project approved in Byron Bay in more than a decade and is currently under construction, with completion expected in May 2027.

[smartcode_project:default project_id=145590 project_image_fid=359521]

The project has attracted a mix of local Byron Shire residents downsizing from larger homes, alongside interstate buyers from Sydney, Melbourne and Brisbane seeking a permanent coastal lifestyle without compromising on space.

Designed by <a href="https://www.apartments.com.au/architects/hayball">Hayball</a> and with interiors by <a href="https://www.apartments.com.au/interior-designers/alexander-co">Alexander &amp; Co</a>, EADE comprises&nbsp;10 garden apartments ranging from 284 sqm to 622 sqm, nine with private pools, five full-floor apartments and 10 rooftop residences with private plunge pools, expansive outdoor entertaining areas and uninterrupted ocean views.

[smartcode_project:default project_id=145590 project_image_fid=359527]

<a href="https://www.apartments.com.au/developers/vitale-property-group">Vitale Property Group</a> Managing Partner Chris Vitale said the project's combination of scale, location and limited future supply was driving buyer demand.

"There isn't another beachfront holding in Byron Bay of this size and position that could be developed again," Vitale said.

"Buyers are responding to the scarcity and the irreplaceability of a site of this calibre and to floorplans they can't find elsewhere in the market.

"We are seeing buyers place significant value on quality, space, design, resort-style amenities and the rarity of the location. The sales achieved to date demonstrate that discerning purchasers recognise the long-term significance of what is being created at EADE Byron Bay.

"Many are coming from larger homes in the Byron region, or from Sydney, Melbourne and Brisbane, and are after the space, security and convenience, without the upkeep of a house."

&nbsp;

[smartcode_project:default project_id=145590 project_image_fid=359523]

The Byron Bay project follows Vitale Property Group's delivery of the Mondrian Hotel and Private Residences at Burleigh Heads, with EADE continuing the developer's focus on luxury coastal developments.

Residents will have access to a resort-style swimming pool, gymnasium, sauna, cold plunge pool, concierge services and dedicated workspaces, while the project is targeting an 8-Star Green Star rating.

EADE Byron Bay is being exclusively marketed by Projx Australia in conjunction with WHITEFOX Projects.

WHITEFOX National Projects Director Phillip Rand said demand had been driven predominantly by owner-occupiers.

"We are seeing buyers at EADE place significant value on quality, space, design, resort-style amenities and the rarity of this location," Rand says.

"The sales achieved to date demonstrate that purchasers at this level recognise the long-term significance of what is being created at EADE Byron Bay."

Residences at EADE Byron Bay are currently priced between $4.75 million and $15.95 million.

&nbsp;

&nbsp;

&nbsp;

&nbsp;

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[smartcode_project_cta:default project_id=145590]

