Distressed Assets Media Centre
18 May 2010
Investment Company goes into Administration
Source: www.abc.net.au
A company which manages investment schemes in the Great Southern and around Western Australia has gone into administration.
Rewards Group Limited manages plantations of native Sandalwood near Narrogin and stone fruit and grapefruit orchards in Dandaragan and Kununurra.
The company has been unable to pay debt amounting to tens-of-millions-of-dollars and is in the process of defending a multi-million dollar law suit from former Westpoint director Richard Beck.
The company has posted the announcement on its website.
It's the fourth managed investment scheme in Australia to collapse in the past 18 months.
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