LM boss Peter Drake’s assets frozen; Latest blow for embattled Gold Coast businessman Peter Drake in the investigation into the collapse of his LM Investment Management empire

September 27, 2013 Leave a comment

LM boss Peter Drake’s assets frozen

September 27, 2013 – 5:22PM

Georgia Wilkins

Slim pickings for LM investors

Embattled Gold Coast businessman Peter Drake has had his passport revoked and assets frozen during an ongoing investigation into the collapse of his LM Investment Management empire. The Supreme Court of Queensland ordered Mr Drake to surrender his passport on Friday, following an application by the Australian Securities and Investments Commission. The court orders also prevent Mr Drake from selling any assets he holds, excluding his Mermaid Beach, Queensland home, which is expected to be sold this weekend, the regulator said.Surplus sale proceeds from the home will go to Mr Drake’s solicitors’ trust account and cannot be used unless by order of the court or the regulator.

LM Investment Management collapsed in March, owing 12,000 investors in Australia and overseas $750 million.

ASIC suspended Mr Drake’s financial services licence for two years in April, making it impossible for administrators to hand the business back to the company’s directors, as had been earlier suggested.

The regulator is investigating the conduct of the directors and loans to related companies in the lead up to the collapse.

Property receivers William Fletcher and Tracy Knight of Bentleys will identify and secure assets held by or on behalf of Mr Drake and report to them to the court, ASIC said.

The matter is expected to return to court on October 9.

Filed under Macro Trends

Unknown's avatarAbout bambooinnovator
Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (www.heroinnovator.com), the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

Leave a comment