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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

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