22 March 2017

FMA Statement on Forestlands

The FMA has received complaints from various investors in Forestlands.

This is a series of companies called Forestlands, numbered 2 through to 12 and 14 through to 20. There is a total of 18 companies.

Forestlands has recently sold all its forestry assets.

We have identified $18 million which Forestlands say is to be paid to all its investors. That money has been placed in a trust account after our discussion with a Forestlands director. It will remain in trust pending further inquiry.

The FMA notes a statement that has been issued on the Forestlands website dated 15/03/2017.

We have concerns about the accuracy of this statement, which we have raised with Forestlands.

Following a query from an investor about this statement, the FMA wants to make clear that this was published without our knowledge. The FMA is currently investigating the events in question.

ENDS