Torchlight repays $9M to Perpetual Cash Management Fund, now owes $3.5M

Mon, 23 Jul 2012

July 23 (BusinessDesk) - Torchlight Fund No. 1 LP, an entity controlled by Pyne Gould managing director George Kerr, has repaid $9 million owed to Pyne Gould’s Perpetual Cash Management Fund. Transactions between the related entities, which amounted to more than $28 million, have been scrutinised by the Financial Markets Authority. This month, the High Court ordered two independent observers keep tabs on Perpetual Trust's cash management and mortgage funds amid concerns over related party loans ahead of a substantial hearing on Aug. 3. The p...

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