Experts have advised that the jewellery collection belonging to accused Sydney fraudster Melissa Caddick should be auctioned prior to Christmas by receivers attempting to recoup millions for out-of-pocket investors, a court has heard.
Ms Caddick disappeared from her home in Sydney's eastern suburbs after a November 2020 raid by the corporate watchdog and Australian Federal Police.
The Australian Securities and Investments Commission (ASIC) was investigating the 49-year-old's alleged Ponzi scheme, and court-appointed receivers are now attempting to claw back more than $23 million owed to her former clients.
In documents before the Federal Court the receivers, Jones Partners, describe items of jewellery they seek to sell, including Dior and Cartier watches, diamond and sapphire rings and earrings, and Canturi bracelets and necklaces.
"Interested parties" including Ms Caddick's husband, Anthony Koletti, and her brother, Adam Grimley, have been given a chance to raise objections.
Barrister Nicola Bailey, representing the receivers, said there was no contest over the sale of a "large proportion" of the assets, mostly the jewellery and also designer clothing.
"The receivers have received advice from experts they propose to use to realise the assets that the maximum amount and effect that can be achieved for creditors of the receivership would be to sell the assets this side of Christmas," she told the court.
Richard Allsop, appearing as agent for Mr Koletti's lawyer, said Mr Koletti had identified a "very limited number" of assets he doesn't want sold.
"He's identified assets that he doesn't object to being sold, but wants to have the money put in a trust so if there is a dispute about the ownership of those assets, it can be determined in due course," he said.
Ms Bailey said Mr Grimley doesn't object to the sale of the jewellery, but correspondence indicates he will object over a separate fund identified in court documents as "Caddick Family Trust Superannuation Fund".
Mr Grimley, who was listening to the hearing remotely, told Justice Brigitte Markovic he needed time to obtain legal advice.
"That is to understand the implications of anything that hangs off Melissa Caddick's will … this particular fund is mentioned in that," he said.
"Given that I have the power of attorney over her at the moment and am the executor of the will when it comes into play … I need advice on that in terms of ongoing implications."
Mr Allsop said the issues around the account will relate in part to any determination of whether Ms Caddick is dead — and if she is, the date of death may also be relevant.
An inquest into Ms Caddick's disappearance heard two weeks of evidence last month and will return in late November for a further two days.
Justice Markovic agreed Mr Grimley should be afforded more time.
"I think the issues will be somewhat complex, given the fact that the inquest is not complete and there's no determination," she said.
The judge set a timetable for the identification of objections and the case will return to court at the end of the month.
