The freezing of the Guardian Mortgage Fund has angered a Guardian Trust beneficiary who does not know where his money is.
Taupo businessman Wayne Richmond said he has asked Guardian Trust, which administers the family inheritance, where the funds have been invested but says it has repeatedly declined or ignored his requests for the information.
Richmond is concerned investments in the Guardian Mortgage Fund and those of other finance companies have been undertaken on behalf of estates or trusts whose beneficiaries have no knowledge of these actions.
He estimates the Guardian Trust is sitting on around $4 million in family trust assets including the sale of his father's dairy farm.
As the executor, Guardian Trust appointed itself trustee of the Richmond family trust when Maurice Richmond died in 1992. The two other trustees died around the same time, leaving the Guardian Trust as the sole trustee.