Sky News reported this morning that MFS, now known as Octaviar, reportedly siphoned around $150 million from its Premium Income Fund without the knowledge of the fund’s unit holders, and in breach of its own investment rules.
The $755 million Premium Fund is also believed to have secretly lent money to seven parties.
Wellington Investment Management, the new managers of the frozen Premium fund, has started legal action to recover the money.
A Report by the Mole
