Australian Unity Funds Management Ltd (AUFM), which is part of funds manager Australian Unity Investments (AUI), is involved in a legal dispute with Mr David Tweed’s company Direct Share Purchasing Corporation (DSPC). AUFM is the responsible entity for a number of managed funds provided by AUI.
Today (Tuesday 15th February) AUFM attended a directions hearing in the Federal Court in Melbourne regarding the validity of a transfer from an investor in one of its mortgage trusts.
Mr David Bryant, head of AUI, said that the investor had notified it of circumstances relating to the transfer and as a result it is not clear that it is appropriate for AUI to proceed with DSPC’s request.
“We are seeking guidance from the Court on what action should be taken. Our primary consideration is to act in the best interests of investors, and in accordance with the law,” Mr Bryant said.
DSPC is also challenging the basis under which AUFM is prepared to grant it access to its unitholder register for some of its mortgage funds.
16/02/2011
