Stuff: Receivers might try fast-track method

Ross Asset Management investors could face “rough justice” in a bid by receivers to bring a relatively speedy return of funds.

PricewaterhouseCoopers partner John Fisk faces a massive task establishing a formula to use to return the up to $11 million in assets which have been found, which after the costs of the process could be 1 to 2 cents in the dollar invested.

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NBR: Ross shutdown unexpected, and still unexplained

Before Ross Asset Management went into receivership this week, it was regarded as a prosperous fund in the hands of highly capable manager David Ross.

But some 20 years of reportedly high returns – more than 37% in the mid-1990s – came to an abrupt end on Friday November 2 when the Financial Markets Authority raided RAM’s office and had its assets frozen.

The circumstances surrounding the situation remain murky.

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NBR: Ross investors may be eligible for tax return refunds

There is a possibility investors in Ross Asset Management may be eligible for tax return refunds.

Investors in the Wellington-based investment company have raised concerns over tax paid to the Inland Revenue Department on what could turn out to be fictitious returns.

PwC receiver John Fisk is expecting to file a court application to have the company liquidated, which means investors who have enjoyed ‘inflated returns’ may be targeted.

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Stuff: IRD to cut Ross investors’ losses?

Inland Revenue could face claims for millions in tax refunds if clients of Ross Asset Management can satisfy it that their “income” never existed.

Investors now face the prospect of recovering less than 3 cents in every dollar they thought they had with Ross.

But according to expert claims, those who drew a regular income from their investments – which was taxed – may get a refund if they can satisfy the IRD that they were in fact simply getting their original deposits back.

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