25 Jul 2012

Related party loans now repaid by Torchlight Fund

6:32 am on 25 July 2012

Pyne Gould Corporation's Torchlight Fund has now fully repaid $28 million in related party loans.

The company controlled by George Kerr made the final payment of $3.5 million to another Pyne Gould owned unit, Perpetual Cash Management Fund.

Torchlight Fund borrowed $28 million dollars from Perpetual, a deal that sparked an investigation by the Financial Markets Authority into undisclosed related party transactions.

Pyne Gould says Torchlight Fund has also paid $6 million in management fees to Torchlight 1.