ASIC drops freeze on Eddy Groves

Childcare entrepreneur Eddy Groves finally seems to be getting the better of corporate pup ASIC.

Earlier this year he beat the travel ban that was in place for three years while the Australian Securities and Investments Commission sifted through the ABC wreckage.

ASIC dropped charges against Groves in July and did not say whether it planned to pursue further legal action.

CBD can now reveal that the freeze on his assets has also been lifted.

ASIC, which continues to investigate the ABC collapse, said at the time of the asset freeze that it was seeking to ensure Mr Groves’ assets were not whittled away in case it later chose to pursue him to recover money for ABC creditors.

The freeze targeted a trust that owned three Queensland properties including a five-bedroom, beachfront Palm Beach property.

The lifting of the travel ban meant Groves could visit some of his properties abroad, such as the $5 million pad in Nevada he was planning to sell. He also has half-share of a property in Chantilly, France, worth about $4 million.