| The Federal Court has ordered the shutdown of five investment schemes run by Avestra Asset Management, a Gold Coast financial services group drawn into Malaysia’s 1MDB crisis. Judge Jonathan Beach made the orders after reading a report from provisional liquidators that found undisclosed related-party transactions, 13 potential breaches of corporate law and failure to invest according to the fund’s individual mandates.
The report, compiled by Simon Wallace-Smith and Richard Hughes of Deloitte and released to The Australian by the court, also reveals that a Cayman Islands vehicle linked to the 1MDB scandal is the owner of the Avestra Credit Fund, which backed a takeover bid against Malaysian company Harvest Court Industries...............................................Full Article: Source
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