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Strategic Finance settlement proceeds to first distribution

12 August 2014

Strategic Finance settlement proceeds to first distribution

In June this year PwC Partners John Fisk and Colin McCloy, as Receivers of Strategic, together with the Financial Markets Authority, announced they had finalised a $22 million settlement agreement with the former directors and auditors of Strategic.

On 8 August 2014 the settlement agreement became unconditional and the first payment of $10 million has now been received. This will enable a distribution to secured investors to be made within the next two weeks.

Following the settlement agreement, there are two further instalments of $6 million due at the end of August and November 2014 which will enable further distributions to be made.

Updates will be provided to investors by the Receivers and the FMA over the coming months as the funds are received and as distributions are made.

The Receivers and FMA are pleased to confirm that the settlement is on track enabling the distributions to be made.

About PwC
PwC firms help organisations and individuals create the value they’re looking for. We’re a network of firms in 157 countries with more than 184,000 people who are committed to delivering quality in assurance, tax and advisory services. Tell us what matters to you and find out more by visiting us at www.pwc.co.nz

PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details.

About the FMA
The FMA was established on 1 May 2011 under the Financial Markets Authority Act 2011, in response to the need to address failures in the financial markets, made evident from the global financial crisis. The Government recognised that New Zealand required a single financial markets conduct regulator to proactively monitor and enforce financial markets legislation.

The FMA is an independent Crown entity and has the following functions:
• to monitor compliance with, investigate contraventions of, and enforce securities and investment law, financial reporting law, and companies law, in respect of financial markets participants;
• to promote confident and informed participation in the financial markets;
• to license and supervise particular financial markets participants, including financial advisers, trustees and statutory supervisors, auditors, and securities markets;
• to monitor and conduct inquiries and investigations into financial markets and financial markets participants; and
• to keep the law under review.

The FMA is committed to taking appropriate enforcement action against those whose behaviour threatens market integrity and investor confidence in New Zealand.

More information about the FMA can be found at www.fma.govt.nz

ENDS

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