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Kiwi Finance Limited - Enforceable undertaking

Page last updated: 13 Dec 2011

This undertaking by Kiwi Finance directors(Rhys Anthony Greensill, Rodney Seymour Roberts Greensill, Barry Noel Lambert and Christopher Bruce Simkin) was accepted by FMA to conclude its civil claim investigations after Kiwi Finance went into receivership in April 2008. It resulted in full restitution of investors' funds, together with an enforceable undertaking from the Directors.

13 December 2011

Enforceable undertaking

This enforceable undertaking provides for investors to be repaid in full, including interest, through to the date of receivership and restricts the Directors from being involved in the management of an issuer of debt securities.

FMA concluded the investigation with the undertaking. See media release.

FMA investigation

FMA has investigated whether to prosecute the Directors for breaches of the Securities Act 1978 in relation to Kiwi Finance and Kiwi Capital Limited and has also considered whether to bring civil proceedings seeking pecuniary penalties. FMA is in possession of prima facie evidence that breaches have occurred. See media release.

17 April 2008

Kiwi Finance was put into receivership by its trustee, Perpetual Trust Limited, on 17 April 2008 owing depositors $1,711,611. Its receivers have made payments to investors totalling 30 cents in the dollar and have reported that they do not expect to make any further payments.