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Aurora repays misappropriated funds

Aurora Funds Management Ltd. said a fraud investigation conducted by external consultants did not identify any further misappropriations from Aurora Property Buy-Write Income Trust, for which Aurora is the responsible entity.

Aurora said it has fully repaid the A$1 million misappropriated from Aurora Property and also compensated the latter for the lost earnings on the misappropriated funds.

Aurora fired its CFO, Betty Poon, in November 2017 after it was found that the amount was taken out of Aurora Property's bank account without proper authority. Aurora said in its March 26 release that misappropriations from its corporate bank account by the same individual were identified, dating back to before Aurora's change in ownership on June 30, 2016.