ASIC savages online search firm Uglii's multibillion-dollar claims

By Nick McKenzie and Richard Baker
Updated July 30 2016 - 2:18am, first published 12:15am
The Australian Securities and Investments Commission has moved to wind up Australian internet firm Uglii. Photo: Paul Jeffers
The Australian Securities and Investments Commission has moved to wind up Australian internet firm Uglii. Photo: Paul Jeffers

Australia's corporate watchdog has alleged internet search company Uglii's multibillion-dollar earnings projections are a sham and the existing managers should be removed to protect shareholders and creditors.