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Licence held by City Pacific Cancelled by ASIC

The Australian Securities and Investments Commission has cancelled the Australian Financial Services Licence held by City Pacific.

City Pacific Financial services wind-up underway

On 25 June 2009, investors in the former City Pacific First Mortgage Fund (now known as the Pacific First Mortgage Fund) voted to remove City Pacific as responsible entity of the fund, and replace it with Trilogy Funds Management. This was followed by orders from the Federal Court of Australia to wind up City Pacific in August.
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City Pacific Limited (CIY) Financial services - Company Profile
City Pacific was incorporated in 1997 as a financial services company, specialising in managing funds on behalf of investors. It first listed on the ASX in ...
www.investsmart.com.au/shares/asx/City-Pacific-CIY.as

A statement from ASIC said the decision was made after discussions with the liquidators of City Pacific to ensure the timing of the cancellation would not adversely affect investors in the City Pacific Income Fund (the remaining managed investment scheme operated by City Pacific).
Last May, the Income Fund's auditor KPMG expressed ''significant doubt about the recoverability'' of the money. Seems hard to imagine how ASIC could now do anything to ''adversely impact'' City Pacific investors.
City Pacific remains the responsible entity of a smaller managed investment scheme known as the City Pacific Income Fund. Under the Corporations Act, ASIC has the power to suspend or cancel an AFS Licence if the responsible entity holding the licence is placed into liquidation.
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