The mystery of the missing $1 million from an Australian property trust

Winds in Melbourne. Getty

About $1 million belonging to the Aurora Property Buy-Write Income Trust has gone missing.

The Aurora Funds Management Limited (AFML) discovered at the weekend that the money appears to have been taken from that trust’s bank account without “proper authority”.

The fund manager, specialising in absolute-return strategies for high net worth, retail and institutional investors, says it believes “the perpetrator” acted alone.

The matter has been referred to the Victoria Police and the corporate regulator, ASIC, is also being notified.

“Aurora confirms that it has appropriate insurance cover in place and also expects to take recovery action against the alleged perpetrator as soon as practicable,” the funds manager said in a statement.

“Although AFML’s investigation is continuing, at this stage the board has no reason to believe that there has been any other unauthorised withdrawal of money from any other fund managed by AFML.”

Betty Poon, the fund manager’s Chief Financial Officer, has been terminated effective immediately. A replacement is being sought.

The Aurora Property Buy-Write Income Trust invests in leading ASX listed property securities.

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