https://au.news.yahoo.com/thewest/wa/a/31359526/landau-grounded-b...

https://au.news.yahoo.com/thewest/wa/a/31359526/landau-grounded-by-court-order/


The Federal Court has grounded Perth company promoter Peter Landau, ordering him to hand over his passport as part of an ongoing Australian Securities and Investments Commission investigation into his business dealings.


Mr Landau yesterday consented to court orders requiring him to remain in Australia until a further hearing on April 26.


But his lawyer told the court that Mr Landau had consented to the application on an interim basis, and did not accept ASIC had any proper basis to make the request.


ASIC said in a statement yesterday it had sought the orders in connection with an ongoing investigation “with the aim of preserving the interests of investors”.


In December, the Federal Court froze Mr Landau’s assets, and those of OKAP Ventures and Doull Holdings, of which Mr Landau is the sole director.


Mr Landau also consented to those orders, while reserving his right to argue they should not have been made.


The ASIC proceedings relate to an investigation into the affairs of Continental Coal, and the regulator’s belief that subscription cash to a capital raising was improperly used when it should have been held on trust.


ASIC is also seeking to have ASX-listed Continental Coal wound up, asking the Federal Court to appoint liquidators to the company on April 5 on the grounds it had failed to comply with continuous disclosure obligations, did not have the required number of Australian resident directors and may be insolvent.


That matter returns to court on April 19. The action against Mr Landau will be heard on April 26.