Register  
Future Fund accused of withholding docs in airport spat
Tuesday, 27 August 2013 4:35pm

AustralianSuper has upped the ante in its dispute over the Future Fund's purchase of a stake in Perth airport, accusing the $80 billion sovereign wealth fund of withholding crucial documents.

AustralianSuper said it had requested documentation from the Future Fund in relation to the allocation of the purchase price of the airport assets from the Australian Infrastructure Fund (AIX) and is pursuing this matter in the best interest of its two million members.

"These documents are being sought so that we can determine whether to pursue a claim arising from the sale of the AIX assets," said an AustralianSuper press release.

"The Future Fund has refused to provide these documents.

"Accordingly AustralianSuper has brought an application seeking pre-trial discovery of the documents in the Victorian Supreme Court."

Earlier today, the Future Fund issued a statement denying any wrongdoing in relation to its acquisition of a $2 billion stake in Perth Airport Development Group form AIX and would oppose a preliminary discovery application from the nation's largest industry superannuation fund.

The Future Fund is alleged to have breached a shareholders' agreement and depriving AustralianSuper of its rights to increase its stake in Perth airport.

Blogs
Follow the industry experts.
Christopher Page
Christopher Page
Managing Director

Quality of advice is the real constant
David Murray's Financial System Inquiry (FSI) is due to report in a few days and rumours and speculation on what it will recommend ...read more
 
Benjamin Ong
Benjamin Ong
Chief Economist

Reflation, rotation and the taper
'Tis being my final type (drivel, to some gentle readers) for the year, we'll take a look back at the 2013 that was to seek the lessons ... read more
 
Alex Dunnin
Alex Dunnin
Director of Research & Editorial Services

It's all in the coffee mugs
The Future Fund was already Australia's most misunderstood fund even before it released its latest explanatory paper describing its ... read more
News Search   
VideoBrought to you by
Why Multi-Asset Solutions?
Joe Fernandes, Head of Global Investment Solutions at Colonial First State Global Asset Management talks about the advantages of objective-based investing in the multi-asset space. Watch video
Introduction to Series #07
What are the key challenges advisers face when building retirement portfolios for clients? Watch Joe Fernandes, Head of Global Investment Solutions at Colonial First State Global Asset Management. Watch video
Zurich Investments Global Growth Share Fund
The pool of investable funds in the retail sector is ever growing, and as investors become more sophisticated the appetite for global equities is only going to increase. In this video, Noble says with ... Watch video
Managed Accounts Forum 2014 Highlights
Around 150 delegates attended Financial Standard's inaugural Best Practice Forum in Managed Accounts held in Sydney in August. Financial Standard also launched a new magazine: FS Managed ... Watch video
Colonial First State Multi-Asset Real Return Fund
Find out more about the investment philosophy and objective of the Colonial First State Multi-Asset Real Return Fund. Senior Portfolio Manager, Kej Somaia explains. Watch video
The New Neutral
At this year's PIMCO Secular Forum, the company's global executives set themselves the challenge of taking a three to five year view and anticipate where the market would be against what investors would ... Watch video
Get it
Daily
FREE to your inbox, get the Financial Standard Daily Email.
Get the Free
iPad app
Download the Financial Standard iPad app for FREE
Industry
Events
NOV
24
DEC
02
FEAL - La Trobe Financial National Achievement Awards
17
Post Retirement Australia 2014 Conference
MAR
25
Digital Marketing for Banking & Financial Services 2015 Summit
NOV
24
LEADERSHIP SERIES 2014 - FSC: Leadership in Financial Services
25
Helen Conway: Business Lunch
News
Bites

$245 (inc GST) for 1 year
 
 
Copyright © 1992-2014 Rainmaker Group
All material on this site is subject to copyright. All rights reserved. No part of this material may be reproduced, translated, transmitted, framed or stored in a retrieval system for public or private use without the written permission of the publisher.
Link to something NCcW6k4x