Trust named in ACR debenture claim
The Trust Company (Trust) has been named as a defendant in a case brought in the Federal Court of Australia by a debenture holder of Australian Capital Reserve (ACR) against one of its wholly owned subsidiaries The Trust Company (Nominees) Limited.
In an unusual coincidence Trust announced the case to the Australian Stock Exchange late yesterday afternoon, six years to the day that ACR entered voluntary administration. At that time Pricewaterhouse Coopers was appointed voluntary administrators and in September 2007 was appointed as liquidators.
Trust stated it considered the claim to be without basis and would continue to work in the best interests of debenture holders of ACR and with the liquidators. Trust made no further comment, apart from stating that updates regarding the case would be made in accordance with its market disclosure obligations.
The news comes as Trust is the subject of a take-over bid by Equity Trustees and a buy-out offer from Perpetual, which is being played out before the market and the Australian Competition and Consumer Commission.
The Estate Property Group and its 21 subsidiaries, including its fund-raising arm ACR, went into voluntary administration on 28 May, 2007. ACR raised funds through a series of nine prospectuses offering unsecured deposit notes to the investing public from April 2000 to December 2006.
In March of last year the three former directors of ACR were sentenced to separate terms of imprisonment by the NSW District Court following an investigation by the Australian Securities and Investments Commissions.
Recommended for you
Sharing his reasoning in joining the FSC board, WT Financial chief executive, Keith Cullen, believes “product and advice cannot be separated” from each other in the current environment.
The Emerge Foundation, a charity run by financial advisers and fund managers, has announced a scholarship program to help veterans transition into tertiary education.
In an open letter, Sequoia chief executive Garry Crole has hit out against shareholders “with a personal axe to grind” as he fights for his job ahead of an EGM.
The JAWG has announced it is in talks with Treasury around five “core principles” to strengthen the education standards for new entrants to the financial advice space.