PPB denies Trio deregistration
The liquidator of Astarra Strategic Fund, PPB Advisory, has made it clear it does not intend to deregister either Trio Capital or any of the funds for which it was the responsible entity.
The comments come after advocacy group Victims of Financial Fraud (VOFF) said PPB intended to de-register managed investment scheme Astarra in a meeting to be held today.
VOFF vice president, Paul Matters, said it would be "disastrous" if this happened as it would mean no legal action can be taken to fight for monetary compensation for those who lost money.
But PPB issued a statement saying the purpose of the meeting was to discuss the handling of the liquidation and the investigations carried out for each fund now that all assets had been realised and investigations had been completed.
"The statement by Mr Matters in his press release is factually incorrect," PPB said.
"It is not proposed nor is it the intention of the liquidators to deregister either Trio or any of the above funds at the meeting on 17 June 2015," PPB said.
PPB also said liquidators were not authorised to start criminal proceedings, adding only relevant authorities could do that.
"At this stage they have advised that no further action is required by the liquidators. The role of the liquidator is to undertake investigations and report the findings to the relevant authorities, which they have done," PPB said.
PPB said it will close the schemes over the next four months, but added this will not affect any action authorities wish to take.
In 2010, PPB was assigned as administrators, and subsequently liquidator, to wind up funds, for which Trio was the responsible entity, including Astarra Strategic Fund, ARP Growth Fund, and Asttar Wholesale Portfolio Service.
AUTHOR
Malavika Santhebennur
Recommended for you
Two JPMAM commentators have warned advisers about the dangers of moving assets into cash during market volatility, describing it as “swopping one risk for another”.
The global alternative asset manager has confirmed the acquisition of IP Generation.
Zenith Investment Partners will see its co-founder and managing director both depart this year due to their ambitions no longer aligning with those of its parent company.
Strategic partnerships are the number one priority for JPMAM, according to its EMEA CEO, having already enacted two deals with large New Zealand and UK wealth management groups.
