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.
8 August 2006 00:00
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Investments
Asset owners are right to be concerned about private credit fund suspensions and redemption queues, Blue Owl head of alternative credit Ivan Zinn told the Investment Magazine Fiduciary Investors Symposium, but he thinks that two years from now they’ll be looked back on as nothing more than a “speed bump” on a highway of growth and strong returns.
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