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The Australian Securities and Investments Commission (ASIC) has cancelled City Pacific’s Australian financial services licence.
A statement from ASIC said the decision was made after discussions with the liquidators of City Pacific to ensure the timing of the cancellation would not adversely affect investors in the City Pacific Income Fund (the remaining managed investment scheme operated by City Pacific).
The cancellation of City Pacific’s licence is subject to a specification that it continues to take steps to wind up the City Pacific Income Fund.
In June last year, investors in the former City Pacific First Mortgage Fund voted to remove City Pacific as the responsible entity of the fund, replacing it with Balmain Trilogy (a joint venture between Trilogy Capital Group and Balmain Corporation).
This was followed by orders from the Federal Court of Australia to wind up City Pacific in August.
