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

 

Stats NZ: Largest Drop In Terms Of Trade In A Decade As Dairy Export Prices Sour

Lower export prices for dairy, meat, and logs in the September 2020 quarter led to the biggest drop in terms of trade since June 2009, Stats NZ said today. Export prices fell in the September 2020 quarter, down 8.3 percent from its highest ever ... More>>

ALSO:

Stats NZ: Election Boosts October Job Numbers

Job numbers were boosted by general election staff in October 2020, along with rises in the manufacturing, retail, and hospitality industries, Stats NZ said today. Filled jobs rose by 27,667 to 2.2 million in October 2020 compared with September, after ... More>>

Government: New Year Border Exception For Seasonal Workers In The Horticulture And Wine Industries

2000 additional RSE workers to enter New Zealand early next year employers must pay these workers at least $22.10 an hour employers will cover costs of managed isolation for the RSE workers RSE workers will be paid the equivalent of 30 hours work a week ... More>>

ALSO:


Media: Discovery, Inc. Completes Acquisition Of New Zealand’s Mediaworks TV Ltd

Auckland, New Zealand, December 1, 2020 - Discovery, Inc. (“Discovery”), the global leader in real-life entertainment, has completed its acquisition of New Zealand’s leading independent free-to-air commercial broadcaster, MediaWorks TV Ltd, now operating ... More>>

Department Of Conservation: Big Year Underway At Albatross Colony

Familiar faces are returning for the new season of Royal Cam, with a big breeding year underway for the toroa/northern royal albatross colony on Otago’s windswept Pukekura/Taiaroa Head. More than 120 albatrosses, a taonga species, have returned ... More>>

Real Estate: ASB Survey Reveals Majority Of Kiwis Expect House Prices To Keep Climbing

ALSO:

House price expectations are soaring as New Zealand’s housing market shifts up a gear. But stretched affordability is putting a dent in perceptions of whether it’s a good time to buy. While Kiwis reveal they do expect interest rates to fall further. ... More>>

Stats NZ: Births And Deaths: Year Ended September 2020

Births and deaths releases provide statistics on the number of births and deaths registered in New Zealand, and selected fertility and mortality rates. Key facts For the year ended September 2020: 57,753 live births and 32,670 deaths ... More>>

ALSO: