A key investment company of pirate-loving fund manager Stuart McAuliffe is in liquidation, and the autopsy so far is scathing.
Liquidators believe an ASX-listed fund named after a dead pirate had collapsed following a string of red flags, including the possibility of investments being “significantly overstated”., named after a 17th century Caribbean buccaneer, have raised questions about $12 million in performance and management fees paid by the fund based on such valuations.
They included that the funds raised were not used for “the purpose set out in the prospectus but for the purpose of investing in and paying fees to companies and businesses connected with Mr McAuliffe”. The liquidators noted that fees to that investment company from the fund were based on those net tangible assets. “Overstating [the fund’s] accounts would have led to a higher [level of] net tangible assets and higher fees payable to” Mr McAuliffe’s investment management company, they wrote.
The Henry Morgan investment company, which incurred total trading losses of $48 million, might have been insolvent from at least June 2018, the liquidators estimated. “We attempted to contact Mr McAuliffe on a number of occasions via his mobile phone, all possible email and mailing addresses, however to date we have not been able to speak to him nor has he responded via email or letter to any of our written correspondence,” they said. Even a process server had not been able to locate him.
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