UltraPay (ASX:ULT) creditor finds hidden assets

UltraPay (ASX:ULT) creditor finds hidden assets

Technology holding company Ultrapay (ASX:ULT) has revealed that its creditor, MSI Holdings, has discovered the existence of assets never disclosed to UltraPay or MSI.

MSI has been conducting forensic accounting investigations into UltraPay, and said it had discovered assets never recorded by then director and CEO James Scobie.

Scobie additionally never disclosed to shareholders that ownership of assets held by wholly owned subsidiary Chalmway had been under legal challenge from third parties in Sri Lanka, MSI said.

Discussions are underway in Sri Lanka over the disposal of Chalmay and any liability it may be left with, in exchange for assistance recovering other assets, Ultrapay said.

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Tags msiUltrapayJames ScobieASX:ULT

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