media release (17-372MR)

ASIC obtains interim freezing orders against Gallop International Group Pty Ltd, Gallop Asset Management Pty Ltd and Ming-Chien Wang

Published

ASIC has obtained interim injunctions in the Federal Court against Gallop International Group Pty Ltd (GIG), Gallop Asset Management Pty Ltd (GAM) and Mr Ming-Chien Wang, freezing money held in their bank accounts and restraining them from carrying on a financial services business in Australia without holding an Australian Financial Services licence.

GIG and GAM are also required to deactivate the websites www.gallopfx.com.au and www.gamfx.com. The websites promote trading in forex, metals and contracts for difference.

ASIC believes that GIG, GAM and Wang are carrying on an unlicensed financial services business. Neither GIG or GAM holds an Australian Financial Services licence, and therefore are not authorised to provide financial services in Australia.

The interim orders will remain in force until further order.  The proceedings have been listed for further directions on 23 November 2017.

ASIC's investigation is continuing.

Editor's note 1:

The hearing scheduled for 23 November 2017 was vacated and re-listed for 29 November 2017.

Editor's note 2:

The directions hearing listed for 29 November 2017 has been vacated and adjourned to the hearing of ASIC's interlocutory application on 7 December 2017.

Editor's note 3:

On 7 December 2017 the court made orders extending the injunctions against GIG and GAM until further order, and Wang until 28 March 2018. The court also made orders restraining Stumac Pty Ltd from carrying on a financial services business in Australia. This order will continue until 28 March 2018 when the matter will return to the court for a hearing on whether the orders against Stumac and Wang should continue until further order. On 28 March 2018 the court will also set a timetable for the preparation of the matter for trial.

Editor's note 4: 

On 28 March 2018, the Court made orders joining Stumac Pty Ltd as the Fourth Defendant to the proceedings.  The Court also made orders extending existing injunctions against Mr Wang and Stumac until further order.  The Court also set down a timetable for the future conduct of the matter.  The matter has been adjourned for a further case management conference on 22 June 2018.

Editor's note 5:

On 22 June 2018, the Court listed this matter for trial on 10 September 2018. The Court also set down a timetable for the conduct of the matter to trial. ASIC is seeking final orders including declarations of contraventions of financial services laws, disqualification orders, injunctions and civil penalty orders against one or more of the defendants.  ASIC is also seeking winding up orders against GAM and Stumac.  On 22 June 2018, the Court appointed a liquidator to GIG in a separate proceeding not brought by ASIC. The Court has given ASIC leave to continue its action against GIG (in liquidation).

Editor's note 6:

The trial of this matter was heard on 10 September 2018. Judgment is reserved. The existing interim injunctions and restraining orders remain in force until further order.

Media enquiries: Contact ASIC Media Unit