Balmain Trilogy asks ASIC to register City Pacific fund
Balmain Trilogy has lodged a notice with the Australian Securities and Investments Commission under the Corporations Act requiring the regulator to register Trilogy as the new responsible entity of the City Pacific First Mortgage Fund.
Balmain Trilogy joint chief executive Andrew Griffin said the notice was lodged on the basis that City Pacific has no interest in accepting an “overwhelming” vote of the fund members last Thursday for Trilogy to replace City Pacific as responsible entity.
“City Pacific has no interest in listening to the members that it allegedly represents and has brought court action after court action, at the expense of members, to overturn the clear wishes of the members.
“It can only be assumed that City Pacific wishes to remain a responsible entity for the interim period, which in effect would enable it to continue charging fees well beyond that which Trilogy has agreed to charge and use fund assets to pay for the litigation."
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