News

Trust seeks ASIC ruling

CEO of East Coast Mortgage Trust, Scott Collis.
CEO of East Coast Mortgage Trust, Scott Collis. Jay Cronan

THE stand-off between the managers of East Coast Mortgage Trust and a disgruntled investor over access to a list of the trust's members continues, with ECMT seeking direction from the Australian Securities and Investment Commission as to whether it is obligated to release the list.

The ECMT investor, Warren Atta-Singh wants the list to convene a meeting of other investors.

"I just want the list to call a meeting to explore how we can get our money back," Mr Atta-Singh said.

In a letter to investors on February 11, chief executive officer Scott Collis said:

"...regardless of Mr Atta-Singh's stated intentions the board is concerned that once investors' private information is released neither we nor our investors have any control on who uses it or how it may be used."

East Coast Mortgage Trust also confirmed that since Thursday this week their offices had received more than 50 calls from concerned investors adamant that they did not want their personal details passed to any third parties.

The trust also confirmed they had sought guidance from ASIC on the matter and would comply with any direction from ASIC.

In January last year East Coast Mortgage Trust announced it would wind down operations and close its doors, stressing the closure would be a gradual process designed to return as much money as possible to investors and allow mortgagors time to refinance.

Mr Atta-Singh confirmed that he had turned down an offer from ECMT to meet with their board to discuss his concerns.

"I don't want to talk to them by myself, they will just talk me down," he said.

He was also convinced there was no point in ECMT waiting for conditions to improve in the property market before liquidating its assets.

"I don't think things will improve in the market; they will just stay the same.

"They should liquidate the assets as soon as pos- sible or get someone to do it."

Mr Atta-Singh said that if he could not get the list from ECMT he would consider using the media to rally other investors.

"If we can't get the list then we'll have to advertise a meeting in the paper."

Topics:  asic, east coast mortgage trust



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