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| INVESTORS OFFSHORE -
NEWS |
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KPMG Ready To Begin Distribution Of Portus Assets,
by Leroy James, Lawandtax-News.com, New York 19 December 2006
Receiver for failed Canadian hedge fund, Portus Alternative Asset Management
is ready to begin distributions to investors, according to a filing last week
in the Ontario Superior Court.
Last June, KPMG, the receiver, said it estimated that about 85% of funds would
be returned, but gave no timescale. KPMG also asked the Court to allow those
investors who invested in registered plans (about half of Portus's 26,000 clients)
to receive payouts and put the money into a further registered plan with triggering
a taxable event.
KPMG said in the summer that about $662.15 million (Canadian) and about $37.2
million (US) of Portus assets have been found and secured in 130 bank and investment
accounts in Canada, the Turks and Caicos and the Cayman Islands, out of more
than $800m that was collected by Portus. The majority of Portus assets remain
tied up in notes issued by France's Société Générale which were purchased for
$529m, and mature between 2008 and 2011.
Founder of Portus Boaz Manor - who fled to Israel after Portus collapsed -
and co-founder Michael Mendelson have been charged by the Ontario Securities
Commission with failing to act in good faith with clients. Mendelson was also
charged with unregistered trading and issuing securities without filing a prospectus.
The maximum penalties are C$5 million and five years in jail.
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