Trio administrators apply for fund wind-up
Trio Capital administrators PPB will file a court application to have six former Astarra funds wound up, the company announced.
The administrators have completed an initial investigation on Trio's managed investment schemes and proposed that the schemes with substantial assets that were unlikely to be realised in the short term be wound up.
The application applied to the Astarra Overseas Equities Pool, Astarra Strategic Fund, Asttar Portfolio Services, Asttar Wholesale Portfolio Service ARP Growth Fund and Regional Land Property Fund.
The assets in the remaining schemes appeared to be substantially accounted for, PPB said.
Investigations had not been able to establish the existence of the foreign assets of the Astarra Strategic Fund (ASF). Administrators had set down dates for a public examination of Shawn Richard and Eugene Liu on March 23 and 24, according to PPB.
Richard and Liu are directors of Astarra Asset Management, the investment manager of the Astarra Strategic Fund.
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