AUSTRALIAN-based financial services provider, Woodlawn Capital Pty
Ltd, is disappointed with suggestions that they had acted
inappropriately in managing the Motor Vehicles Insurance Ltd (MVIL)
funds, The National reports.
It was responding to a statement issued by Minister of Public Enterprises Sir Mekere Morauta on Nov 23 and reported in The National on Nov 24.
Sir Mekere’s statement claimed that funds held in a trust account by Woodlawn Capital on behalf of MVIL was illegal and its placement in such an account had no proper approvals.
The statement yesterday supposedly released on behalf of both Woodlawn Capital and MVIL was later announced through an e-mail as representing the views of Woodlawn Capital alone.
Sir Mekere said yesterday in a statement that, as far as he was informed, the statement by the companies did not represent the views of MVIL.
“Stop trying to confuse the issue and just bring the money back,” Sir Mekere said.
The company’s statement read: “Statements made by both the Ministry of Public Enterprises and the media report by The National that money has gone missing are completely false, as is any implication that Woodlawn Capital has acted inappropriately or illegally in its dealings with the funds under management it holds under the terms of its investment management agreement with MVIL.
“The directors of Woodlawn Capital Pty Ltd are disappointed by the lack of professionalism and due diligence of the parties who have made these accusations.”
The statement said Woodlawn Capital was an Australian-based financial services company, regulated by the Australian Securities and Investment Commission and was a holder of an Australian Financial Services licence.
Woodlawn Capital is also regulated by the Australian Transaction Reports and Analysis Centre to comply with anti-money laundering legislation.
MVIL had engaged the company to provide investment management services under a commercial arms-length agreement in 2009.
The agreement was signed by the MVIL executive management and the board of directors.
“Any suggestion funds are ‘missing’, ‘siphoned off’ or ‘owned by Woodlawn Capital’ or any other third party is incorrect,” the statement said.
“Investment funds are currently, and have always been, held in a trust account on behalf of and for the benefit of MVIL.
“Woodlawn Capital has at all stages met all reporting requirements both in Australia and to its clients. MVIL is provided with regular reports in relation to the funds under management and MVIL have been issued with independent verification of the funds under management.”
Sir Mekere said MVIL had confirmed to him that it had not authorised the statement released by Woodlawn Capital, purportedly on MVIL’s behalf.
It was responding to a statement issued by Minister of Public Enterprises Sir Mekere Morauta on Nov 23 and reported in The National on Nov 24.
Sir Mekere’s statement claimed that funds held in a trust account by Woodlawn Capital on behalf of MVIL was illegal and its placement in such an account had no proper approvals.
The statement yesterday supposedly released on behalf of both Woodlawn Capital and MVIL was later announced through an e-mail as representing the views of Woodlawn Capital alone.
Sir Mekere said yesterday in a statement that, as far as he was informed, the statement by the companies did not represent the views of MVIL.
“Stop trying to confuse the issue and just bring the money back,” Sir Mekere said.
The company’s statement read: “Statements made by both the Ministry of Public Enterprises and the media report by The National that money has gone missing are completely false, as is any implication that Woodlawn Capital has acted inappropriately or illegally in its dealings with the funds under management it holds under the terms of its investment management agreement with MVIL.
“The directors of Woodlawn Capital Pty Ltd are disappointed by the lack of professionalism and due diligence of the parties who have made these accusations.”
The statement said Woodlawn Capital was an Australian-based financial services company, regulated by the Australian Securities and Investment Commission and was a holder of an Australian Financial Services licence.
Woodlawn Capital is also regulated by the Australian Transaction Reports and Analysis Centre to comply with anti-money laundering legislation.
MVIL had engaged the company to provide investment management services under a commercial arms-length agreement in 2009.
The agreement was signed by the MVIL executive management and the board of directors.
“Any suggestion funds are ‘missing’, ‘siphoned off’ or ‘owned by Woodlawn Capital’ or any other third party is incorrect,” the statement said.
“Investment funds are currently, and have always been, held in a trust account on behalf of and for the benefit of MVIL.
“Woodlawn Capital has at all stages met all reporting requirements both in Australia and to its clients. MVIL is provided with regular reports in relation to the funds under management and MVIL have been issued with independent verification of the funds under management.”
Sir Mekere said MVIL had confirmed to him that it had not authorised the statement released by Woodlawn Capital, purportedly on MVIL’s behalf.
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