Mariner defends position

disclosure bonds australian securities exchange

2 December 2008
| By Mike Taylor |

Mariner Credit Corporation has defended itself against media reports alleging non-disclosure of some transactions and issues with related party loans.

In doing so, the company has sought to reassure bond holders in its Mariner Lifestyle Bonds that their investment remains sound.

In an announcement released on the Australian Securities Exchange, Mariner has defended its Mariner Lifestyle Bonds and pointed out that while the reports correctly referred to three related party loans, the loans were made out of capital not required to support the issue of Mariner Lifestyle Bonds and were not made from money raised from the public.

It said the fact excess capital had been deployed in such a way had been disclosed in the company’s annual accounts.

“The company’s actuarially reviewed modelling indicates that obligations to bond holders are fully met from cash held by the company and earnings from a small portfolio of listed property trusts,” the Mariner announcement said. “There is no reliance on the related party loans for the purpose of the company’s meeting its obligation to bond holders.”

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...

1 week ago

Interesting. Would be good to know the details of the StrategyOne deal....

1 week 4 days ago

It’s astonishing to see the FAAA now pushing for more advisers by courting "career changers" and international recruits,...

4 weeks 2 days ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

3 weeks 4 days ago

A former Brisbane financial adviser has been charged with 26 counts of dishonest conduct regarding a failure to disclose he would receive substantial commission payments ...

1 week 3 days ago

Pinnacle Investment Management has announced it will acquire strategic interests in two international fund managers for $142 million....

1 week 2 days ago