AMP has made the final remaining payment of $19.1 million, plus an additional $2.37 million in interest, to bond holders invested in the frozen fund Mortgage Backed Bonds Limited (MBBL).
MBBL is a 100% wholly owned subsidiary of AMP that was established in July 2004 to enable bond holders to gain exposure to the property sector. The subsidiary was acquired by AMP as part of the AMP – AXA Merger in 2011.
MBBL invested in property loans throughout New Zealand, predominately in the commercial office and retail sectors. As a result of the GFC, the fund was closed and placed into wind up (in moratorium) in July 2009 with the intention of returning principal to bond holders on a pro-rata basis as funds permitted.
James Georgeson, Director of Strategy and Chief Risk Officer, at AMP said: “AMP has worked diligently to protect MBBL investors’ funds and we’re happy to pay the remaining 11% to bond holders plus an interest payment of $2.37 million. We have dedicated significant internal and external resource to ensure the funds were realised for the benefit of investors.”
| « Investors grow General Finance | FIF deemed rate of return set » |
Special Offers
No comments yet
Sign In to add your comment
© Copyright 1997-2024 Tarawera Publishing Ltd. All Rights Reserved