Pengana Capital has threatened court action against the board of Pengana International Equities, alleging a failure to properly disclose conflicts of interest involving Geoff Wilson of Wilson Asset Management.
The investment manager, which oversees the listed $337 million fund, sent a scathing letter to shareholders on Friday outlining the grievances.
The move marks a significant escalation in the ongoing dispute between Pengana and Wilson, with the firm accusing the board of effectively covering for Wilson's interests at the expense of transparency.
The allegations center on undisclosed conflicts that Pengana claims were not adequately communicated to investors.
By taking the dispute public and threatening legal recourse, Pengana is signaling its intent to hold the board accountable for governance lapses.
The letter serves as the latest installment in a protracted conflict that has drawn attention to the internal dynamics of the investment company.