Australian fund administration specialist Sargon has issued a formal statement in response to the appointment of a receiver to Sargon Capital Pty Ltd. It reads as follows.

Current situation

"Corporate Advisory and Restructuring firm, McGrathNicol, has been appointed by a secured creditor of Sargon Capital Pty Ltd, Taiping Trustees, a Hong Kong based insurance company, to act as receivers of Sargon Capital Pty Ltd. The appointment relates to debt facilities provided to Sargon Capital Pty Ltd by Taiping Trustees.

"We are working with McGrathNicol and the secured creditor to seek to quickly agree on a constructive solution for all parties. We will provide further updates as the matters progress towards a resolution.

Sargon's business unaffected

"Sargon Capital Pty Ltd is a holding company. Its operating subsidiaries are not in any form of external administration and Sargon's role and services as trustee, supervisor and custodian are unaffected by the appointment and continue to operate as normal.

"Sargon's management and board of directors remain in place. The management, boards of directors and operational teams for each of the subsidiaries remain unaffected, including all trustee entities. We confirm that operational capability across our business remains as before and will continue to do so.

"Contrary to some media reports today, neither Sargon Capital Pty Ltd nor any of its subsidiaries have appointed administrators and these entities are not in voluntary administration.

No impact

"There is also no impact from the appointment on any of the group's AFSL obligations and no ability for McGrathNicol to access scheme, trust or custody assets. Net tangible asset requirements of each AFSL remain in place.

"Sargon confirms that assets held on behalf of clients are not at risk by way of the appointment of McGrathNicol and are protected by regulatory, legal and other protections."

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Australian fund administration specialist Sargon has issued a formal statement in response to the appointment of a receiver to Sargon Capital Pty Ltd. It reads as follows.

Current situation

"Corporate Advisory and Restructuring firm, McGrathNicol, has been appointed by a secured creditor of Sargon Capital Pty Ltd, Taiping Trustees, a Hong Kong based insurance company, to act as receivers of Sargon Capital Pty Ltd. The appointment relates to debt facilities provided to Sargon Capital Pty Ltd by Taiping Trustees.

"We are working with McGrathNicol and the secured creditor to seek to quickly agree on a constructive solution for all parties. We will provide further updates as the matters progress towards a resolution.

Sargon's business unaffected

"Sargon Capital Pty Ltd is a holding company. Its operating subsidiaries are not in any form of external administration and Sargon's role and services as trustee, supervisor and custodian are unaffected by the appointment and continue to operate as normal.

"Sargon's management and board of directors remain in place. The management, boards of directors and operational teams for each of the subsidiaries remain unaffected, including all trustee entities. We confirm that operational capability across our business remains as before and will continue to do so.

"Contrary to some media reports today, neither Sargon Capital Pty Ltd nor any of its subsidiaries have appointed administrators and these entities are not in voluntary administration.

No impact

"There is also no impact from the appointment on any of the group's AFSL obligations and no ability for McGrathNicol to access scheme, trust or custody assets. Net tangible asset requirements of each AFSL remain in place.

"Sargon confirms that assets held on behalf of clients are not at risk by way of the appointment of McGrathNicol and are protected by regulatory, legal and other protections."