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

 


Update on Ross Asset Management Limited


News Release

Update on Ross Asset Management Limited (In Receivership) and related entities


PwC Partners John Fisk and David Bridgman as Receivers and Managers to Ross Asset Management Limited and related entities, have provided a report to both the High Court in Wellington and the Financial Markets Authority (FMA). The submission of the report is in accordance with the orders of the High Court dated Tuesday 6 November 2012. The Court has now ordered the report to be released so investors are fully informed.

Mr Fisk says, “The report outlines our appointment and the actions undertaken to date. It also includes recommendations as to the likely next steps and future for the Ross Group.”

Since being appointed, work has been undertaken to verify the Ross Group’s assets in New Zealand and overseas, while also analysing the Group’s records to determine the position of the investors’ portfolios.

To date, the Receivers and Managers have identified 1,720 individual investor accounts holding purported investments of NZ$449.6 million. However, the Receivers and Managers and their expert advisors have only been able to identify $10.214 million of investments held. Accordingly, there is a significant gap in the identified market value of the Group’s investments as against the amounts reported in investors’ portfolios. The analysis of the Receivers and Managers to date indicates it is likely the historical returns advised to investors are exaggerated and may possibly be fictitious. Therefore, the actual cash loss that may eventually be suffered by the remaining investors will differ from the amounts currently showing as the “value” in individual investors’ portfolios.

Also, through their work, the Receivers and Managers have identified a further three entities within the Ross Group which they recommended should be considered part of the receivership.

Mr Fisk says, “In our opinion, the Investment Fund managed by the Ross Group is insolvent, as it cannot repay the value of the portfolios reported to investors as they become due in the ordinary course of business. We firmly believe a recovery strategy needs to be immediately addressed to maximise investor interests. Therefore, we have recommended the Ross Group entities be placed in liquidation because this will help with the realisation of assets for the benefit of investors.

“We are fully aware the situation is distressing for investors and it is our aim to provide as much certainty as quickly as possible. Should investors or other stakeholders have any queries, please contact us via our website, facsimile, or postal address, or dedicated telephone message,” concludes Mr Fisk.

A summary of the Receivers and Managers report will be distributed to investors and the full report is available on the PwC website http://www.pwc.co.nz/RossAssetManagement.

The details are:
Postal
Ross Asset Management Limited (In Receivership) and related entities PricewaterhouseCoopers
PO Box 243
Wellington

Facsimile: +64 (0)4 462 7492

•A dedicated page on the PwC website can be found at http://www.pwc.co.nz/RossAssetManagement. It will be updated when relevant and appropriate.

•In addition, a dedicated telephone message line +64 (0)4 462 7040 has been established for any investors or creditors who have an enquiry relating to Ross Asset Management Limited (In Receivership) and related entities.
-ends-


Note to editors:

PwC Partners Mr John Fisk and Mr David Bridgman were appointed Receivers and Managers to Ross Asset Management Limited and related entities, pursuant to FMA application under the Financial Advisers Act.

Ross Asset Management Limited and related entities include (In Receivership) (the “Ross Group”) comprise of:
•Ross Asset Management Limited (In Receivership)
•Bevis Marks Corporation Limited (In Receivership)
•Dagger Nominees Limited (In Receivership)
•McIntosh Asset Management Limited (In Receivership)
•Mercury Asset Management Limited (In Receivership)
•Ross Investment Management Limited (In Receivership)
•Ross Unit Trusts Management Limited (In Receivership)
•United Asset Management Limited (In Receivership)
•Chapman Ross Trust (In Receivership)
•Woburn Ross Trust (In Receivership)
•Mr David Robert Gilmour Ross (In Receivership).

The additional three entities mentioned in the news release include:
•Ace Investments Limited or Ace Investment Trust Limited or Ace Investment Trust
•Vivian Investments Limited
•Ross Units Trusts Limited.


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Future Brighter Money: RBNZ Releases New Bank Note Designs

New Zealand’s banknotes are getting brighter and better, with the Reserve Bank today unveiling more vibrant and secure banknote designs which will progressively enter circulation later next year. More>>

ALSO:

Commerce: Supermarket Inquiry Finds No Breaches By Countdown

The Commerce Commission inquiry into anti-competitive behaviour by Countdown supermarkets, alleged by former Labour Party MP Shane Jones, has found nothing to warrant prosecution, although it warns supermarkets to take care in the way they communicate... More>>

ALSO:

Crown Accounts: English Flags ‘Challenge’ To Budget Surplus

Finance Minister Bill English is warning next month’s half yearly fiscal and economic update from the Treasury may not forecast a budget surplus, saying that returning the government’s accounts to surplus in 2015 will be “a challenge”, given the decline in commodity prices and weak global inflation. More>>

ALSO:

March 2015: Netflix To Launch In Australia And New Zealand

World’s Leading Internet Television Network to Offer Original Series, Movies, Documentaries, Stand-Up Comedy Specials and TV Shows for Low Monthly Price More>>

ALSO:

Price Of Cheese (Is Up): Dairy Product Prices Fall To Five-Year Low

Dairy product prices fell in the latest GlobalDairyTrade auction to the lowest level in more than five years, led by declines in rennet casein and skim milk powder. More>>

ALSO:

Gordon Campbell: On The Australians Scoring Trade Points Against Us With The Chinese

It hasn’t been a great year for Trade Minister Tim Groser... To top it off, Australia has just signed a FTA with China that has far better provisions on dairy exports than what New Zealand currently enjoys in our own FTA with China. More>>

ALSO:

Iwi & Local Consultation: Oil And Gas Block Offer 2015 Begins

Energy and Resources Minister Simon Bridges today announced the start of the Block Offer 2015 process for awarding oil and gas exploration permits. More>>

Industrial Action: Stats NZ Throwing Public Money Away Duplicating Data

The Public Service Association (PSA) says Statistics NZ are throwing money away by collecting the same data twice for official statistics such as the Consumer Price Index... As part of the ongoing industrial action, field interviewers who are PSA members are continuing to collect data, but are not sending it through to Statistics NZ. More>>

ALSO:

Other Stats:

Space: Rosetta's 'Philae' Makes Historic First Landing On A Comet

After more than a decade traveling through space, a robotic lander built by the European Space Agency has made the first-ever soft landing of a spacecraft on a comet. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

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