ASIC to Investigate Sky Shades

The Australian Securities and Investments Commission (ASIC) is set to investigate Sky Shades Australia upon the orders of the Queensland Supreme Court. Sky Shades just liquidated its assets last week.

The ASIC is probing Sky Shades’ missing convertible notes, which is said to be worth $7.6 million. It is believed that the said amount was used to fund Sky Shades’ US operations, the Sky Shades Holdings LLC.

In 2010, the said US arm sought for bankruptcy protection.

According to BusinessDay, which came out with a report over the weekend, Sky Shades tried to raise the money for Sky Shades Holdings LLC, and promised its investors at least 10 percent gain yearly.

The notes were also supposed to be convertible to shares.

But by December 2009, payment to its investors stopped and Sky Shades sought for more ways for funding.

In a separate move, Sky Shades Australia’s liquidator has been asking its owners for a copy of the books and records, but was told by the directors that these are all with its owner and secretary, and that, as far as the directors know, there was little information to be taken from the books and records of Sky Shades.

Barry Maranta, a prominent businessman in Queensland, owns the company.