Mariner Credit Corporation has defended itself against media reports alleging non-disclosure of some transactions and issues with related party loans.
In doing so, the company has sought to reassure bond holders in its Mariner Lifestyle Bonds that their investment remains sound.
In an announcement released on the Australian Securities Exchange, Mariner has defended its Mariner Lifestyle Bonds and pointed out that while the reports correctly referred to three related party loans, the loans were made out of capital not required to support the issue of Mariner Lifestyle Bonds and were not made from money raised from the public.
It said the fact excess capital had been deployed in such a way had been disclosed in the company’s annual accounts.
“The company’s actuarially reviewed modelling indicates that obligations to bond holders are fully met from cash held by the company and earnings from a small portfolio of listed property trusts,” the Mariner announcement said. “There is no reliance on the related party loans for the purpose of the company’s meeting its obligation to bond holders.”
