Victims of collapsed developer Ralan demand ASIC to investigate suspected fraud

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As Ralan collapse victims, we are requesting immediate investigation by ASIC. 

Join us in our demand for justice for the victims of the Ralan group collapse. A classic case of exploitation of hard working Chinese and other Australians by the big end of town. This could happen to you!

Nearly 2000 purchasers and their families have been thrown on the scrapheap as a result of Ralan, one of Australia’s largest developers, going into voluntary administration on 30 July 2019. Was this a result of a downturn in the building industry? Far from it!! Almost half a billion dollars had gone missing!!!! This could be one of the biggest scandals since the collapse of HIH one of the country’s largest insurance firms in 2001. For anyone and everyone thinking of buying an off the plan apartment, this is a must read and a cause to support!!

Ralan clearly set out to target the Chinese community. You only have to look at the sales team to understand that. They are all Chinese. The buyers, mostly with limited English were enticed into buying and paying more that 10% deposits with an offer of 15% interest on their money. There was little or no mention that if you signed up for this you would become an unsecured creditor and your money would be taken away from the trust fund to be used by Ralan. So where were the banks in this? Did they carry out due diligence and check the trust fund? Informed by great presales did they ever wonder why there was almost no money in the trust fund? Or were they happy to keep lending to a company trying to trade its way out of insolvency? It will take ASIC to find out!!

So why is this important to you? Do you believe in the value of the corporate watch dog? Are there other schemes and projects such as the Mascot Towers or Opal Tower or ones that we don’t know about yet where developers are ripping off the purchasers with fraudulent schemes and structurally unsound buildings?

While the lives of many people are under serious financial threat, William O'Dwyer the owner of Ralan group, and his wife Joanne continued to live a life of luxury engaging in lavish spending up to a month before the collapse.(ABC 7.30 report)   Is this the country of the fair go or the country of the great rip off? We need your help, not just for ourselves but to help protect you and any others that might find themselves caught up in this type of scheme. Be smart, act now, help us and protect yourself. Please sign our petition.

Our Petition / Demands

As Ralan collapse victims, we are requesting immediate intervention by ASIC.