SIV Asset Management slams bill claim

SIV Asset Management is currently investigating legal options with regards to a $324,000 bill received from a former subsidiary.

Aurora Funds Management, which was sold by SIV in early 2015 and later bought by Keybridge Capital - who then sold it just over a year later - alleged in legal correspondence that SIV is required to pay the above sum in relation to profits generated by the SIV Investment Fund and the Orion Investment Options Fund following the sale.

In an ASX statement, SIV said it "strongly denies that these funds are payable to Aurora and considers this to be an opportunistic attempt to frustrate the company's potential business opportunities," adding that it will update the market as to its legal response in due course.

SIV was originally known as Aurora Funds Limited, before rebranding in 2016 to focus the business on the significant investor visa programme.

Aurora Funds Management is also currently embroiled in ASIC dispute regarding its call, alongside Keybridge, to appoint new directors to the board of Molopo Energy on May 30.

ASIC has contested the validity of Keybridge and Aurora's proposal and has sought interim orders to prevent Keybridge and Aurora (and any associated entities) from exercising voting rights at the meeting.

The regulator argued that Aurora and Keybridge are associated with one another, and because their combined shareholding in Molopo is 37.33%, this is a contravention of section 606 of the Corporations Act.

Read more: SIV Asset ManagementAurora Funds ManagementASICAurora Funds LimitedKeybridge CapitalMolopo EnergyASXOrion Investment Options FundSIV Investment Fund
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