FMA calls Serious Fraud Office into Forestlands probe

FMA chief executive Rob Everett

The Financial Markets Authority has called in the Serious Fraud Office to look at some aspects of its ongoing probe of the Forestlands forestry investment group of companies.

The market watchdog is still investigating financial markets issues, including the group's failure to file financial statements, and has "referred some matters" to the SFO, it said in a statement. The FMA is tasked with maintaining the integrity of investment markets and it enforces certain securities, reporting and company laws, whereas the SFO investigates serious and complex fraud and financial crime.

The FMA launched its probe when it received a number of complaints by Forestland investors about the group, prompting a planned $18 million distribution to be parked in an interest-bearing trust account until the investigation was completed.

The regulator said each of the 18 Forestlands companies owns specific forests rather than a share of the pooled assets, totalling 1,934 hectares of forest land through a group of companies on the east coast of the North Island and in the south-west of the South Island. It wants to ensure the $18 million is distributed fairly, but that process is up to the director, Rowan Kearns, who lives near Motueka.

"To date, we have not received a satisfactory response from the director to our questions on these matters," the FMA said.

Companies Office record show there are 18 of the forestry investment companies, each given a number up to Forestlands (No 20) Ltd, along with related entities Forestlands Marketing Ltd and Forestlands NZ Ltd. Funds to be raised were typically about $2.5 million apiece through the issue of non-voting Class B forestry shares, although the amounts varied.

The numbered companies were incorporated from the late 1990s through until September 2011 (No 20) and have similar features, based on their prospectuses, including the appointment of Rowan Kearns as managing director of each for a 10-year term. They also provide for 10 percent of the issued capital to go to Forestlands Marketing, along with 10 percent of income from any carbon credit or carbon emission trading scheme and 10 percent of the net harvest from the sale of timber and proceeds of any sale of the underlying land.

Forestlands Marketing is owned by Rowan and Sharon Kearns, who live near Motueka. The prospectuses also provide for administration fees to be paid to Forestlands NZ, also owned by the Kearns. The outside investors typically subscribed for Class B non-voting shares, which entitled them to any dividends and other distributions and any surplus assets after winding up.

Voting securities in each company (the Class A shares) were held by the trustees of the Kearns Family Trust and weren't entitled to distributions. Rowan Kearns would subscribe to a third class of securities, Class C redeemable preference shares, in the event capital raising targets weren't met. The Class C shares were entitled to a preferential dividend plus the return of the subscription price on winding up.

(BusinessDesk)


103 · Got a question about this story? Leave it in Comments & Questions below.

This article is tagged with the following keywords. Find out more about MyNBR Tags

Post Comment

103 Comments & Questions

Commenter icon key: Subscriber Verified

Does anyone know if the 18 million is in a bank account or if it even exists.
Sounds like a huge PONZI scheme to me.

Reply
Share
  • 0
  • 0

According to the FMA, the money is in a Trust account earning interest.

Reply
Share
  • 0
  • 0

How many finance companies collapsed in New Zealand perceived to be 'the least corrupt country' in the world?

Reply
Share
  • 0
  • 0

It's a big leap to suggest that all of the finance company failures were as a result of corruption Penny.

Reply
Share
  • 0
  • 0

So as an investor in several of these forests that have been sold by Forestlands my guess is that I won't be seeing any of the funds anytime soon. Now that the SFO and FMA are involved will the funds all be used up paying solicitors leaving much less to be distributed when the time comes. These things have a habit of taking years to get sorted

Reply
Share
  • 0
  • 0

I invested into this company in 1999. It seemed quite sound. Now I cannot get answers from the company. When I tried to talk to the FMA; they said that they could not comment as an investigation is underway. So I'm pretty much still left in the dark. To me it seems that a government department wants to take the money.

Reply
Share
  • 0
  • 0

I know what you mean, I invested at the same time and I haven't been able to get any answers either. FMA gave me the same response when I enquired. This is the first place I've even been able to find a discussion about it so I'm glad to hear everyone is as concerned as I am! I am a relatively small investor but as a woman on my own I had really hoped this was something to rely on for my future. Now I'm feeling very doubtful I'll see a penny of that 18 million. I'm pretty gutted.

Reply
Share
  • 0
  • 0

Please join the forestlands investor Facebook page. It has lots of good info there.

