Australia after assets of failed child care tycoon

Business News

Jun 24, 2009, 23:36 GMT

Sydney - Australia's corporate watchdog is going after the former Brisbane milkman who became the world's biggest provider of child care with centres in the United States and Europe, news reports said Thursday. ABC Learning Centres Ltd collapsed last year after banks owed 1.3 billion Australian dollars (1 billion US dollars) called in their loans. ABC founder, South African-born Eddy Groves, was ousted from the company and forced by margin-lending calls to sell all his holdings. His former wife, Le Neve Groves, was also obliged to sell all her shares and is suing Groves for millions of dollars in compensation. Next week, the Australian Securities and Investment Commission (ASIC) will apply to freeze assets and seize Groves' passport. ASIC will also apply to freeze some of the assets of his new wife, The Australian newspaper reported.

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