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

 


Ross Asset Management – cache of investors’ money found?

Ross Asset Management – another cache of investors’ money found?

The members of the RAM Investors Group are relieved that more assets held by David Ross have recently been found, but deeply concerned that the process may be flawed and that the media seemingly have had to inform the liquidator where some assets held by Mr Ross are to be found.

The stuff.co.nz web site today reported that the liquidator was not aware that David Robert Gilmour Ross held a substantial holding of shares in a tech company called Arria NLG for himself as trustee of the DRG Ross Family Trust. Stuff also reported the liquidator was not a receiver of the DRG Ross Family Trust (reference below).

These revelations are concerning, as the Investors Group would have hoped that eight months after the collapse of RAM the expected intensive forensic accounting exercise would have revealed all hidden funds, especially those in such obvious places as Ross’s family trust. We must question whether the forensic accounting has been done adequately or whether there are further structural regulatory flaws that prevent liquidators from getting access to such information.

We must question the sources of the funds in Ross’s family trusts. Are these funds rightfully the property of the RAM investors?

In our efforts to get further information on the wider front the RAM Investors group has published this diagram, which seeks to highlight the places where our life savings may have gone. We still seem to be well short of having a clear picture of the reality.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Drones: First Certificate Issued Under New UAV Rules

Transport Minister Simon Bridges and Associate Transport Minister Craig Foss say the first certified flight of an unmanned helicopter under new aviation rules is a great example of how they can enable commercial use. More>>

ALSO:

GE Swedes And Cow Deaths: Plant Analysis Backs Up Earlier Advice

The industry body is recommending that farmers do not feed Herbicide Tolerant (HT) swedes to cows in spring when the animals are in late pregnancy or early lactation. DairyNZ is also advising caution if farmers are considering other leafy varieties. More>>

ALSO:

Statistics: Dairy And Travel Still Our Largest Export Earners

New Zealand earned $2.3 billion more from exports than we spent on imports during the year ended June 2015... total exports of goods and services were $67.5 billion, while total imports were $65.1 billion. More>>

ALSO:

Approval: Air New Zealand And Air China Launch New Alliance Route

Air New Zealand and Air China have today launched joint sales for a new daily direct service between Auckland and Beijing after receiving approval from New Zealand Minister of Transport Hon Simon Bridges to form a strategic alliance. More>>

ALSO:

Money Trading: FX Trader Jin Yuan Finance Warned Over Lack Of Monitoring

Jin Yuan Finance, an Auckland-based foreign exchange trader, has been warned over its lack of anti-money laundering processes in place in the first public notification by the Department of Internal Affairs. More>>

ALSO:

Auckland Surge, Possible Peak: House Values Accelerate At Fastest Annual Pace In 8 Years

New Zealand residential property values rose at their fastest annual pace in eight years in August, pushed higher by overflowing demand in Auckland, which is showing signs speculators think it has reached its peak, according to Quotable Value. More>>

ALSO:

Cash Money: Reserve Bank Launches New $5 And $10 Banknotes

The $5 and $10 final banknotes were revealed at an event at the Bank in Wellington, and will start to be released from mid-October 2015. More>>

ALSO:

Truck Sales Booted: Commerce Commission Files Charges Against Mobile Trader

The Commerce Commission has filed charges against a mobile trader, or truck shop operator, claiming he obtained money from customers by deception and never intended to supply them with the goods they paid for. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news