ASIC obtains asset freezing orders against Queensland property developer Ian Chester

ASIC has obtained orders in the Supreme Court of Queensland against Ian Omar Chester and Sophie Sylvia Chester, of the Gold Coast, in connection with the use of funds raised from investors for a number of property development projects in Queensland.

On 13 July 2021, ASIC filed an application seeking orders preserving the assets of Ian Chester and Sophie Chester.

On 26 July 2021, ASIC obtained orders restraining Ian Chester and Sophie Chester from removing their assets from Australia, disposing of property or dealing with any monies available in any bank account in which either of them has an interest.

ASIC had concerns that Mr Chester had used funds invested in some of the projects for his own benefit or not for the purpose for which the funds were invested. Mr Chester did not contest the making of freezing orders against him. In making the orders in respect of Sophie Chester, the Court was satisfied she had also dealt with investor funds.

The orders have effect until a further hearing before the Court which is to take place no later than 21 January 2022.

ASIC’s investigation of the property development projects is continuing.

Background

On 9 July 2021, the following companies of which Ian Chester was a director were placed into liquidation:

  • 19 RAI Investments Pty Ltd
  • 25 Horsington Street Pty Ltd
  • 27 Arafura Ave Pty Ltd
  • 30 Glen Pty Ltd
  • 34 Queens Road Pty Ltd
  • 490 Pty Ltd
  • Arafura2 Pty Ltd
  • Moorooka Glen Pty Ltd
  • Royal Albert Investments Pty Ltd
  • Royal Albert Investments 2 Pty Ltd
  • Royal Albert Investments 3 Pty Ltd
  • Vested Capital Pty Ltd
  • Vested Property Group Pty Ltd

Mr Terry Grant van der Velde of SV Partners was appointed as the liquidator of the companies.

On 9 July 2021, following a resolution of its director Ian Chester, 53 Rankin Investments Pty Ltd entered into voluntary administration. Mr Terry Grant van der Velde and David Michael Stimpson of SV Partners were appointed as joint administrators.

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