The former director of a finance company in liquidation which had previously provided car and home loan and investment services primarily to the Australian Muslim community has received an interim travel restrain order from the Federal Court.
On November 8, 2022 the Federal Court made interim travel restraint orders on an ex parte basis against Usman Nadeem Siddiqui, the former director of Equitable Financial Solutions Pty Ltd (in liquidation).
It says the company in liquidation formerly provided credit, including car and home loan facilities and investment services to customers primarily from the Muslim community in Australia.
This included an order that Siddiqui deliver his passport to the Sydney Registry of the Federal Court.
On November 11, 2022, by consent the Court ordered that, until February 28 2023:
- Siddiqui is restrained from leaving Australia, and
- all passports delivered by Siddiqui to the Registry be held by the Registry.
ASIC applied for these orders because it is concerned that Siddiqui may have contravened financial services laws. It’s investigation into Siddiqui is ongoing.
Any person who is concerned they have invested with Equitable Financial Solutions or Siddiqui can contact ASIC.
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