Following on from below post regarding the Tasmanian College at WCC.
Article taken from- http://www.abc.net.au/news/newsitems/200605/s1642459.htm
Last Update: Friday, May 19, 2006. 11:00am (AEST)
There are concerns for the future of an international college in Tasmania’s Derwent Valley, after the company behind the project had its licence revoked.
The SMS Advising Group and its director Barbara Cavanough have been banned from operating.
The Australian Securities and Investments Commission (ASIC) has revoked the licence of the New South Wales-based SMS Advising Group.
It has also banned the company’s director, Barbara Cavanough from providing financial services advice for 10 years.
ASIC’s concern centred on Ms Cavanough’s association with two unregistered managed investment schemes in Tasmania.
A review of her company found it failed to comply with its licence obligations.
SMS Advising Group is the company re-developing Willow Court, the former psychiatric hospital in New Norfolk, into a tertiary education centre and residential accommodation.
The Derwent Valley mayor Nick Cracknell says he wants to meet with Ms Cavanough today to discuss the implications of ASIC’s decision.
A union representing construction workers at New Norfolk is concerned for their job security.
Michael Huxley from the CFMEU says he is concerned the action by ASIC will mean that workers involved in the redevelopment will not get paid.
“We’re concerned for their on-going employment, their ability to make a living and the security of their entitlements,” he said.
“At this stage we’re unable to contact Willow Court and training or anyone up there to ascertain whether these entitlements have been secured.”