Ross Asset liquidation timeline getting closer
PwC receiver John Fisk is in meetings today to discuss liquidating the Wellington-based company.
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Hawke’s Bay
More meetings are planned today to work out a timeline to liquidate suspected ponzi scheme Ross Asset Management.
PwC receiver John Fisk has recommended the Wellington-based investment company be liquidated and says early indications suggest David Ross may have been running a ponzi scheme.
PwC has so far identified just $10.2 million of assets out of a purported $450 million.
There are more than 900 investors and 1720 individual accounts in RAM.
Mr Fisk says it is likely the historical returns advised to investors are exaggerated and may possibly be fictitious.
As a result, the actual cash loss which may eventually be suffered by the remaining investors will differ from the amounts showing as the “value” in individual investors’ portfolios.
Mr Fisk says today’s meeting between PwC and the Financial Markets’ Authority will be to run through the options for liquidation and to work out a timeline for the action.
He says an application will need to be made to the court to liquidate the company and he wants to see it done “sooner rather than later”.
Yesterday, the Serious Fraud Office said it would also be wading into the investigation.
Blair Cunningham
Tue, 20 Nov 2012
Tue, 20 Nov 2012
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Ross Asset liquidation timeline getting closer
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