Vitale breaks Byron Bay records with EADE sales flurry 

Court Case

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ASIC has now commenced proceedings in the Federal Court against ANZ for misrepresentation and unconscionable conduct.
ASIC will allege that ANZ was not entitled to charge certain periodic payment fees under the bank’s contracts with its customers.
Between August 2003 and 23 February 2016 (the 2003-2016 Period), ASIC alleges that ANZ wrongly charged transaction fees and non-payment fees for periodical payments between accounts in the same name.
They stated, transaction fees were charged when a periodical payment was successful, and non-payment fees were charged when a periodical payment could not be made due to insufficient funds in the customer’s account.
During the 2003-2016 period the transaction fee for periodical payments varied between $1.70 and $4 for business accounts and was either $4 or free for retail accounts. And the non-payment fee for periodical payments varied between $35 and $45 for business accounts and was between $6 and $45 for retail accounts.
ASIC alleges that between 26 July 2013 and 23 February 2016, ANZ unlawfully charged the fees on at least 1,340,087 occasions.
ASIC estimates that the total gross loss to customers during the period 1 January 2008 to 23 February 2016 is in excess of $50 million. ANZ has paid approximately $28 million in remediation to customers to date.
However, ANZ has not paid remediation to customers who have been charged the fees prior to 31 December 2007.
The authority contends that ANZ first became aware there was a risk the bank was not entitled to charge these fees in July 2011. 
However, ASIC will say that ANZ did not:
1. provide written notification of the existence of a possible issue in relation to the fees to ASIC until 14 February 2014; 2. commence notifying affected customers about the issue until at least 23 September 2015; 3. change its terms and conditions to permit the charging of the fees until 23 February 2016; and 4. commence making remediation payments in relation to the unlawfully charged fees until August 2016. 5. At the heart of ASIC’s action is the fact that ANZ continued to charge the fees during the 2003-2016 Period, despite what ANZ already knew.
ANZ first reported the matter to ASIC in February 2014.
ASIC stated, "in September 2018, ANZ contacted ASIC advising that information they had previously provided to ASIC relating to ANZ’s identification of the issue was incomplete. As a result of the new information, ASIC commenced an investigation into ANZ in October 2018."
"ASIC alleges ANZ breached section 912A(1)(a) and (c) the Corporations Act 2001 (Corporations Act) which requires a licensee to ensure that the financial services covered by its licence are provided efficiently, honestly and fairly and to comply with financial services laws because it amongst other things, provided incomplete or misleading information when it reported the issue to ASIC in February 2014."
"ASIC further alleges breaches by ANZ of the Australian Securities and Investments Commission Act 2001 (ASIC Act), including that ANZ engaged in misleading or deceptive conduct, made false or misleading representations and engaged in unconscionable conduct because the bank:"
1. continued to charge the fees when it knew that the fees were unlawful or were at risk of being unlawful; 2. knew that it was highly unlikely that it would be able to remediate all affected customers; 3. failed to inform customers who may have been affected by its unlawful charging until September 2015; and 4. deliberately did not make remediation payments to customers who had been charged the fees between August 2003 to 31 December 2007. 5. The ASIC Act contraventions attract a maximum pecuniary penalty of between $1.7 million and $2.1 million per contravention.
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j.ballantyne1990-6AQqhLzZaK

ASIC sues ANZ for unconscionable conduct over unlawful transaction fees

<html><body>
The big fines and directorship bans on Octaviar executives over the dishonest use of investors’ funds have been upheld by an appeals court.
The Queensland Court of Appeal has published reasons for judgment dismissing the appeals of Craig Robert White and Guy Hutchings, who were officers of MFS Investment Management Limited (MFSIM), the former responsible entity of the Premium Income Fund (PIF). 
An appeal by Marilyn Anne Watts, a former funds manager of PIF, was also dismissed. 
White, Hutchings and Watts were ordered to pay ASIC’s costs of their appeals.
In a separate appeal brought by Michael Christodoulou King, the court partially allowed the appeal finding that King had not contravened the Corporations Act as an ‘officer’ of MFSIM at the relevant time. The court found that his contraventions were limited to his being knowingly concerned in MFSIM’s contravention by the misapplication of $130 million of PIF’s money.
The court has given further directions to King and ASIC in relation to the finalisation of his appeal.
The proceedings relate to breaches committed in connection with the misappropriation of $147.5 million of funds that had been held by the PIF on behalf of unitholders.  The misappropriated funds were used to pay debts owed by other entities in the MFS Group (also known as Octaviar) and false documents were created, some backdated and used to purportedly justify the use of the funds. The MFS Group collapsed in 2008 owing approximately $2.5 billion.
In May 2016, the court found that King, White, Anderson, Hutchings and Watts had collectively committed 217 contraventions of the Corporations Act (16-158MR).  The court found that King, White, Anderson and Hutchings had breached their duties as officers of MFSIM to act honestly and in the best interests of members of PIF.  Watts was found to have been involved in MFSIM’s breach of its duty to act honestly and in the best interests of members of the fund.
In May 2017, after more than 70 days of hearings, excluding interlocutory hearings and appeals, Justice Douglas made orders, imposing substantial disqualifications from managing corporations, pecuniary penalties and other relief in relation to the officers and the funds manager.
In June 2017, King, White, Anderson, Hutchings and Watts each appealed from the decision of the court at first instance
Anderson filed a notice of discontinuance of his appeal in September 2017, agreeing that his appeal be discontinued and that he pay ASIC’s costs of his appeal.
The remaining appeals were heard over 11 days in June 2018.
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Appeals dismissed over convictions following MFS Group collapse 

