Subject: TAMRO IS DEAD AS IS THE $2.2 BILLION IT ONCE MANAGED HOWEVER THE TRUSTEE' 2016 TRUST ACCOUNTS SEEM TO SUGGEST NOT?
*** ASI PRESS RELEASE ***
PACIFIC CURRENT GROUP LIMITED (ASX
AC) AND TAMRO CAPITAL PARTNERS
If an Asset Management Firm Dies, Do Its Owners Have to Know on the Day it Died?
Does Equitable Interest Die at Death or Does it Remain Intact?
And What are the Trustee’ Fiduciary Obligations in that Regard?
The poor disclosure regarding the fate of TAMRO Capital Partners is just another sorry example of the incompetence and secretivness that have beset Pacific Current. But it pales into insignificance when set against the greater failing, the handing over of $288 million dollars of unencumbered, Treasury Group Limited shareholders' funds for units in a questionable and opaque Trust.
And then, for the shareholders to see those same unitised shareholder funds squandered, in exchange for what are now known be, tainted and impaired assets - with their attached debt and liabilities amounting to some $136 million dollars, courtesy of Laird Norton Company, BNP Paribas Investment Partners, their Northern Lights entities, the undisclosed related parties and cohorts.
ASI has asked Pacific Current repeatedly to reveal what it has done with the shareholders’ money, but it has ignored us.
At the very least, we have requested that Pacific Current provide its shareholder owners with the 2014-15 accounts of Aurora Trust, to give them some hope of making sense of the Byzantine arrangements that have so denuded their shareholders’ funds – but Pacific Current refuses to do this.
That is perhaps the crowning disgrace in what is already a low point in Australian corporate governance.
See link our press release about the unfortunate death of TAMRO below……
….
http://prwire.com.au/pr/65314/pacific-current-group-limited-asx-pac-and-tamro-capital-partners
Regards
Michael de Tocqueville
(20min delay)