Kuala Lumpur, 23 October 2009
SC obtains receivership order against RBTR
The Securities Commission Malaysia (SC) obtained a Court order from the High Court of Kuala Lumpur on 20 October 2009 for the appointment of BDO Binder Malaysia as a receiver over the affairs, assets and properties of RBTR Asset Management (RBTR) as well as the assets and properties held by it on behalf of its clients. BDO has commenced its duties at the offices of RBTR. RBTR holds a Capital Market Services License to carry out fund management activities.
The appointment of a receiver was sought by the SC following an audit exercise conducted on RBTR which raised various concerns on the protection of its clients’ assets. This was also confirmed by complaints received from RBTR’s clients, citing their inability to redeem their investments made through RBTR.
The SC had in August this year launched an investigation into the affairs of RBTR as well as the activities of Locke Capital Investment (BVI) Ltd and Locke Guaranty Trust (NZ) Ltd, who have allegedly held themselves out as a fund manager in Malaysia in association with RBTR. The SC had also directed RBTR to cease soliciting new funds from the public, either directly or through its representatives, until further notice.
The ex-parte Order, which was granted by High Court Judge Yang Arif Dr Hamid Sultan Bin Abu Baker J. allows the receiver to, among others, take into possession all documents of RBTR, reconcile and assess the accuracy of RBTR’s investors’ monies, operate the accounts of RBTR and to deal with the clients of RBTR with respect to investments made by RBTR. This is to safeguard assets belonging to clients which are under the management of RBTR and to enable the receivers to identify the total assets which are currently held by RBTR on behalf of their clients. The matter will be heard “inter partes” on 29 October 2009.
SECURITIES COMMISSION MALAYSIA