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Showing 1 - 10 of 19 results for "Premium Income Fund"

Disgraced former fund manager chief declared bankrupt

JAMIE WILLIAMSON  |  TUESDAY, 21 DEC 2021
... collapsed in 2008 owing $2.5 billion. The regulator alleged senior executives misappropriated $143.5 million of Premium Income Fund investors' money to repay debts. To do so, ASIC said they falsified and backdated documents. As part of that, in 2017 ...

ASIC cancels AFSL, bans former executives and fund managers

JAMIE WILLIAMSON  |  TUESDAY, 30 MAY 2017
... Corporations Act. Together they misappropriated $147.5 million held by the managed investment scheme known as the Premium Income Fund (PIF) on behalf of unitholders, using the funds to pay debts owed by other related entities in the MFS Group. The MFS ...

Court approves Premium Income Fund settlement

LAURA MILLAN  |  WEDNESDAY, 10 DEC 2014
The Federal Court has made orders approving the settlement of the class action against the failed Premium Income Fund (PIF). IMF Bentham confirmed the court's approval of the settlement, but did not say how much PIF unit holders will be receiving as ...

Wellington forced to pay ASIC's cost of appeal

LAURA MILLAN  |  FRIDAY, 12 JUL 2013
... Investments Commission (ASIC) after the regulator brought legal proceedings against the responsible entity of the Premium Income Fund (PIF). The cost of the proceedings is estimated to be between $80,000 and $100,000, an ASIC source told Financial Standard. ...

ASIC continues proceedings against Wellington Capital

LAURA MILLAN  |  TUESDAY, 11 JUN 2013
... (ASIC) has taken a new step on its legal proceeding against Wellington Capital, the responsible entity of the Premium Income Fund (PIF) in the Federal Court of Australia. The Court considered that Wellington Capital distribution of PIF shares to Asset ...

Wellington Capital to take PIF case to High Court

LAURA MILLAN  |  FRIDAY, 31 MAY 2013
Wellington Capital has said it will take the Premium Income Fund (PIF) case to the High Court after the Federal Court ruled that distribution of PIF shares to Asset Resolution Limited (ARL) was invalid. The rule overturns an early decision of the same ...

PIF Action Group questions ASIC decision on Wellington

LAURA MILLAN  |  WEDNESDAY, 1 MAY 2013
... Australian Securities and Investments Commission (ASIC) decision to drop the investigation into the Wellington Premium Income Fund (PIF) has angered the PIF Action Group. PIF Action Group president Peter Grenadier told Financial Standard that in his ...

Guidance sought on Wellington's share distrib plans

MARK STORY  |  MONDAY, 15 OCT 2012
... Capital Limited (Wellington) is legally able to distribute shares, as opposed to cash, to the unitholders in the Premium Income Fund (PIF). On 5 September Wellington, as responsible entity of the PIF, announced that Asset Resolution Limited (ARL) had ...

PIF Action Group lands Federal Court win

ELISE BURGESS  |  TUESDAY, 21 JUN 2011
The Federal Court has sided with the Premium Income Fund Action Group (PIFAG) against Brisbane-based Wellington Capital Limited, finding Wellington breached corporations law in its role as management and trustee for the Premium Income Fund. Yesterday ...

PIF Investor action group claim small victory

RACHEL DAVIS  |  FRIDAY, 10 JUN 2011
... injunction application by PIF Action Group (PIFAG). PIFAG is seeking an injunction to cancel units in the Premium Income Fund (PIF) issued via a recent capital raising. The group also want to reverse changes to the constitution and restrain Wellington ...
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