New Zealand Law Society - FMA gives update for Forestlands investors

FMA gives update for Forestlands investors

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The Financial Markets Authority (FMA) has issued an update of information for shareholders in the Forestlands companies.

The FMA says it has received queries about the sale price of the forests.

"The Overseas Investment Office has recently published the sale price received by Forestlands. This information is now available on the OIO website which references a sale price of $23,500,000."

The FMA says as it has previously stated, the responsibility for determining a process to allocate funds among the companies or investors remains with the Forestlands companies and their director.

"The FMA has been informed that the director has instructed third party experts, including Korda Mentha, with a view towards advising on distributions to shareholders of the Forestlands companies," it says. 

"We cannot comment on other matters that are currently the subject of ongoing inquiries by the Serious Fraud Office or the FMA."

The FMA says it will update investors when there is further information available.