Investigations

Arena Capital/Blackfort

PTT Limited, Steven Robertson and related parties

 


Arena Capital/Blackfort

27 July 2015

Arena Capital Limited was placed into liquidation in the Christchurch High Court on 24 July 2015.  Korda Mentha (the current receivers of Arena) have been appointed as liquidators.  The receivers’ update to the Companies Office can be found here and the amended update on the KordaMentha website noting the liquidation of Arena can be found here.

17 July 2015

The receivers and managers of Arena Capital Limited have provided a further update to investors which can be found on the KordaMentha website here.

11 June 2015

The Receivers and Managers of Arena Capital Limited (Arena) Grant Graham and Neale Jackson of KordaMentha, who were appointed by the Court on application by the FMA under s522 of the Financial Markets Conduct Act 2013 to preserve assets have provided an interim update to investors and the Court about the steps they have taken to date and the current status of their work.

Their preliminary findings include:

  • KordaMentha has been contacted by approximately 750 people who claim to have placed funds with Arena.
  • The collective deposits into Arena’s bank accounts from all sources amounted to $9 million.  Some monies were repaid to some clients before the FMA obtained asset preservation orders and before the company was placed in receivership, so the amount of capital contributions remaining owing to clients will be less than $9 million and is still being assessed.
  • There are no financial accounts for Arena.
  • There is no evidence of any actual trading being conducted by Arena in foreign exchange markets.
  • Arena continues to be in receivership

The investigation by the FMA and the Serious Fraud Office is ongoing. 

Investors in Arena are encouraged to register with KordaMentha and provide their contact details and evidence of their investment.  Investors can contact KordaMentha on (09) 307 7865 or BlackFortFX@kordamentha.com. This includes any investors that may have already contacted the FMA. A copy of the letter to investors is available on the KordaMentha website.

28 May 2015

We are undertaking an investigation into Arena Capital Limited (Arena), trading as BlackfortFX (Blackfort). On 15 May, we obtained asset preservation orders over the assets of Arena/Blackfort. On 27 May, the High Court in Christchurch granted the FMA’s application for Grant Graham and Neale Jackson of KordaMentha to be appointed as receivers and managers of Arena/Blackfort.  They will be responsible for managing the business and identifying assets.

Any investor in Arena/Blackfort is encouraged to register with KordaMentha and provide their contact details and evidence of their investment. Investors can contact KordaMentha on (09) 307 7865 or BlackFortFX@kordamentha.com.  This includes any investors that may have already contacted the FMA.

Read the FMA's media release

21 May 2015

FMA secures Asset Preservation Orders over Arena Capital Limited / Blackfort

The FMA confirms that it is undertaking an investigation into Arena Capital Limited (Arena), trading as BlackfortFX (Blackfort). The FMA has obtained asset preservation orders over the assets of Arena/Blackfort and associated persons, in light of concerns that investor funds may be at risk. 

Arena is registered on the FSPR and purports to offer FX services to clients.  The FMA is concerned that Arena may be operating in breach of financial markets legislation.  We cannot comment further at this stage to protect the integrity of the investigation.  The FMA is working with the SFO and we will provide further information as soon as we are able. 

Any investor with information about Arena/Blackfort is encouraged to go to the FMA’s website where investors can use the online complaint form to provide information, or call the FMA helpline: 0800 434 567.

 

PTT Limited, Steven Robertson and related parties

11 December 2015

The following companies were placed into liquidation at the Auckland High Court:

  • PTT Limited
  • Maxwell Foster Limited
  • Gibson McLeod Limited
  • Alba International Limited.

PricewaterhouseCoopers (PwC), the receivers of the four companies, have been appointed as liquidators.  Information from the receivers regarding these companies is available here (http://www.pwc.co.nz/ptt/).  An amended update on PwC’s website noting the liquidations should be made shortly.

20 November 2015

FMA investigators are currently trying to make contact with investors in New Zealand and Australia who have invested with Mr Steven Robertson, through any of the following businesses:

  • PTT Limited
  • Maxwell Foster Limited
  • Harrington Group Limited
  • Gibson McLeod Limited
  • Russell & Brown Limited
  • Armstrong Group Limited
  • Morrison Ross Limited
  • Alba International Limited

The FMA has sent out questionnaires to known investors either by post or email in the last week. The purpose of the questionnaire is to help us to understand individual investor’s circumstances and experiences in dealing with these entities.

Investors who have not received a copy of the questionnaire should contact the FMA on 0800 434 567 or by email to questions@fma.govt.nz.

8 October 2015

PwC released its report to the High Court. A copy of this can be found here on PwC's website.

The FMA’s investigation is on-going. 
4 September 2015 A hearing was held to determine whether certain of the asset preservation orders granted on 13 August 2015 should be varied, modified or removed.  The Court approved certain variations, including increasing the weekly living allowance and authorising the release of certain personal and household assets and funds in payment of legal fees.
3 September 2015 PwC submitted their report to the High Court on a confidential basis.  
13 August 2015

The FMA confirms that it is undertaking an investigation into Steven Robertson, PTT Limited and related entities.

The FMA has obtained asset preservation orders over the assets of PTT Limited and associated persons, in light of concerns that investor funds may be at risk and that the companies may be operating in breach of financial markets legislation. 

The High Court also appointed John Fisk and David Bridgman of PricewaterhouseCoopers as Receivers and Receivers and Managers, on a limited basis, of the following entities and persons

  • PTT Limited
  • Maxwell Foster Limited
  • Gibson McLeod Limited
  • Alba International Limited
  • Steven Robertson Family Trust
  • Steven Robertson
  • Lisa Jane Robertson

Mr Fisk and Mr Bridgman have been granted powers to identify and preserve any funds and assets of PTT Limited (in receivership) and the names of clients. The receivers will provide a report updating the Court and the FMA on the steps they have taken and the current status of their work, by 3 September 2015. The receivers will contact any known clients.

The FMA encourages any client of PTT Limited to register with PwC and provide their contact details (phone, email and postal address) and evidence of any funds paid to PTT Limited.

Clients can contact PwC on the PTT Limited dedicated telephone message line +64 (09) 355 8023, via its dedicated page on the PwC website, facsimile +64 (09) 355 8013, or by mail PTT Limited (in receivership), c/- PwC, Private Bag 92162, Auckland.

The FMA also requests that any clients that have already contacted the FMA should also contact PwC.