The Australian Securities and Investments Commission will launch an investigation into Gold Coast developer Sunland Group Ltd over questionable statements released to the market during James Packer's directorship in 2009 relating to Dubai bribery allegations, The Australian Financial Review reports.
According to the newspaper, ASIC's Victorian regional commissioner Warren Day wrote to Liberals senator Helen Kroger last week to confirm the probe into "announcements that Sunland made to the ASX on 20 February, 2 March and 21 July 2009 regarding the nature of the investigation by the Dubai authorities".
Billionaire James Packer, currently director of Crown Ltd, was a major shareholder and director of Sunland during the period in question. He resigned from the company's board in August 2009 and sold has subsequently sold his shares.
“ASIC has interviewed and examined a number of people and obtained documents during the course of its investigation," the letter said.
"ASIC is currently seeking information from Dubai authorities to clarify the nature of the Dubai investigation prior to Sunland’s announcements.”
In 2007 Sunland alleged it was conned into paying a $14 million "introductory fee" for securing Dubai waterfront land, leading to the arrest of Australian property developer Matthew Joyce.