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Fortex Receivers and Trustee settle with Auditors

The Fortex Receivers and Trustee have settled their claims against the Fortex Auditor.

Receiver, Alan Isaac of KPMG, and TOWER Trust Managing Director, Jim Minto, said today the settlement with Price Waterhouse was reached after a three-day mediation process led by retired High Court judge, Sir Ian Barker QC. Price Waterhouse audited the financial statements of Fortex, a South Island meat company, prior to its receivership on 23 March 1994.

Mr Isaac and Mr Minto said the terms of the settlement would remain confidential. All the parties were pleased with the outcome of the mediation, which replaced the four-month court case set down for 31 July, they said.

The Receiver’s claim against Fortex Chairman, John Austin, continues.

Ends


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