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The trial of the Banksia Group proceedings which had been scheduled to commence in February 2018 has been vacated by the Supreme Court of Victoria. 
Instead the court will be hearing the plaintiff’s application for the approval of a settlement.
It has been listed for 30 January 2018 before the Honourable Justice Croft of the Supreme Court of Victoria.
Banksia investor Laurence Bolitho of Kyabram was the lead plaintiff in the case which was scheduled to run for 2.5 months.
The plaintiff has entered into a settlement of his claims made against the trustee in the Banksia Group proceedings. The plaintiff’s claim against the trustee was to recover a sum in excess of $200 million (inclusive of interest from 24 December 2012).  The settlement will only take effect if it is approved by the Supreme Court of Victoria.
As well as settling the Plaintiff’s claim in the <a href="http://www.banksiagroup.com.au/Pages/Banksia_Mortgage_Fund.aspx" target="_blank">Banksia Group</a> Proceeding, Banksia’s own claims against the trustee brought in a separate proceeding (“Liquidators’ proceeding”) will be settled as part of the settlement. Banksia’s claim against the trustee is for approximately $170 million.  The loss claimed by Banksia overlaps with the Plaintiff’s claim in the Banksia Group Proceeding.  The law prevents debenture holders recovering more than the total amount of their loss.
To settle the claims made in both the Banksia Group Proceeding and the Liquidators’ proceeding, the trustee will:
<ul>
<li>pay $64 million;</li>
<li>release Banksia from an existing claim for $3.96m for additional remuneration in respect of additional work performed by the trustee in a period of 16 months from 25 October 2012 to February 2014; and</li>
<li>release Banksia from any further claims for remuneration (as yet unquantified).</li>
</ul>
Subject to their agreeing to keep its contents confidential, group members represented in the Banksia Group Proceeding are entitled to inspect the deed of settlement.  
The Plaintiff has not settled his claims made against Banksia itself, however, the prospect of any recovery from Banksia is uncertain as Banksia has been placed into liquidation.
Meanwhile Banksia is pursuing claims against its insurance broker and insurers and Banksia is hopeful of recovery in those actions. 
The Liquidators (acting as Special Purpose Receivers) hold approximately $14 million.
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Banksia Securities class action nears settlement

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<div>
The NSW Land &amp; Environment Court has refused RDA Property Group's appeal to build seven more units at its Bronte Place apartment project on the controversial former Bronte RSL site.
RDA, headed by the former fashion identity Danny Avidan, sought an intensification of the project at at 109-113 Macpherson Street, which had been previously approved for 21 apartments last year.
RDA lodged a revised development application last December, which was refused by Waverley Council.
<img src="https://www.caselaw.nsw.gov.au/asset/59e93d2be4b058596cbab42b" height="301">
<div data-ad-size="4x4" data-device-type="web" data-ad-tar="pos=1" data-google-query-id="CO_mmOXugNACFc82lgodRO4DSw">Design of the initial<a href="https://bronteplaceliving.com.au/" target="_blank"> three storey block</a> was by architects SJB. Town planning expert witness Anthony Betros was engaged by the developer applicant and Joseph Vescio by the Council. Colin Biggers Paisley were the solicitors for the applicant with Wilshire Webb Staunton Beattie Lawyers for the respondent council.</div>
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It took four years to obtain development approval for the project which the former fashion identity Danny Avidan bought from the Sydney developer Winston Langley.
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Commissioner Dickson on Tuesday dismissed the appeal due to the solar impact the additional units could cause to existing approved units.
"The proposed development results in a material change in impact to the solar amenity experienced by the approved apartments and to a lesser extent the adjoining development," the judgement ruled adding the impact arises from an exceedance of the controls.
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<div>Avidan told Fairfax Media he accepted the decision.</div>
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"I respectfully accept the court's decision despite the fact that I disagree with the findings. I will proceed with the current approvals," he said.
The community, led by the Save Bronte group, successfully protested the developer's decision to vary the 21-unit low-rise approval.
A three-bedroom penthouse, one of two in the boutique Bronte Place development, was sold on its launch last October, for $4 million.
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It was among the $32 million worth of apartments sold in the long-awaited redevelopment on the site of the ­former RSL premises.
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The project was being sold through CBRE in what was the first major apartment project in Bronte in two decades.
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Danny Avidan loses L&E Court appeal on controversial Bronte RSL site intensification

