Final objections to shutting Joe Gutnick’s controversial Merlin Diamonds company
Shares in ‘Diamond’ Joe Gutnick’s Merlin Diamond’s have been suspended from trading since late last year, and now there is a court move to have the company shut down.
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Shareholders in Joe Gutnick’s besieged Merlin Diamonds company have until January 21 to object to it being wound up in the Federal Court.
The corporate cop is seeking to shut down Merlin Diamonds, amid concerns including that it allegedly made $13m in loans to companies linked to Mr Gutnick.
In September, the court approved Deloitte partners Salvatore Algeri and Timothy Norman as provisional liquidators of Merlin Diamonds.
A provisional report into the liquidation was handed to the court and ASIC in November.
Yesterday, Justice Michael O’Bryan gave eligible noteholders and shareholders until January 21 to inform the Court whether they will oppose ASIC’s application for final relief to wind up Merlin Diamonds.
Merlin Diamond’s shares have been suspended from trading since October 1, 2018.
It last traded at $0.006 per share with a market value of about $20 million.
The 67 year old Mr Gutnick was president of the Melbourne Football Club during the period of 1996 to 2001.
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Despite initially making his money from outback diamond and gold deposits for his Grand Central Mines companies, Mr Gutnick was declared bankrupt in 2016.
As recently as 2014, Mr Gutnick was listed on the BRW Rich List with an estimated wealth of $250m.