A few years ago, a large chunk of the wealth of the Tiger family was held in an offshore trust, which was managed by the Australian government.
In 2016, the Australian Securities and Investments Commission (ASIC) launched an investigation into the trust, as it is now known.
The agency uncovered more than $1 billion worth of investment vehicles in the trust.
Investors are expected to file their claims with ASIC soon, with the money set to go into a trust account that has not yet been disclosed.
The money is now set to be split between the trustees and the trust’s creditors.
The trustees have said that they are unaware of any money in the trusts, despite the ASIC probe.
The ABC has spoken to three individuals involved in the Tiger trusts, who told the ABC that the trust is fully audited by ASIC, and that the funds held in the accounts are not subject to any form of auditing.
Investor rightsThe trust is set to hold the majority of the assets in the Australian property market, with a share of the proceeds of the sale of the remaining properties being split between investors.
The trust’s directors have also made a statement about their position, stating that they “intend to pursue an independent legal counsel on behalf of the trustees, and to seek advice on any possible action by ASIC against the trust or the assets.”
The directors have not provided any details about the advice they have received, but it is understood that there are concerns about the trust funds’ future security.
They also say that the trusts legal position has not been properly assessed by ASIC.
“As trustee of the trust and as fiduciary, the trustees are subject to ASIC’s own legal and accounting standards,” the directors say.”ASIC have also advised us that the trustees have not yet undertaken to carry out their legal obligations and that, as such, it is not appropriate for us to comment further at this time.”
While the directors have declined to say whether or not they have filed a claim, they have told the ASIC they are taking steps to obtain the funds in order to recover the value of the property.
The directors also say they have already met with the trustee, and are working to determine how much money is left in the funds.
The trusts directors also have a statement to make about their legal position.
The statements are being made on behalf in the interests of the trustee and the public.
We are not going to comment on specific allegations that have been made by ASIC but have been submitted by ASIC for the trustees to make public,” they said.”
Our position is that there is no evidence to substantiate these allegations.