Aurora Funds Management Limited (AFML) announces that over the weekend it became aware that approximately $1 million of funds belonging to the Aurora Property Buy-Write Income Trust (AUP) appear to have been taken from its bank account without proper authority.
The matter has been reported to the Victoria Police and it is currently under investigation.
AFML will also notify this incident to ASIC as required under the conditions of its Australian financial services licence and the insurer under its investment management insurance policy. Aurora confirms that it has appropriate insurance cover in place and also expects to take recovery action against the alleged perpetrator as soon as practicable.
Although AFML’s investigation is continuing, at this stage the board has no reason to believe that there has been any other unauthorised withdrawal of money from any other fund managed by AFML. Further, AFML believes the perpetrator acted alone.
This incident is not expected to affect completion of AUP’s takeover of the RNY Property Trust (RNY). Although payment to some RNY unit holders has been delayed, outstanding cheques should be received this week.
The Chief Financial Officer of AFML, Ms Betty Poon, has been terminated effective immediately. AFML will appoint a replacement as soon as possible.