Serious Fraud Office launches Penrich Capital probe
The Serious Fraud Office has launched an investigation into the affairs of Christchurch-based Penrich Capital and the global fund it administers.
The SFO had been reviewing a complaint received regarding a global investment fund administered by Penrich which has been frozen after a “significant discrepancy” was found in the valuation of the fund.
A spokesman for the agency had told the Herald the complaint was in relation to the Penrich Global Macro Fund.
Another complaint is also understood to have been lodged with the New Zealand Police.
In a note to clients, obtained by the Herald, Penrich Capital identified on March 10 a significant discrepancy in the valuation of the Penrich Global Macro Fund.
“All trading in the fund has been suspended and no redemptions can be processed at this time,” the note says.
“We are working as quickly as possible to reach a conclusion and will work proactively with the appropriate authorities to identify the nature and extent of the issue. We are currently unable to give an estimation of when we will be able to
All trading in the fund has been suspended and no redemptions can be processed at this time.
Penrich Capital note to clients
provide more details and have no further information at this time.”
It is unclear how many New Zealand investors may be affected. The size of the fund is also unknown at this stage.
According to its website, which is now offline, Penrich Capital is an international financial services company formed in 2004. The company said it had offices in the United Kingdom, New Zealand and the Cayman Islands.
“Our fund services are provided to clients around the globe by Penrich Capital in Christchurch New Zealand. We have been providing financial services from New Zealand since 2004,” said the website. “We offer fund accounting services and full accounting and regulatory solutions for small financial companies.
“We also provide fund administration services ranging from NAV (Net Asset Value) calculations to full investor servicing and transfer agency,” it said.
The Companies Office lists Penrich’s two directors as Kelly Stansfield and Kelly Tonkin, both of Christchurch.
Neither of the directors could be reached for comment on the discrepancies discovered in the macro fund and whether it was them who made the complaint to the authorities.