After 44 years on the North Coast, Mayne Investments will wind down its Northern Investment Trust Fund.
Hard economic times have taken their toll on the fund’s operations, forcing the board to make its decision.
“These fund have been frozen now for two and a half years and we’ve tried everything we can to unfreeze the fund but we haven’t been successful.”
It is estimated that winding up the trust could take a couple of years, but investors will be refunded.
“At the end of May we just gave them back 15% of what money they had invested and we will continue to do that every quarter.”
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