IOOF has reinstated four senior executives who were suspended last week pending an investigation into alleged accounting improprieties.
Ron Dewhurst, IOOF managing director, told I&T News yesterday that a full investigation of the charges has been completed and “no-one has been dismissed”. Dewhurst was unable to supply any further details of the nature of the original allegations but he ruled out any further legal action. “There was nothing of any magnitude found to advise to the authorities,” he said. Last week the AFR published details of the investigation claiming an accounting irregularity concerning funds under $500,000 had been uncovered. Four high-ranking IOOF executives, including a well-known member of IOOF’s senior management committee, were implicated.
08/08/2006
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Investments
Canada has established its first national-level sovereign wealth fund with a seed of C$25 billion to underwrite “nation-building” projects like ports, mines and energy infrastructure. In an unusual funding mechanism, the fund will issue a retail product that will allow individual investors to invest with the SWF and “participate in Canada’s growth”.
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