BREAKING NEWS: ASIC Claims Lifestyle Store Not In Administration Urges Suppliers To Contact Them

The Australian Companies & Investment Commission claim that the Lifestyle Store in Sydney is not under “Administration” as claimed by Danny Assabgy, a person who claims that he now controls the Company and was seen removing stock from the business.

In correspondence with ChannelNews earlier today and verbally last week Assabgy claimed that administrators had been appointed.

When asked to call ChannelNews he wrote “I’m tied up with administrators and lawyers this morning, but I did say I’ll call, so best be patent”.

Earlier we contacted ASIC to ascertain why no notices had been posted relating to the placing into administration of the Lifestyle Store or related entities.

They came back in writing claiming “I can confirm that the business is not currently under external administration”.

They added “Unfortunately we don’t have any further details regarding the allegations (That stock was being removed)..I would urge the suppliers and those worried to report the misconduct to ASIC”.

Earlier today we reported that millions of dollars’ worth of stock have been stripped out of the Sydney based Lifestyle store.

When suppliers including Synergy, Westan, Audio Active contacted Assabgy over concerns about their stock they were told it was being moved to a secure location under the management of administrators.

Danny Assabgy (Seen below), the CEO of Sydney-based Hudson Homes and Investment Company Equiti loaned several million dollars to Theatre At Home run by the former CEO of the Lifestyle Store Vinod Christie David.
Now he is claiming that he “Want’s his money back”.

Earlier this year Vinod Christie David sold down his shareholding in the Lifestyle store with a Company linked with Assabgy suddenly owning 35% of the business.

ChannelNews understands that he is now telling suppliers that he kicked Vinod Christie out of the business last week and he has a secured creditor arrangement.

When executives from Westan, the distributor of brands such as Focal & Naim, Klipsch and Pioneer turned up at the store last Friday they claim that they had a discussion with Assabgy who claimed that “He begged to differ” after Westan executives claimed that the stock belonged to them.

Both Synergy Audio and Audio Active have been told that the stock was being moved to a secure location because of the risks associated with the North Parramatta location of the Lifestyle store.

About Post Author

David Richards

David Richards has been writing about technology for more than 30 years. A former Fleet Street journalist, he wrote the Award Winning Series on the Federated Ships Painters + Dockers Union for the Bulletin that led to a Royal Commission. He is also a Logie Winner for Outstanding Contribution To TV Journalism with a story called The Werribee Affair. In 1997, he built the largest Australian technology media company and prior to that the third largest PR company that became the foundation company for Ogilvy PR. Today he writes about technology and the impact on both business and consumers.