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FMA Statement on Forestlands

Media Release
MR No. 2017 – 10
22 March 2017

The FMA has received complaints from various investors in Forestlands.

This is a series of companies called Forestlands, numbered 2 through to 12 and 14 through to 20. There is a total of 18 companies.

Forestlands has recently sold all its forestry assets.

We have identified $18 million which Forestlands say is to be paid to all its investors. That money has been placed in a trust account after our discussion with a Forestlands director. It will remain in trust pending further inquiry.

The FMA notes a statement that has been issued on the Forestlands website dated 15/03/2017.

We have concerns about the accuracy of this statement, which we have raised with Forestlands.

Following a query from an investor about this statement, the FMA wants to make clear that this was published without our knowledge. The FMA is currently investigating the events in question.

ENDS

For investors or general enquiries please contact us on 0800 434 566, or through our website.

For media enquiries please contact Edwin Mitson on 021 702 036, or Edwin.mitson@fma.govt.nz.