By Hamish Rutherford
A Wellington investment company has been taken over by PwC while the state of its affairs is established.
Ross Asset Management will be managed at least temporarily by PwC as brokers from First NZ Capital attempt to work out the affairs of a company which suffered a “vacuum of management” a court has heard.
In the Wellington High Court today Justice J Mallon considered an application seeking the appointment of receivers to manage the business of Mr Ross (the first defendant) and his associated companies. The application was made under sections 137F and 137G of the Financial Advisers Act 2008.
By Hamish Rutherford
The Financial Markets Authority wants a broker appointed to work out the ‘‘real value’’ of Ross Asset Management, which had its assets frozen on Friday.
The High Court in Wellington will hear an application tomorrow from the financial regulator to bring in both a manager and broker ‘‘whose job it will be to determine what has occurred, the real value of funds under management, and the best way forward’’ the FMA said in a statement.
Wellington businessman Bruce Tichbon is setting up a user group for investors in Ross Asset Management to communicate with each other.
The Financial Markets Authority (FMA) have a website with updated information about their enquiry.