Kiwi money man has assets frozen and passport surrendered
The Supreme Court of Queensland has ordered the moves on an application from the ASIC, which is investigating the collapse of the Gold Coast-based fund manager .
LM Investment Management went into administration in March 2013, with the company responsible for managing at least A$750 million on behalf of almost 12,000 investors in Australia and overseas.
The Supreme Court of Queensland made interim orders, which include preventing Drake from selling his assets, though they do not extend to the intended sale of Drake’s Mermaid Beach, Queensland home.
William Fletcher and Tracy Knight of Bentleys, who have been appointed as joint and several receivers of Drake’s property, will be required to identify and secure all assets held by or on behalf of Drake and to report to the court.
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