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Allan Raad of Wentworthville, NSW and his brother-in-law Yousef Joseph Bazouni of Sandringham, NSW, have appeared in the Downing Centre Local Court on charges of breaching their director duties and fraudulently removing company assets.  ASIC alleges that Mr Raad dishonestly used his position as a director of Cornish Property Services Pty Ltd (the company) with the intention of indirectly gaining an advantage for himself and that he fraudulently removed property belonging to the company. It is also alleged that Mr Bazouni aided Mr Raad in these alleged offences.  The charges were brought against Mr Raad and Mr Bazouni following an ASIC investigation into the sale of the company assets shortly before it was placed in liquidation.  ASIC alleges that on 2 July 2011, Mr Raad sold some of the company assets to Mr Bazouni's company for $20,000.
Then, on 4 August 2011, Mr Bazouni on-sold some of those assets to an unrelated party for $176,000 and gave the proceeds to Mr Raad.
ASIC alleges that Mr Raad used the funds on personal expenses and to make preferential payments to creditors of the company to whom Mr Raad provided personal guarantees. However, Mr Raad did not make payments to other creditors of the Company. ASIC also investigated debtor payments that were owed to the Company. ASIC alleges that on 29 July 2011 and 11 August 2011 Mr Raad and Mr Bazouni redirected the debtor payments to Mr Bazouni's company. Once the money was received, Mr Bazouni transferred $21,000 to Mr Raad. Mr Raad placed the company into voluntary liquidation on 18 August 2011 having outstanding liabilities of $1,643,052.55, of which $1,115,197.12 was owed to unsecured creditors.  Messrs Raad and Bazouni appeared last week on 18 October 2017.
The matter was adjourned for mention to 21 November 2017 at the Downing Centre Local Court.
The Commonwealth Director of Public Prosecutions is prosecuting the matter.
<h2>Mr Raad has been charged with one count under s184(2) of the Corporations Act and two counts under s590(1) of the Corporations Act. Mr Bazouni has been charged with aiding and abetting Mr Raad in committing these offences pursuant to Clause 11.2(1) of the Commonwealth Criminal Code.</h2>
 The maximum penalty for a breach of s184(2) is 2000 penalty units or imprisonment for five years, or both.The maximum penalty for a breach of s590(1) is 100 penalty units or imprisonment for two years, or both.
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ASIC move against two directors 

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Former veteran CBRE agent Rick Butler has refuted CBRE's claims that he and his company, Richard Butler Property Advisors had allegedly "conducted business that breached confidentiality agreements with CBRE".
It was his first comments since it emerged last week that CBRE has commenced legal action seeking "substantial damages."
Despite being at the firm for 27 years, Mr Butler said he was actually retrenched in August last year.
He said he had always complied with all of his obligations to CBRE during and after his employment and would be defending his reputation.
"At 66 it's encouraging that a giant international corporation like CBRE now sees me as a threat," he told The Australian Financial Review 
"I'm grateful for the support of many clients.
"In my time at CBRE we were never afraid of competition and I'm not afraid of it now.
"Legal action will in no way distract me from my work," he said. 
CBRE has stood by its claims, the paper advised.
"We are confident in the strength of our case and we are prepared to proceed through the complete legal process to achieve a successful outcome," a spokesperson said. 
Butler, one of Australia's leading real estate agents and CBRE's lead conduit to offshore capital, left the firm last year.
It is understood CBRE commenced the legal battle last Wednesday, issuing a notice to Mr Butler and his company's lawyers, with plans to resolve the dispute through mediation and arbitration.
"Former CBRE agent, Rick Butler (now of Rick Butler Property Advisers Pty Ltd) provided advisory services to CBRE in 2016 which required that he and RBPA comply with contractual obligations relating to confidentiality, utmost good faith and fidelity, and acting in the best interest of CBRE," the company said in a statement. 
"In November 2016, a number of individuals, including Josh Cullen, tendered their resignations from CBRE to join RBPA."
 "CBRE has today taken the first steps in commencing action against RBPA and Rick Butler in relation to these events.
"These actions leave CBRE no alternative but to seek substantial damages."
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Lawyered up CBRE Australia sees veteran Rick Butler as a "threat"   

