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.

bcunningham@nbr.co.nz

This article is tagged with the following keywords. Find out more about My Tags

2 Comments & Questions

Commenter icon key: Subscriber Verified

Are Ross's personal assets frozen, or just RAMs? If no, then why not?

Reply
Share

Why are investors not privy to the conversations between PWC and David Ross? After all, it is their money that is being discussed. Some investors may be able to confirm or deny the stories being told. I think all conversations relating to the missing 440 million should be put on video and made available to all investors!!!

Reply
Share

Post New comment or question

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

NZ Market Snapshot

Forex

Sym Price Change
USD 0.8012 0.0052 0.65%
AUD 0.9077 0.0006 0.07%
EUR 0.6252 0.0028 0.45%
GBP 0.4952 0.0024 0.49%
HKD 6.2173 0.0415 0.67%
JPY 85.2240 0.1390 0.16%

Commods

Commodity Price Change Time
Gold Index 1244.2 5.700 2014-10-20T00:
Oil Brent 85.4 -0.760 2014-10-20T00:
Oil Nymex 82.8 -0.040 2014-10-20T00:
Silver Index 17.3 0.020 2014-10-20T00:

Indices

Symbol Open High Last %
NZX 50 5197.9 5238.9 5197.9 0.68%
NASDAQ 4254.2 4316.9 4258.4 1.35%
DAX 8819.3 8834.7 8850.3 -1.50%
DJI 16373.1 16401.6 16380.4 0.12%
FTSE 6310.3 6320.3 6310.3 -0.68%
HKSE 23073.4 23231.5 23070.3 -0.25%
NI225 15115.3 15115.3 15111.2 -1.66%