Hamish Fletcher

Business reporter for the NZ Herald

Ross meeting offers little hope

David Ross had 900 clients on his books and managed $450 million for investors. Photo / APN
David Ross had 900 clients on his books and managed $450 million for investors. Photo / APN

A meeting between financial advisor David Ross and the receivers of his troubled business has borne little fruit.

Ross, a Wellington-based businessman, was released from hospital on Wednesday after receiving compulsory treatment under the Mental Health Act.

Although 900 clients of his firm, Ross Asset Management, believed their investments were worth almost $450 million, receivers PwC have so far only be able to identify $11 million of assets in the Ross group of companies.

In a statement, PwC said that they met with Ross yesterday afternoon but this has not lead them to a discovery of any of the assets of "significant value".

"Based on this meeting, the receivers and managers do not expect to locate any further assets of significant value within the Ross Group (In Receivership). The Receivers and
Managers acknowledge this will be extremely disappointing news for investors," PwC said.

PwC were appointed to manage the Ross group of companies after investors complained to the Financial Markets Authority.

The receivers are pushing to have the companies put into liquidation are due to appear in the High Court on Monday to discuss the next steps for the group.

- NZ Herald

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