Reply
Share
  • 0
  • 0

Would love to here something also. Have sat quiet too long having faith in the company my husband trusted (whom has now passed) and my then 16 year old daughter we persauded to invest all her savings into. We have been counting down for the day we would get our much needed money back. Please Marie

Reply
Share
  • 0
  • 0

Welcome to the club. The 200.000 club, that have lost their savings since 2007. Good luck trying to get your savings back. Unfortunately the receivers, lawyers, accountants etc etc end up getting the lions share of any money left over.

Reply
Share
  • 0
  • 0

They need to let us know what is going on. What is happening with this Rowan Kearns guy?
Also there is 18m sitting in an interest bearing account, who gets the money that has accumulated in interest?

Tell us what is going on with OUR money
[edited]

Reply
Share
  • 0
  • 0

We need to get a result and our money ASAP.If Rowan Keans is found guilty of fraud let him face the consequences.In the mean time investors like my self want our money back .Once the blood merchants get involved we will have the slow march until all the money is gone .

Reply
Share
  • 0
  • 0

$18M just doesn't seem enough money even if it is in a trust account for the amount of investors.
Most Forests had around 2000 to 2500 shares per forest, so lets say on average 2000 shares. Now times that by 18 Forests = 36000 shares.
Divide $18M by 36000 doesn't leave much per share.
I know that each forest will be worth different amounts depending on length of time, whether it was planted and has grown on, or 15 years old with only 15 year left to harvest so to break even i would have expected to hear there is at least $36M in the bank.
Foestlands stated in their Jan update that this is not a big payout but a return on investment and they sold the forests for a good price. To me that indicates that we would at least get our money back from the original investment.
Rowan, man up and tell us whats really happening and how much all the forests were sold for.

Reply
Share
  • 0
  • 0

So given each share cost $1,000 (and on top of that we have paid annual fees) that means at best we get $500 back. But after they take away all the legal costs on top of the "fees" Kearns has already taken and I am picking we will probably get an invoice to cover the outstanding losses. So much for forestry being a sound investment.

Reply
Share
  • 0
  • 0

Thanks for your comments. I'd like to find out more about what's going on here and would be keen to hear from investors directly. My email address is thunter@nbr.co.nz . Discretion assured.

For context, according to the last financial statements filed by these 18 companies, total net assets as of November 2014 were $18.6 million. Total fees taken out by the manager for the year were about $707,000.

However, given the involvement of the FMA and SFO there may be a question mark about the accuracy of these accounts.

Reply
Share
  • 0
  • 0

Tim will you be investigating this further on behalf of investors? Cannot get any response or update from Forrstlands so guessing there will be thousands of interested parties if they know you are looking to help out!

Reply
Share
  • 0
  • 0

Thanks for your comment Ted. Yes, keen to learn more about this. It's strange that the FMA and SFO have said so little about what is going on

Reply
Share
  • 0
  • 0

Hi Tim
Can you direct us to where you viewed their financial statements. Would be keen to have a look over them. Thanks

Reply
Share
  • 0
  • 0

Steven, go to the Companies Office website and search Forestlands. There are lots of different companies so you need to view them one by one. Look under documents to find financial statements.

Reply
Share
  • 0
  • 0

Hi, yes everyone would like to know. Like most scrimped and saved to buy shares for the kids future...... 8 kids and 39k plus later we will be lucky to see a cent the way this is going. Maybe we should move down south and live on his lawn.

Reply
Share
  • 0
  • 0

What about a share of the ETS income that is shown in the most recent accounts (doesn't this have to be paid back to the ETS) and the money that was supposedly coming from the "thinning" of the forests we were told about. We haven't seen a cracker yet this bloke Kearns keeps taking fees and shifting money around between forests like a big ponzi scheme.

Reply
Share
  • 0
  • 0

The Kearns also own the new Church Lane stores in Motueka and here in Christchurch. Gosh this raises my blood pressure! Edited

Reply
Share
  • 0
  • 0

And they own the Monterey House country estate that has a private golf course and restaurant near Nelson.

Reply
Share
  • 0
  • 0

Monetery House was closed down by the Nelson council a few years ago - I remember reading an article in the local paper regarding a range on non compliant issues he wouldn't fix. I also see when googling Rowan Kearns that he has been taken to the employment court by someone who worked at Church Lane. Click on this link http://apps.employment.govt.nz/determinations/PDF/2016/2016_NZERA_Christ...

Reply
Share
  • 0
  • 0

Watch this space there's another claim going to the employment court .

Reply
Share
  • 0
  • 0

Just saw this. My parents have bought shares in forestland for all their grandchildren in the hope it will help pay for university for them when they leave school. Someone at forestlnad must have done a great sell job cause they thought they would get around $10,000 return for each share they bought when the forests matured in about 15 to 20 years. Seems like they have been had big time by this dude.

