David Ross' assets remain frozen until February
David Ross’ assets will remain frozen until February after a decision to delay yesterday’s court update.
PwC receivers John Fisk and David Bridgman were to update the Wellington High Court on their progress into the receivership of Ross Asset Management but it has held over until February 4.
Mr Fisk told NBR ONLINE there was no particular reason for the delay, but says there was hardly any need for the hearing, given the application to liquidate RAM will be heard in court next Monday.
In the meantime, the original High Court order freezing Mr Ross’ assets will remain in place.
Messrs Fisk and Bridgman have so far only found about $11.4 million of assets out of a purported $450 million.
“I have not been told of any significant change in that figure recently. Unfortunately, there’s not a lot of money being identified,” Mr Fisk says.
While investors wait to find out whether RAM will be liquidated, Mr Fisk says he is regularly meeting with Mr Ross and his lawyer Gary Turkington.
“We’re in discussions with regards to proposals to realise some assets to pay some costs.”
He says they are continuing to provide updates to the Serious Fraud Office and the Financial Markets Authority and are working closely with the investors’ group and other individual investors.
The FMA says the delay in the hearing will then allow it to update the court on the outcome of those liquidation applications.
It is currently investigating possible breaches of financial markets legislation.