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19 February 2010
News release
Huljich KiwiSaver Fund withdraws investment statement
The Securities Commission has been advised that Huljich Wealth Management (New Zealand) Limited has voluntarily withdrawn its current investment statement for the Huljich KiwiSaver Fund after Commission staff expressed concerns about reporting of historical investment returns.
The Commission understands that Huljich is preparing a new prospectus and investment statement. Pending the availability of the new offer documents, applications for membership are being held by the trustee, Trustees Executors Superannuation Limited, and will not be processed until the updated investment statement has been distributed to applicants.
The Commission welcomes these moves by Huljich, and is seeking further information on certain transactions that have been undertaken by the fund, and on the disclosure of income arising from these transactions. Huljich is cooperating with the Commission's inquiries.
At this stage there is no indication that investors have lost any money as a result of these disclosure issues. The Commission is looking into whether certain income that was received by the fund was incorrectly reported as investment income in the presentation of historical investment returns for the fund.
The Commission's inquiries are continuing and it has no further comment at this time.
Ends
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