Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Receivers and Mangers appointed to Ross Asset Management

6 November 2012

Receivers and Managers appointed to Ross Asset Management

The High Court in Wellington has today granted FMA’s application for John Fisk and David Bridgman of PwC to be appointed as receivers and managers, along with experienced brokers from First NZ Capital, to manage the business of David Ross and Ross Asset Management.

The decision follows the freezing of the assets of Mr Ross last Friday after FMA received a number of complaints regarding the delayed or non-payment of investors.

Mr Fisk and Mr Bridgman have now stepped in to manage the business and to identify the assets held, the names of clients and the value of the portfolios held. FMA’s inquiries to date have identified that assets are held in New Zealand, Australia, the UK and the USA, and FMA and PwC’s inquiries to locate and value the assets continues.

The receivers will provide a report updating the Court and FMA next week on the steps they have taken and the current status of their work. They will be in touch with known investors within the next two days.

If you are an investor, we ask that you contact the receivers at PwC and provide them with details of your investment on 04 462 7040 or http://www.pwc.co.nz/.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: RBNZ Starts Talks On Tougher Rules For Property Speculators

The Reserve Bank of New Zealand is stepping up preparations to restrict lending to residential property investors as it watches house prices, particularly in Auckland, continue to rise strongly. More>>

ALSO:

Research: ‘Ageing Well’ Science Challenge Launched

Science and Innovation Minister Steven Joyce today launched the Ageing Well National Science Challenge, confirming initial funding of $14.6 million. More>>

ALSO:

Scoop Business: Govt Resisting Pressure To Pump More Cash Into Solid Energy

Prime Minister John Key says it is “not the government’s preferred option” to make a fresh capital injection into the troubled state-owned coal miner, Solid Energy, but dodged journalists’ questions at his weekly press conference on whether that might prove necessary... More>>

ALSO:

Lagest Ever Privacy Breach Award: NZCU Baywide Accepts “Severe” Censure In Cake Case

NZCU Baywide says that once it was found to have committed a breach of a former staff member’s privacy, it had attempted to resolve the matter... the censure and remedies for its actions taken almost three years ago are “severe” but accepted, and will hopefully draw a line under the matter. More>>

ALSO:

Scoop Business: PayPal Stops Processing Mega Payments; NZX Listing Still On

PayPal has ceased processing payments for Mega, the file storage and encryption firm looking to join the New Zealand stock market via a reverse listing of TRS Investments, amid claims it is not a legitimate cloud storage service. More>>

ALSO:

Housing Policy: Auckland Densification As Popular As Ebola, English Says

Finance Minister Bill English said calls by the Reserve Bank Governor for more densification in Auckland’s housing were “about as popular in parts of Auckland as Ebola” would be. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news