Property mogul free to leave after ASIC examination into collapse

“I think on balance I am going to allow him to travel after the end of Thursday … but seems to me Mr Hopkins can make himself available on video link if necessary for any further examination, and when he comes back you might still want to continue to examine him,” Justice Beach said.

“I either allow that, or he’s held up for six months, and I don’t think on the current material that sort of prejudice to him is warranted … there’s nothing to suggest he’s been siphoning off money, there is material that suggests the suspected contraventions, but that may be more through the ignorance of legal requirements than anything that is shady or nefarious.”

Liquidators for a number of collapsed property developments associated with Mr Hopkins alleged breaches of directors duties.

Freezing orders adjusted

“If the loans … were advanced to a third party, then appropriate security should have been sought and obtained by the director to protect the company’s advance,” the liquidator’s report into Hunter Capital Investments, an associated entity of Mr Hopkins, claimed.

“If the company held securities for the loans, the company could have exercised those securities when the relationship between the director and Mr Shaw broke down. We are of the opinion that the director has breached his obligation to act in the best interests of the company by failing to adequately secure the advances.”


As part of the freezing orders placed on Mr Hopkins, Justice Beach adjusted the amount the property mogul could have for expenses from $2000 a week to $3750 a week, plus an additional $5000 to pay for unpaid accommodation or travelling expenses on his six-week holiday.

An investigation by The Australian Financial Review published in March uncovered hundreds of pages of documents, including investor and loan agreements, liquidator documents, email trails, contracts, information memorandums, corporate filings and legal documents, relating to the collapse of six property developments.

It revealed more than 130 investors are chasing $23.5 million of unpaid loans and interest from six collapsed companies linked to Mr Hopkins, four of which advanced money to entities related to Melbourne-based property developer Greg Shaw, 47, which failed to pay the money and promised interest back.

Mr Shaw is a different Greg Shaw than the chief executive of property developer Mulpha.