The corporate watchdog has asked the Federal Court to appoint liquidators to a Victoria-based tech firm that claims it can increase GDP in every world economy by one per cent.
The Australian Securities and Investments Commission alleges that Uglii, which claims on its website to be owned by 3,600 shareholders in 16 countries, has been involved in multiple contraventions of corporations legislation.
ASIC is also concerned that Uglii's companies are not being properly managed and are insolvent or likely to become insolvent.
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