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FMA Statement on Forestlands
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.
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