Advocacy group decries Astarra de-registration
A Wollongong-based investor advocacy group has condemned the liquidators of the collapsed Trio Capital funds, which this week intends to de-register a managed investment scheme Trio Capital invested in.
Victims of Financial Fraud (VOFF) said it will be "disastrous" if liquidator PPB Advisory deregisters Astarra Strategic Fund on Wednesday this week, at a meeting in the State Library of NSW.
The Astarra Strategic fund pumped over $123 million of retirement and investment savings out of Australia, and put the money into Global Consultants and Services Limited (GCSL), now based in Liechtenstein.
The Supreme Court of NSW noted that the principal of GCSL was at the helm of Trio Capital Group and the scheme.
VOFF said de-registration would mean no legal action can be taken against GCSL for monetary compensation.
"De-registration of ASF would be the end game of this massive transnational fraud. Not only would have the criminals avoided criminal prosecution due to the shear incompetence of ASIC but will now be finally let off the hook completely, in regards to restitution to the victims and the 178 million dollars the criminals stole," VOFF Vice President Paul Matters said.
Matters said PPB and the corporate regulator should litigate action against GCSL to retrieve the "stolen money".
Trio invested some assets of the funds into Astarra Strategic Fund, with most of its assets going into so called hedge funds in the Caribbean.
But there is little evidence the investments were actually made, or if they were, that they had any real value.
The Australian Prudential Regulation Authority appointed acting trustee, and the corporate regulator cancelled Trio's licence as a fund manager in 2009.
AUTHOR
Malavika Santhebennur
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