28 August 2017
28 August 2017
23 August 2017
28 August 2018
Prince and Partners Trustee Company (Prince) has admitted a series of failings in its role as trustee of Viaduct Capital Limited (Viaduct), a finance company that went into receivership in 2010. The civil proceedings brought by the FMA against Prince have been settled for $4.5 million.
It is the first time the FMA has brought a case under section 34 of the Financial Markets Authority Act 2011. These powers enable the FMA to exercise the rights of action of investors, in this case, the Treasury and investors who were not covered by the Retail Deposit Crown Guarantee Scheme. The settlement has been approved by the High Court, a condition for proceedings brought using these powers. Read in full.
7 August 2017
We have received queries about the sale price of the forests. The Overseas Investment Office has recently published the sale price received by Forestlands. This information is now available on the OIO website which references a sale price of $23,500,000.
Regarding the distribution of funds, as we have previously stated the responsibility for determining a process to allocate funds among the companies or investors remains with the Forestlands companies and their director. The FMA has been informed that the director has instructed third party experts, including Korda Mentha, with a view towards advising on distributions to shareholders of the Forestlands companies.
We cannot comment on other matters that are currently the subject of ongoing inquiries by the SFO or the FMA.
We will update investors when there is further information available.
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