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Strategic Finance settlement proceeds to first distribution
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.
-Ends-
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