In June this year PwC Partners John Fisk and Colin McCloy, as Receivers of Strategic, together with the Financial Markets Authority, announced they had finalised a $22 million settlement agreement with the former directors and auditors of Strategic.
On 8 August 2014 the settlement agreement became unconditional and the first payment of $10 million has now been received. This will enable a distribution to secured investors to be made within the next two weeks.
Following the settlement agreement, there are two further instalments of $6 million due at the end of August and November 2014 which will enable further distributions to be made.
Updates will be provided to investors by the Receivers and the FMA over the coming months as the funds are received and as distributions are made.
The Receivers and FMA are pleased to confirm that the settlement is on track enabling the distributions to be made.
For further information or media inquiries please contact:
Media Relations Manager - FMA
Ph: 09 967 1215 or 021 220 6770
Justine St John
Marketing Director - PwC
Ph: (09) 355 8713 or 021 933 742
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About the FMA
The FMA was established on 1 May 2011 under the Financial Markets Authority Act 2011, in response to the need to address failures in the financial markets, made evident from the global financial crisis. The Government recognised that New Zealand required a single financial markets conduct regulator to proactively monitor and enforce financial markets legislation.
The FMA is an independent Crown entity and has the following functions:
The FMA is committed to taking appropriate enforcement action against those whose behaviour threatens market integrity and investor confidence in New Zealand.
More information about the FMA can be found at www.fma.govt.nz