Kaye’s get-rich property firm closes

Property seminar promoter Henry Kaye has been forced to close his flagship company National Investment Institute, appointing a receiver and administrator yesterday. Kaye could no longer find enough participants for his property investment seminars costing up to $55,000 which he put down to negative media reports. He assured enrolled seminar customers he would complete their programs.

The receiver, Andrew McLellan of PPB, said NII's loan book showed that 2,000 people owed the company $15 million for seminars but refunds to disgruntled customers could reach $10 million. Another Kaye company, Property Corporate Services, owes NII $28 million. Mr Kaye is a director of more than 100 companies. Property consumer advocate Neil Jenman said he was pleased Kaye could no longer damage “mums and dads” but angry that regulators had allowed the seminar business to continue as long as it had.