The Federal Court has appointed two corporate receivers of Brite Advisors to investigate the $1 billion client pension funds under its management since its assets were frozen.
ASIC has obtained interim orders from the Federal Court to freeze the funds and assets of Brite Advisors (Brite), a specialist in moving private UK pension savings offshore.
South Africa's Financial Services Tribunal has restored the operating licence of Brite Advisors SA and cut an administrative penalty levied against the Cape Town-headquartered.