Former prime minister Malcolm Turnbull’s son has paid $500,000 in legal costs to Pengana boss Russell Pillemer after withdrawing a Supreme Court appeal.
Retail investors will have the choice to lend to global corporates within months after two financial firms embarked on $200 million joint venture.
Malcolm Turnbull’s son has been ordered to pay the legal costs of his father’s former business associate and friend after he rejected three settlement offers during an ultimately unsuccessful lawsuit.
Alex Turnbull,the son of the former prime minister Malcolm Turnbull,had alleged the family’s longtime business associate had misled a family company into accepting cash instead of far more valuable shares in repayment for a loan.
Alex Turnbull is suing the chief executive of a Sydney investment firm for $12 million over allegations of misleading and deceptive conduct. But the case has raised wider questions about the strength of Australia’s political disclosure laws.
A five-page letter sent by Pengana CEO to Malcolm Turnbull last November has outlined his desperate efforts to halt a damaging legal stoush.
Pengana boss Russel Pillemer says he was upfront about a potential merger with Hunter Hall and repeatedly encouraged the Turnbulls to remain invested.
As blue-chip companies eye dividend cuts to bolster cash buffers amid the coronavirus pandemic,Pengana has altered its investment mandate to attract yield-hungry investors.
Pengana's ethical fund is one of many that have outperformed the index over the coronavirus-induced extreme market volatility.
Where ICAC has been a poisoned chalice for some — from Eddie Obeid to its former commissioner Megan Latham — one man is doing fine.