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Tichbon, Strahl on Ross Asset liquidators committee

Bruce Tichbon, who set up the support group for investors in the failed Ross Asset Management, and former commercial lawyer John Strahl are among those named to a liquidation committee set to meet this month.

The seven-member committee cannot make binding demands on liquidators John Fisk and David Bridgman of PWC but the pair are obliged to have regard for its views.

Assets of the Ross group of companies remain frozen pending the outcome of the committee's meeting on February 25 after a High Court ruling earlier this month.

Messrs Fisk and Bridgman were initially installed as receivers and managers of the RAM companies that Mr Fisk has described as having the hallmarks of a ponzi scheme. Some 1720 investor accounts show investments totalling $449.6 million, though the liquidators have only been able to identify $10.5 million of assets.

Mr Tichbon and Mr Strahl, formerly a partner at DLA Phillips Fox, are joined by Jason Fullerton-Smith, chief financial officer of Kordia NZ, energy planner Tom Halliburton, management consultant Peter MacDonald, IT contractor Barrington Prince and property valuer Arthur Stewart.

The committee is made up of Ross group creditors to represent those people owed by the fund manager and was chosen by a vote.

The various funds were frozen after a Financial Markets Authority Investigation, and the Serious Fraud Office is also inquiring into the case.

(BusinessDesk)

Comments and questions
4

Regretably, this one will quietly slip into the mists of time. There's not enough in the kitty to interest the liquidators in conducting a drag-em-out discovery investigation. Unless there is an open public examination of Ross by the liquidators the investors will never know what went wrong, and, how they can avoid making the same mistake again.

This committe is a total w__k. No power and PWC will do exactly as they please.

Correct. The only way to enforce a Liquidator's duties is to go to the High Court, more costs, more legal fees more time wasted while you wait for a Court date....

The FMA should take this case over using its powers in the legislation that it is in the public interest that the case be investigated. Otherwise we will see many more Ross cases especially as Kiwisaver funds are disgorged to the over 65s looking to chase a per more percentage income than the bank offers.