Ross liquidators contact more investors
Ross Asset Management liquidators have written to 72 investors who may be subject to clawback action, but against whom claims could become time-barred.
Tuesday, June 14th 2016, 5:59AM
by Susan Edmunds
They are seeking a standstill agreement, until the results of court action are clear.
Overall, Ross investors lost $115 million with the firm. But some managed to withdraw their money, plus profits, before the offices of Ross Asset Management were raided by the FMA.
They are now in the sights of liquidators, who are waiting for the results of a Supreme Court hearing, which will determine whether they can claw back $43 million in fictitious profits from those who made money from Ross - about 250 people, or the full $90 million, including those who just withdrew their own capital - a move that would about 460 people.
Thirty-nine standstill agreements had been executed, two further claims had been filed in the High Court and settlements had been agreed with seven investors, the liquidators said in a recent update.
Recoveries from settlements have more than doubled, to $1.12 million.
Investor representative Bruce Tichbon said it was disappointing that PwC had made the decision to only look back three years for clawbacks, rather than six.
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