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  2. Cases before the courts

Cases before the courts

Current at 26 October 2017

  • PTT Limited, Steven Robertson and related parties

PTT Limited, Steven Robertson and related parties

26 October 2017

FMA has filed criminal charges against Steven Robertson in the Auckland District Court under the Crimes Act 1961.

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.