Eddy Groves agrees to have assets frozen

Eddy Groves, the founder of collapsed childcare company ABC Learning Centres, has reached an agreement with the Australian Securities and Investment Commission over the freezing of his assets.

The corporate watchdog told the Federal Court yesterday that two luxury properties had been transferred from Groves’ family trust to his wife, Viryan Collins-Rubie and his brother in law, Frank Zullo.

ASIC alleges that Groves in is the “alter ego” of the family trust, but Groves’ legal team has denied this. His wife is the sole director of the trust and the beneficiaries are Groves’ children from a pervious marriage.

Groves has agreed not to dispose of any assets before a further hearing on 27 July. Collins-Rubie and Zullo have also agreed not to dispose of any assets before the hearing.

Groves, famous for wearing cowboy boots and jeans during his time in charge of ABC, appeared in a suit and tie.

He told the ABC he felt compelled to appear at the hearing.

“I don’t know if it helps or I don’t know if it hurts. I think it’s a matter of principle and I want to be here.”