Trinity wants 'success fee' repaid
Queensland-based funds manager Trinity Limited has initiated action in the Supreme Court over a success fee paid to a consultant and lobbyist, claiming the payment was a mistake and therefore not valid.
The company announced to the Australian Securities Exchange (ASX) that it had filed a claim in the Queensland Supreme Court against the company Veritate Pty Ltd and consultant Ross Daley following the findings of a forensic investigation carried out by Deloitte Touche Tomatsu.
It said the board had considered its position and had resolved to pursue recovery of the $1 million payment via the court action.
Summarising the statement of claim put before the Supreme Court, Trinity said it was alleging that the $1 million payment was made by mistake and that no valid and binding agreement was in place between the parties under which the payment was required to be made.
As well, it said it would be alleged that Veritate and Daley contravened the prohibition against misleading or deceptive conduct contained in section 52 of the Trade Practices Act as Veritate represented, through Daley, that it could and would influence the Sunsuper investment in the Trinity Property Trust in circumstances where in fact Veritate and Daley had no influence whatsoever.
The statement of claim also argued that the $1 million ought to be repaid to Trinity or that Veritate and Daley ought to pay damages to Trinity pursuant to section 82 of the Trade Practices Act.
AUTHOR
Mike Taylor
Recommended for you
As ASIC looks to publish firm-level data on the internal dispute resolution regime, a compliance professional has warned it could have unintended consequences, such as under-reporting.
Selfwealth’s acquirer, Syfe Group, has said the firm is hopeful of opportunities from the mass affluent population as it believes a gap exists between DIY brokerage and financial advisers.
Rose Partners, which has a strategic partnership with AZ NGA, has purchased an advisory and accounting business based in Queensland to drive its expansion.
Having already completed three major sales, Iress has announced its latest divestment following a strategic review conducted during its transformation program.
