Mariner defends position
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.”
AUTHOR
Mike Taylor
Recommended for you
Multiple industry organisations have shared their thoughts on AFCA’s proposed rules amendment, supporting the idea of firms being named publicly when they fail to comply with determinations.
Channel Capital has appointed a head of investment oversight who joins from 14 years at asset consulting firm JANA Investment Advisers.
Licensee Centrepoint Alliance has completed the acquisition of Brighter Super’s annual review service advice book, via Financial Advice Matters.
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