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Jamie McIntyre and his brother Dennis McIntyre have accepted 10-year bans from ASIC on managing corporation or operating a financial services business.
This follows an agreement between ASIC and the brothers that the five Victorian land banking schemes, promoted through Jamie McIntyre’s 21st Century Group, were unregistered.
It also noted that they operated a financial business without a license at the time that they promoted it to their investors. Liquidators were unable to locate more than $7 million outlaid on controversial options on five landbanking schemes proposed for the outskirts of Melbourne, Bendigo and Townsville.
The McIntyre brothers also agreed to pay the $50,000 legal costs for ASIC.
Fairfax Media reported the $7 million was lost from more than 100 investors.
Justice Bromwich said that there were little prospect of reimbursement to the investors.
"[The defendants] have effectively capitulated in the face of what seemed the inevitable prospect of success [for ASIC] and reached agreement that the relief agreements were necessary and appropriate," said Federal Court Justice Bromwich in his judgement on Monday.
"Five illegal investment schemes were operated by the eight companies associated with Jamie and Dennis McIntyre," Justice Bromwich said.
Deloitte were appointed as joint liquidators to the corporate respondents to ASIC’s proceeding that commenced in August last year.
There is an unrelated property group by the same name. 
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Landbanking 21st Century's Jamie McIntyre and brother accept 10 year bans from ASIC

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ASIC has discontinued its proceedings against Simon Tickner and Lisa Darcy, former directors of LM Investment Management Ltd (LMIM). 
In 2014, ASIC commenced civil penalty proceedings in the Federal Court of Australia seeking financial penalties and banning orders following the collapse of the Gold Coast-based fund manager against founder Peter Charles Drake and former directors Francene Maree Mulder, Eghard van der Hoven, Simon Jeremy Tickner and Lisa Maree Darcy.
The claims against Mr Tickner and Ms Darcy focused on their conduct as directors in signing off a loan to Maddison Estate Pty Ltd, which Mr Drake owned and controlled, in 2011. Proceedings against the other directors focused on both the 2011 transaction and another transaction that occurred in 2012.
The trial commenced on 29 August 2016. On 12 September 2016, after the close of its case, ASIC discontinued its claim against all directors in relation to the 2011 transaction.   
The proceeding related to the 2012 transaction continues against Mr Drake, Ms Mulder and Mr van der Hoven and has been adjourned until 23 September 2016 for closing submissions.
LMIM was the responsible entity for seven registered managed investment schemes and the trustee for MPF, an unregistered managed investment scheme with about 4,500 investors. More than $400 million was invested in MPF. In total, LMIM was responsible for managing at least $800 million on behalf of approximately 12,000 investors in Australia and overseas.
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ASIC discontinues proceedings against LM Investment directors

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The former property developer Warren Anderson is suing the mortgage fund, Angas Securities and his receivers KordaMentha.
He is seeking $174 million, claiming they acted inappropriately in selling up his assets and forcing him into bankruptcy.
The lodgement of the statement of claim by Warren Anderson and his children, revealed today in The Australian, comes as shares in Angas on second-tier bourse the National Stock Exchange of Australia were suspended from trading yesterday given its wider concerns.
The Australian on Tuesday revealed Angas, which owes investors $220 million, had missed another deadline to repay investors.
Facing major financial problems, Angas has failed to meet any of the first three instalments in time and in full and trustee The Trust Company has said it is now “deeply concerned” Angas will not be able to make the payments.
The Anderson issue arose after Anderson’s family trust Owston Nominees No 2 borrowed money from Angas.
In March 2009 Angas appointed receivers KordaMentha to the trust following a breakdown of Mr Anderson’s marriage.
KordaMentha and Angas took control of Owston’s biggest asset, the Fernhill mansion at Mulgoa in western Sydney.
A spokeswoman for KordaMentha told the Australia the firm was not handling the case because the two former partners who had overseen the Owston receivership, Chris Powell and Stephan Duncan, were no longer with the company.
Their Adelaide-based firm DuncanPowell would be responding to Mr Anderson’s claims, she said, although they had not yet been served so were unable to comment.
Fernhill is currently for sale. Set on 383 hectares at the foot of the Blue Mountains, its stunning seven bedroom sandstone residence was completed in the 1840s for the Cox pioneering family.
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