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Ex Macq manager restrained from departure

ASIC has obtained court orders restraining former Macquarie Bank portfolio manager, Oswyn De Silva, from leaving Australia.

The consent orders were obtained from the Supreme Court of New South Wales and prevents De Silva from leaving, or attempting to leave, Australia.

De Silva, 36, a resident of the United Kingdom, was also required to deliver up all passports to the Court Registry.

On Friday 26 February, ASIC obtained ex-parte orders from the Supreme Court restraining De Silva's overseas travel activities.

ASIC applied for these orders pursuant to its investigation of trading that De Silva is alleged to have engaged in between 2006 and 2007.

On 1 March, De Silva attempted to leave Australia from Perth but was stopped by the Australian Federal Police.

On 8 March De Silva pleaded guilty to a charge of being in contempt of the court's ex parte orders and his sentence hearing has been listed for 15 March 2010.

The restraint orders will continue until Monday 15 March 2010 when the matter returns to court.

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Tax tips to ease the squeeze. It's that time of year again. Although it can be painful to think about your finances, the end of the financial year is a good time to review the state of play. It is also a good time to look forward and to initiate your savings strategies for the new financial year.

According Tony Beck, Head of Corporate Responsibility at Members Equity Bank, the end of the financial year and the new tax year present opportunities for Australian Families to play catch up with the finances and possibly, get off the debt treadmill.

"With the proposed tax cuts announced in the recent Federal Budget, it would be an idea to consider paying a little bit extra into your mortgage or a fee-free Online Savings account such as provided by Members Equity Bank. The ME Online Savings Account is currently delivering 7.5% returns with no fees, every cent you deposit goes into the account, " he said. "There are a number of deductions that the Australian Taxation Office allows that will boost family finances if you pay attention to the detail." >> more

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