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21 February 1994
News release
Cashbuild Group Limited application for revocation of prohibition order
The Commission today considered an application by Cashbuild Group Ltd to revoke an order prohibiting the distribution of any advertisement which related to an offer of securities to the public by that company. The original order was made on 14 May 1993. After hearing submissions on behalf of the company the Commission formed the opinion that the resumption of activities as proposed by the company would be in breach of the law. The Commission declined to revoke the prohibition order. The Commission was of the view that the application was entirely without merit.
The Commission remains of the view that the company is required to return all investors' funds to investors. This includes both funds still held on behalf of investors, and the money taken by the company as upfront fees, being some 42% of money deposited by investors.
J. Farrell
Chief Executive
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