Frozen Guardian Trust fund stings ex-owner Suncorp for $4.9M

Thu, 17 Jul 2014

By Paul McBeth July 17 (BusinessDesk) - Australian insurer Suncorp Group forked out an indemnity payment to New Zealand Guardian Trust more than three years after selling its former subsidiary at a $40 million loss. The $4.9 million payment on April 29 of this year covered the loss incurred by the Guardian CashPlus Mortgage Unit Fund in the final partial capital repayment from the Guardian Mortgage Fund, which was frozen in 2008 as the global financial crisis took hold, under an indemnity provision, Guardian Trust said in notes to its lat...

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