As previously advised, Trilogy Funds Management Limited (Trilogy) is pursuing legal action against various directors of the former responsible entity of the Pacific First Mortgage Fund (PFMF), including Mr Phil Sullivan.
On 4 October 2011 the Australian Securities and Investment Commission (ASIC) subpoenaed Mr Sullivan to be examined under Section 19 of the ASIC Act. In an effort to defer this examination, Mr Sullivan commenced proceedings in the Federal Court of Australia.
As highlighted in an article (‘Exam Trouble’) published in the Sydney Morning Herald on 2 November 2011, the Federal Court ordered for the first directions hearing to be set for 18 November 2011.
Under Section 19 of the ASIC Act, ASIC has the power to question under oath if ASIC, on reasonable grounds, ‘suspects or believes that a person can give information relevant to a matter that it is investigating’. As such, Trilogy is also pursuing legal action against various service providers and individuals with knowledge of the examinable affairs of City Pacific.
Balmain Trilogy will continue to ensure that Unitholders are kept up to date with developments regarding ASIC investigations concerning Mr Sullivan.
If you have any questions or require any further information regarding this development, please contact the Balmain Trilogy Client Services team on 1800 194 500.
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