No trace of Trio funds

No trace of the funds has been found despite the attention of the administrators and an investigation by the Australian Securities and Investments Commission.

The Trio administrators, led by Stephen Parbery of PPB, said yesterday they will hold a public examination of "persons who may be able to assist the administrators in their investigations".

This is expected to include two executives with extensive links to the companies involved.

Shawn Richard and Eugene Liu were, until recently, directors of the company which owns Trio. They were also directors of the company which acted as investment manager for the $118 million fund when it entered an arrangement with EMA International in the British Virgin Islands last year.

The administrators said last week that they were investigating what benefit, if any, the fund received from entering into these arrangements and "whether the investments can be recovered".

Mr Richard and Mr Liu reached an agreement with ASIC to surrender their passports to their solicitors "without admission". They may not leave the country until February 22.

The administrators were appointed to Trio last month soon after regulators put Trio Capital's five main superannuation funds in the hands of a trustee and withdrew its licence for its managed investment schemes.

The administrators said their actions to date have focused on ascertaining the assets of the companies and each of the managed investment schemes responsible for more than $426 million.

The administrators are also examining transactions that may be voidable in liquidation and whether there may be claims against Trio's directors who approved the series of transactions which ultimately placed the funds with EMA International.

The administrators have also been granted an extension for the second creditors' meeting until April 9, giving them time to "provide a detailed report to creditors", they said in an update yesterday.