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Australian Federal Court appoints liquidators to Merlin Diamonds

Australia's Federal Court appointed Deloitte as provisional liquidators of Merlin Diamonds Ltd. amid a probe by the Australian Securities & Investments Commission into the company over illegal conduct, according to a Sept. 23 release by the regulator.

The watchdog is investigating Merlin for providing A$13.7 million to Axis Consultants Pty. Ltd., a related management services company, without shareholder approval or benefit to the company. Axis used the money to finance companies associated with Merlin Diamonds Executive Chairman Joseph Gutnick, the regulator said.

Deloitte will preserve Merlin's properties ahead of deciding on how to wind down. Merlin's assets include the Merlin diamond mine in Australia's Northern Territory. The commission's wind-down petition will be heard by the court at a later date.