SA Minister for Ageing, Jack Snelling, has announced the legislation of the Retirement Village Act will be reviewed. This follows a review in 2012 of the regulations behind the Act. Following the recent high profile receivership of a village, the Minister explained: There are issues in relation to the current powers of investigation and auditing requirements that govern a village's operation while they are in receivership. These need to be addressed and the only way to do this adequately is through a review of the act." He pointed out SA has 522 registered retirement villages, with about 24,400 residents.
Five Prime Trust directors found to a breach their duties when handing over $33 million to Bill Lewski
Corporate watchdog ASIC was successful in the Federal Court, obtaining a ruling that the five former directors of Prime Trust are liable for breaching their duties as officers of the trust APCHL. They agreed to the amendment of the Constitution of...