On 25 January 2016, Centrepoint Alliance announced that Aviva Asia had commenced legal action against it regarding breach of warranty over the purchase in August 2012 by Aviva of a Centrepoint- owned company, Fifth Floor, registered in Singapore. The claim amounts to $988,037.

Centrepoint will defend the proceedings and is confident of its position. While making no comment on the specifics of the claim, Centrepoint notes that Aviva Asia’s statement of claim is past the three year warranty period in the sale agreement.

Commenting on the matter, CFO John Cowan, today said, “These sorts of proceedings can take many months, if not years to take their course and we will continue to update the market on any further developments.

“In the context of our strong business and financial position we have the resources to deal with any possible outcome from the legal proceedings.

“Centrepoint has successfully dealt with other legacy issues while continuing to invest in the growth and transformation of our business, and support our adviser networks.

“Centrepoint remains in a strong financial position, holding strong market positions in our core markets of wealth management and non-bank funding. We are well placed to take advantage of their long-term growth.”

As at December 2015, Centrepoint held cash and equivalents of $12million and Total Assets of $183m. Its results for the first half ending 31 December 2015 will be released 24 February.

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