Having originally made his fortune as cofounder of Ozemail [along with Malcolm Turnbull], Sean Howard is selling his Kewarra retirement village near Cairns to Hong Kong-based multimillionaire Benny Wu. All up Wu is purchasing Howards 47has of land which includes 1Km of beachfront. Wu states he is going to finish the village by building another 100 retirement villas. Wu will now have invested over $150 million in the region, including the purchase of Double Island and the 150 room Arcaia Court Hotel in Cairns. With direct flights now available from China Wu states he is hoping to attract wealthy Asian travellers [and possibly retirees]. Howard still owns and operates Cumberland View village in Melbourne.
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...