The corporate watchdog has disqualified former Queensland resident Yuetu Ma (also known as Jack Ma) from managing corporations for four years after his role in failed companies Warwick Gold Holdings and Impact Gold.
ASIC said the companies issued shares to raise funds for purported gold and precious metal mining operations in Papua New Guinea (Impact Gold) and Queensland (Warwick Gold).
It said $44 million had been raised from around 400 shareholders, with no assets having been identified, when the companies went into liquidation.
Mr Ma was a director of Warwick Gold from June 20, 2023, until it was wound up by court order on February 8, 2024, and he was a director of Impact Gold from February 28, 2024, until it was wound up by court order on September 10, 2024.
ASIC findings included that Mr Ma:
- failed to take part in the management of the companies,
- failed to act or make all reasonable enquiries about Impact Gold’s solvency and to take reasonable steps to ensure that it (as a public company) kept financial records, and
- failed to assist the liquidators of Warwick Gold and Impact Gold by providing required information.
Mr Ma is disqualified from managing corporations until September 21, 2030.
ASIC has taken legal action against others in the wake of the company collapses:
- On July 14 last year, ASIC commenced proceedings in the Federal Court under the Corporations Act to disqualify David Catsoulis, an officer of Impact Gold and Warwick Gold, from managing corporations. The final hearing for this matter took place in June 2026 and the court’s decision is pending.
- On December 9 last year, ASIC commenced proceedings in the Federal Court to restrain Colin Oxlade and Spice Capital Partners from providing unlicensed financial services. ASIC alleged that Mr Oxlade was involved in fundraising for Warwick Gold and Impact Gold. It alleges that following their collapse Mr Oxlade and Spice Capital engaged in unlicensed financial services and raised about $1.5 million. The final hearing of those proceedings will take place in July 2027.
- On 12 December 2025, a former director of Warwick Gold Holdings and Impact Gold, Claire Moore, was disqualified by ASIC from managing corporations for a period of four years.