Ross Asset receivers take control of more entities

PwC receivers John Fisk and David Bridgman have taken control of seven additional entities which are holding assets on behalf of the Ross Group.

Mr Fisk is now expecting full co-operation from David Ross after his release from hospital. He has spent the last three weeks receiving compulsory treatment under the Mental Health Act.

He says they have now uncovered just over $11 million of assets, which is still well short of the purported $450 million.

“We expect the amount to increase further but regrettably, based on the current information we have, we do not expect any increases to be significant, unless our inquiries of Mr Ross identify significant additional assets.”

He says initial investigations have revealed a number of entities and names which are holding assets on behalf of the group and its investors which were not part of the original orders of the High Court.

Messrs Fisk and Bridgman have now been appointed receivers and managers of the following entities and assets:

• Ace Investments Limited
• Ace Investment Trust Limited
• Ace Investment Trust
• Vivian Investments Limited
• Vivian Investments
• Ross Unit Trust
• Ross Unit Trust Limited

Mr Fisk expects to provide another update to the High Court on Monday and apply for liquidation orders in the “very near future”.

Meanwhile, Bruce Tichbon, who is acting on behalf of more than 300 of Ross Asset Management’s investors, has received a written response from the Financial Markers Authority.

He wrote to the FMA earlier in the week, after learning of the intention to liquidate the entities.

Mr Tichbon told NBR ONLINE the liquidation could not be rushed and there were more questions to be answered.

The FMA’s head of enforcement Belinda Moffat told Mr Tichbon the FMA would be happy to meet with him to discuss his concerns.

The letter essentially runs through the decisions made to freeze the company’s assets and the intention to have the company liquidated.

Ms Moffat said that intention will be made clear to the High Court on Monday.

bcunningham@nbr.co.nz