Supreme Court orders McIntosh to repay RAM 'profits'
The Supreme Court has ruled Hamish McIntosh can keep his initial $500,000 investment with the failed Ross Asset Management but must repay the fictitious profits of $454,000.
Friday, May 26th 2017, 12:48PM
The decision by a majority of Justices Terence Arnold, Mark O'Regan, William Young and Ellen France also upholds the judgments of the lower courts while disallowing a cross-appeal by the respondents that the principle should also be repaid.
Wellington barrister McIntosh represented himself in the 2015 test case which was taken against him by John Fisk and David Bridgman of PwC as part of an attempt to claw back $3.8 million from investors.
The withdrawals before Ross’ collapse in 2012, particularly those in 2011, were considered to be voidable under the Companies Act. A small number of investors received significant returns from principal David Ross, while most lost money.
In that period, it is believed that 200 investors made money and 600 lost.
Ross is currently serving a 10-year, 10-month jail sentence.
The money clawed back will improve the return of the burned investors, who lost about $100 million through Ross Asset Management.
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