opes prime, page-29

THE corporate watchdog has started an investigation into Opes Prime Stockbroking Ltd, after a receiver and an administrator were appointed to Opes yesterday.

The company was suspended as a trading, settlement and clearing participant of the Australian Securities Exchange.

The Australian Securities and Investments Commission (ASIC) said it had formed a special team to investigate any potential breaches of the Corporations Act.

Deloitte Corporate Reorganisation Group has been appointed receivers of Opes, and Ferrier Hodgson has been appointed administrators.

Deloitte said today it was appointed receiver by a secured creditor, ANZ.

"The (Opes) directors appointed John Lindholm of Ferrier Hodgson as voluntary administrator when they became aware of a number of cash and stock movement irregularities in relation to a small number of accounts," Deloitte said.

"The shortfalls in these accounts led the directors to believe the trading operations could not continue.

"These matters will continue to be subject to the receivers' investigations."

Deloitte said the trading operations of Opes Prime had ceased, and client accounts had been frozen.

The Australian Securities Exchange (ASX) said Opes Prime's on-market (novated) trades are cleared through Berndale Securities Ltd.

Berndale had confirmed it stands ready to meet obligations on behalf of Opes Prime for outstanding novated trades due for settlement today, Monday and Tuesday.

There was an anticipated net settlement obligation of less than $5 million in relation to those Opes Prime transactions for each of the three outstanding settlement days (today, Monday and Tuesday).

ASX Settlement and Transfer Corporation anticipates settlement to be completed as normal for the whole market.

Share this article