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11 May 2021

PTT Limited, Steven Robertson and related parties

May 2021

Supreme Court rejects sentence appeal by PTT’s Steven Robertson. The FMA has welcomed the Supreme Court’s decision to dismiss a sentence appeal by Steven Robertson of PTT Limited, bringing the matter to a close.

December 2020

The Auckland High Court approved a pro-rata distribution methodology for creditors of PTT Limited, Mr Robertson and his associated entities. The methodology was proposed by the receivers and liquidators of PTT, and supported by the FMA as being in the interests of victims. Receivers and liquidators estimate that victims will be likely to receive around 59 cents in the dollar.

5 June 2020

The FMA has welcomed the Court of Appeal’s decision to dismiss a sentence appeal by Steven Robertson, who defrauded victims of $1.5 million through PTT Limited.

30 October 2019

Steven Robertson jailed for six years, eight months at the Auckland High Court. In sentencing Mr Robertson, Justice Sarah Katz said the Crown case against him was overwhelming and he used his sales skills to deceive clients.

August 2019

Mr Robertson found guilty of the following 38 charges:

  • 23 counts of theft by a person in a special relationship under section 220 of the Crimes Act 1961
  • 11 counts of obtaining by deception under section 240 of the Crimes Act 1961
  • 4 counts of dishonestly using a document under section 228 of the Crimes Act 1961.

Sentencing due on 30 October 2019.

May 2019

Trial of Steven Robertson due to start in May 2019.

October 2017

FMA has filed criminal charges against Steven Robertson in the Auckland District Court under the Crimes Act 1961. In total 47 charges have been brought against Mr Robertson. Mr Robertson’s first appearance is scheduled for 28 November 2017.

The Receivers and Liquidators will continue to provide updates on the affairs of the PTT Group through statutory reporting.

April 2016

High court judgment on whether the costs of the receivers be met from the assets.

Judge rescinded the Court’s orders 3.10(b) and (c) of 13 August 2015 that the receivers be reimbursed and indemnified out of the respondents’ property.

December 2015

Four companies were placed in liquidation over breach of financial markets legislation and case filed under Crimes act against Steven Robertson with the trial due in May 2019. We filed 47 charges against Steven Robertson. These charges related to PTT Limited and associated entities, and included:

  • theft by a person in a special relationship
  • obtaining by deception
  • dishonestly taking or using a document

The companies were placed into liquidation at the Auckland High Court are PTT Limited, Maxwell Foster Limited, Gibson McLeod Limited, and Alban International Limited.

PricewaterhouseCoopers (PwC), the receivers of the four companies, have been appointed as liquidators.

October 2015

PwC released its report to the High Court. FMA’s investigation is ongoing.

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.

14 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.