AU Times News

[autimesnews]

Police raid offices of Adelaide 500 backer

Just a week before the VAILO Adelaide 500, the offices of the naming rights sponsor has been raided by Australian Federal Police.

The ADVERSTISER has reported the South Australian and Queensland based offices of lighting company VAILO were raided by agents of the Australian Federal Police and Australian Taxation Office on Wednesday, November 6.

The founder and chief executive of VAILO is Aaron Hickmann, who is currently embroiled in an ongoing dispute with the tax authorities.

The raids arrived just eight days before the VAILO Adelaide 500, which concludes the 2024 Supercars Championship on November 14-17.

Whilst Hickmann refused to comment, Adelaide based lawyer Greg Griffin provided a statement.

“There is a matter with the ATO, with an objection. It is not related to Vailo. Aaron Hickmann has been compliant,” it read.

VAILO has been the only naming rights partner of the Adelaide 500 since the event returned in 2022.

It has carried on its support of the iconic South Australian street event in 2023 and 2024, while it has already secured the rights to support the first ever Adelaide Grand Final next year.

[autimesnews]

Court disqualifies chartered accountant for part in land banking scheme

The Federal Court of Australia has disqualified officers, including a chartered accountant, from managing corporations due to their involvement in a land banking scheme that raised some $24 million from investors.

The court has disqualified Michael Grochowski and Ian Stephens from managing corporations for five and a half years and four years, respectively, due to their being officers of companies that had failed and been wound up by the court, ASIC said.

The court found that while Mr Grochowski was not a named director of Bilkurra Investments and Foscari Holdings (both in liquidation), he was an officer of the companies until they were wound up by the court, on application filed by ASIC, in April 2016.

Both Bilkurra Investments and Foscari Holdings operated land banking schemes in Victoria, known as Hermitage Bendigo and Foscari. Promoters of the land banking schemes used Bilkurra and Foscari to raise about $24 million from investors.

“In deciding the period of banning, the court considered an earlier decision of a delegate of ASIC, made in April 2012, prohibiting Grochowski from providing financial services for four years,” ASIC disclosed.

“The court was also satisfied with ASIC’s claim that the way both companies were managed was the reason for their failing.”

The court found that the appointment of Mr Stephens as a director of both companies, who was an experienced chartered accountant, presented a false facade of meaningful oversight and governance of the companies’ affairs.

Further, the court found Mr Stephens failed to exercise any meaningful decision making and management responsibility for the companies, which had obtained large amounts of investment from the public.

“These bannings will help protect the public from further investing with officers of companies that repeatedly fail. ASIC will continue to investigate failed land banking schemes and take whatever action is necessary to ensure failed schemes do not continue,” said ASIC commissioner John Price.