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Group pressure on VESTAR liquidators

MEDIA RELEASE 12 November 2008

EUFA
(Exposing Unacceptable Financial Activities Inc Soc)
www.eufa.co.nz

EUFA (Exposing Unacceptable Financial Activities Inc Soc) have written today to EUFA members who have been victims of the Vestar Group, as a result of the very quiet liquidation of Vestar.

It is understood that the liquidators of Vestar have not contacted investors. The investors are creditors and should have been approached to fill in a 'proof of debt' forms which they are entitled to do as creditors. Liquidators Corporate Finance Ltd (www.corpfin.co.nz) are liquidators to OPI New Zealand Limited (In Voluntary Liquidation). Also in liquidation Subsidiaries of FP Group Holdings Limited (Formerly known as "MFS FP Limited") including FP North Limited (In Liquidation) (Formerly known as "Vestar Limited)


Vestar investors have bought this matter to the attention of the EUFA executive and the group has now taken action by writing to members offering to coordinate the compiling and submission of 'proof of debt' forms.

EUFA spokeswoman Suzanne Edmonds said from Tauranga today " This is a separate process for investors to take and will run alongside the civil action currently underway".

Vestar investors have the opportunity to support each other by grouping together and ensuring the processes followed by the liquidator meet the current laws under the Companies Act.

Mrs Edmonds added " New Zealand has laws that this organisations will continue to ensure are enforced and with 'people power' we have a greater chance of making this happen"

ENDS

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