Pyne Gould says Torchlight case not material

Thu, 22 Oct 2015

By Suze Metherell Oct. 22 (BusinessDesk) - Pyne Gould Corp, the financial service firm controlled by managing director George Kerr, says there is likely to be no or little material impact on its books from the recent High Court ruling over a late debt repayment by its Torchlight Fund. Earlier this week, Justice Matthew Muir ruled Pyne Gould subsidiary Torchlight Fund No.1 LP didn't have to pay a A$33.6 million late penalty fee on a A$37 million loan from Australian businessman John Grill's Wilaci. Justice Muir rule the fee "so significan...

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