Triguboff considers $3 billion China deal; ACCC targets Tiny Tots Images Photography; Japanese Bitcoin exchange placed in administration: Midday Roundup

Australia’s fourth-richest person Harry Triguboff is reportedly considering selling half of Meriton Apartments to a Chinese property developer in a deal worth at least $3 billion.

Fairfax reports 81-year-old Triguboff, who has previously said he has no intentions of retiring any time soon, received an offer for the business during a trip to China two weeks ago and he is now considering “sell[ing] the development side of the business and then the family could continue to collect the rent on the units I already own”.

However, Triguboff told Fairfax that a sale of any part of the $6.3 million business is conditional on the existing sales team remaining intact. “I am not selling anything if they are going to start firing people,” he said.

Japanese Bitcoin exchange placed in administration

Failed Japanese Bitcoin exchange Mt. Gox has been placed in administration, with bankruptcy proceedings expected to commence in the near future, reports The Age.

Mt. Gox collapsed earlier this year. The Tokyo District Court has appointed Nobuaki Kobayashi as administrator of the business, which has liabilities of approximately Y6.5 billion (approximately AU$68 million) according to private credit research firm Teikoku Databank.

Kobayashi said in a statement that while the future of the business will be decided by the Tokyo District Court, “the future outlook is that …. it is expected that the commencement of bankruptcy proceedings will be ordered”. “After the bankruptcy proceedings commence, it is unlikely that the company can restart the exchange,” said Kobayashi.

Tiny Tots to refund consumers up to $50,000

Tiny Tots Images Photography has entered into a court enforceable undertaking with the consumer watchdog to refund consumers up to $50,000 after entering into 1400 unsolicited agreements.

The Australian Competition and Consumer Commission says the business misled consumers, who were mainly from remote and rural locations, into believing they had no cooling off rights.

Consumers were also not informed about how they could terminate the agreement, nor provided with contact details for the company.

As part of the undertaking Tiny Tots has agreed to write and offer the option of refunds to customers and establish and implement a trade practices compliance program for directors and staff designed to minimise the risk of future breaches.

Tiny Tots admitted in its undertaking with the ACCC it had contravened unsolicited consumer agreement laws.

Shares up on open

Aussie shares have opened higher this morning, following a bumper day on Wall Street.

The S&P/ASX200 benchmark was up 27.8 points to 5448.1 at 12:10pm AEST. Overnight the Dow Jones closed 1% higher, up 162.29 points to 16,424.85.


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