Receivers appointed to Star Investment Group Australia Pty Ltd, Gondal Holdings Pty Ltd and Ijaz Ahmad

RSM Australia Partners Adrian Hunter and Jonathon Colbran have been appointed as receivers for Star Investment Group Australia (SIGA), landowning firm Gondal Holdings, and company director Ijaz Ahmad, over the planned Narracan Lake resort at Yallourn in Victoria’s Latrobe Valley.

Federal Court Justice Anderson today ordered RSM Australia Partners to identify the assets and liabilities, debts owed to investors, and solvency position of SIGA, Gondal Holdings and Ijaz Ahmad, and report findings to the Federal Court of Australia within 42 days.

RSM Australia Partner Adrian Hunter said, “It is very early in our process but we understand the concern and the urgency, particularly for investors.

“We are currently setting up lines of communication so that investors and those who have paid deposits on land lots can make contact with us.

“We understand there will be some very concerned people who have invested hard-earned money in the Lake Narracan resort, and we want to make sure they are able to get in touch with us as soon as possible,” he said.

Discussions have been entered into with the lenders who hold security over the various properties as to the realisation strategy to be adopted.

Interested parties should make contact via this email address: Star.enquiries@rsm.com.au 

Today’s court proceedings follow an investigation by the Australian Securities and Investments Commission (ASIC) into the property investment scheme.

Mr Ahmad has been living overseas since 2025 and Justice Anderson today confirmed that the freeze on his assets would remain in place, as would the travel ban should he return to Australia.

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