Tuesday, 15 December 2015

1MDB needs a new script (3)

I wrote before about Avestra Asset Management and its curious relationship with 1MDB (here and here).

The Australian published today an article "Court shuts Avestra schemes linked to 1MDB crisis" on its website that seems relevant.

The Federal Court has ordered the shutdown of five investment schemes run by Avestra Asset Management, a Gold Coast fin­ancial services group drawn into Malaysia’s 1MDB crisis.

Judge Jonathan Beach made the orders after reading a report from provisional liquidators that found undisclosed related-party transactions, 13 potential breaches of corporate law and failure to invest according to the fund’s individual mandates.

The report, compiled by Simon Wallace-Smith and Richard Hughes of Deloitte and released to The Australian by the court, also reveals that a Cayman Islands vehicle linked to the 1MDB scandal is the owner of the Avestra Credit Fund, which backed a takeover bid against Malaysian company Harvest Court Industries.

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