TONY BENNY/STUFF
Forestland companies are headed for liquidation.
The Financial Markets Authority has applied to the High Court to place 18 Forestlands companies into liquidation because it has no faith in the company’s director to look after the interests of shareholders.
For the past year the Serious Fraud Office and FMA have been investigating Motueka-based Forestlands after some of its 4400 investors complained they hadn’t received payments from forest land sales in Hawkes Bay, Wairarapa and Southland.
As a result director Rowan Kearns agreed to place $18 million in a trust fund …
Read the full article at: https://www.stuff.co.nz/business/103312494/fma-seeks-liquidation-of-forestlands-companies