27 June 2017
The FMA has received a number of requests for further information about the Forestlands group of companies from shareholders in recent weeks.
The FMA continues to seek to engage with the sole director of the Forestlands group and his legal representatives to ascertain what steps have been taken to put in place an appropriate process for determining and managing the distribution of the $18 million that is held on trust, accruing interest. The funds cannot be dispersed other than in accordance with a court order or with the approval of the FMA.
The FMA cannot determine or oversee how the funds should be distributed to individual investors - that remains the legal responsibility of the group of companies and their director. The funds will remain in trust pending the FMA’s inquiries in this regard.
The FMA’s inquiries into Forestlands remain in progress and the FMA cannot comment on an on-going investigation.