Sterling First investors facing eviction

Silver Sands residents Alex Tufecic and Leonie Yates with supporters outside Mandurah Magistrates Court.
Silver Sands residents Alex Tufecic and Leonie Yates with supporters outside Mandurah Magistrates Court.

RETIREES involved in the Sterling First fiasco attended Mandurah Magistrates Court today to support Alex Tufecic and Leonie Yates, who face eviction from their Silver Sands home.

 

Mr Tufecic and Ms Yates (both in their 80s) paid $220,000 to the Sterling First group for a 40-year lease.

Now they have lost that money and their landlord is taking them to court for $6000 unpaid rent.

The case was adjourned until October 10.

Ravenswood couple Alan and Jacky Fardoe received a notice to vacate last week.

“We have lost about $150,000,” Mr Fardoe said.

“We plan to stay put.”

Mrs Fardoe said the whole ordeal was terrible.

“It’s ripped our life away from us,” she said.

“Our money is gone and we have no house.”

Alan and Jacky Fardoe.

Mr Fardoe said they want compensation, a Senate Inquiry and a Royal Commission into the dealings of the Australian Securities and Investments Commission (ASIC).

An ASIC spokesman ASIC acknowledged their concerns and the uncertainty experienced by those who have invested in investments promoted by the Sterling group of companies, particularly Sterling New Life tenants.

“Unfortunately, ASIC is unable to assist in the manner requested,” he said.

“ASIC is not able to directly make funds available for the compensation of investors who have suffered loss.”

The spokesman said ASIC had taken significant action with a view to protecting investors such as the promotion of units in the Sterling Income Trust had been prohibited.

The Asset Management Ltd has taken action to wind up the Sterling Income Trust.

“With creditors voting in favour of most of the companies (other than Rental Management Australia Pty Ltd and Acquest Property Pty Ltd) entering into liquidation on 10 June 2019, the liquidator has commenced gathering the assets of the companies available to meet creditors’ claims,” the ASIC spokesman said.

“The liquidators will investigate possible breaches of the law, for example by the directors of the companies, and report to ASIC on their findings.

“Given its impact, ASIC has prioritised this matter so that it can take appropriate court action against those responsible, where there has been a breach of the laws it administers (such as the Corporations Act).

“ASIC will keep investors updated on any significant developments in relation to this work via the ASIC website.

“ASIC will also continue working with the liquidators of the Sterling group of companies and the Western Australian Department of Mines, Industry Regulation and Safety (Consumer Protection Division).”