Forestry Group Illegally Offers Investments

Friday, 13 February 2004, 7:30 pm
Press Release: Securities Commission

Warning – Investments Illegally Offered By Prime Forestry Group

The Securities Commission warns people against investing in a forestry scheme offered by Prime Forestry Group.

The Commission believes the offer does not comply with New Zealand law. Investors are approached directly, through unsolicited mail, offering investment in hardwood forestry in Central American countries.

Returns of up to 14% per annum are promised. People are asked to send personal details to a London address which, we are informed, is used for marketing purposes only.

Prime Forestry’s head office appears to be in Zurich. Prime Forestry does not have a New Zealand registered prospectus or an investment statement. These documents are required for securities offered to the public in New Zealand.

A registered prospectus and investment statement give investors important information about the people involved in the investment and how their money is being invested.

Anyone who has already subscribed may be entitled under New Zealand law to have their money refunded. People who have subscribed should contact the company and ask for their money back.

The Commission warns people about paying money to schemes which do not have the required offer documents. This is especially important where money is being sent outside New Zealand. Once money goes offshore, it is very hard (if not impossible) to recover.

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