Reply
Share
  • 0
  • 0

If he hadn't taken all his fees and sold the forests early, you might have got some money back. Instead it appears he could have been opening shops and golf courses using investors money, until it ran out.

Reply
Share
  • 0
  • 0

5 weeks ago I was made redundant. I have 7 or 8 shares that I have invested in from very early on: Forestlands #3 was my first.
I remembered the letter we got in December about voting on what should happen and us having to vote (which i did). On their website it says "If you haven’t received this update for any reason by Feb 20th 2017 please email us on info@forestlands.co.nz and we shall send you an E version". As I never received the 'full annual update on Jan 31st 2017' I emailed and all I got was (I assume) an automated response saying to check teh top left of the website for updates. No one answers the phone and the website updates are lacking.
Please on behalf of us all find out WTF is going on with Kearns, the FMA and SFO - surely someone can tell us what is going on and be honest and realistic with the expected outcome....whenever that will be?...
Thanks

Reply
Share
  • 0
  • 0

I am a shareholder in 3 forests and have being trying to find out what the entire group was sold for last year. From what I have found out over the past few months by doing my own research is it looks like the group of forests sold for around $37,000,000. Has anyone else found out the sold price? How come as shareholders we are not getting this information sent to us. We should be told what prices all the forests sold for from the FMA.

Reply
Share
  • 0
  • 0

Hi Matt, where did you find this info? I would love to get more details on the sale price but can't find anything apart from the $18m we are told is in trust. (edited)

Reply
Share
  • 0
  • 0

Hi Ted
This info is just from some of my own contacts I have and stuff I have been told from other parties over a few months. This info may be wrong but its more than what the owner is telling the shareholders so far. As shareholders they should tell us far more around the sale so we know whats going on. If they got a good price for the group like Rowan has said then why not tell us what the price was. The lack of information from the FMA and Forestlands is not on and Rowan should not get away with how he is treating his shareholders. He needs to front up and let us know whats going on. I might have to go for a road trip to visit him soon if this is going to drag on.

Reply
Share
  • 0
  • 0

Ha ha, great idea Matt, maybe we should organise a road trip to visit Forestlands and Rowan and he can give us a personal update. A picket line outside his shops in Motueka and Crhistcurch might help flush him out to provide some real answers!

Reply
Share
  • 0
  • 0

From my research there are around 17,800 shares so if $18M is in trust account like they are saying then that's our money back with no profit. But if he sold the group for $37M then that leaves $19M gone.

Reply
Share
  • 0
  • 0

Gutted, we too bought shares for our children's education in the late 90's and early 2000's. Just gutted.

Reply
Share
  • 0
  • 0

I also had shares
I bought these with my grandparents inheritance
And with saving I scraped together after my husband was made redundant four times
We did everything right raised four kids did up houses to get a solid home for our kids
Invested in two homes to save for our retirement
We lost the two houses and now it looks like these shares some of which were for my grandchildren may have gone too
Mr Rowan Kearns would you want someone to do this to your grandchildren
You and your family seem to be pretty clever and entrepreneurial
Make them proud of you. Be remembered for your good works and be honest with all of us who believed in what you were sayng and showing us in the grossy pamphlets
Thank you for the gold chocolate coins each year but I need hard cash now as this was all that I had left

Reply
Share
  • 0
  • 0

Hi Kathryn
I don't think there is an issue around us getting our $1000 shares paid back sometime in the future. This amount seems to be the 18M in trust account from what the FMA has said. The issue from what I understand is the forest blocks range in sizes and ages and there has to be a right way around paying the shares out under each individual company. At this stage Rowan has not fronted up with this information and if the SFO is now involved I would say that is because he sold it for far more than he is letting on to us. I would stay positive at this stage as all is not lost as this stage!!!

Reply
Share
  • 0
  • 0

I hope you are right
.there was a new shop opened by the Kearns family in Sept 2016
Is it possible that was were the money went

Reply
Share
  • 0
  • 0

2 new shops in here in Chch both owned by Kearns

Reply
Share
  • 0
  • 0

Here is some info that might be of interest. Kearns "ended" the employment of his manager around the time the forests were sold so it was only him, his wife and his daughter left running the company. Just contact Forestlands now and you will see I am correct.

Reply
Share
  • 0
  • 0

What are the shops he is opening Ted & Kathryn? From what I can remember he is entitled to 5 or 10% of sale of forests so that would have net him a few million anyway along with the rest of his fees taken each year.

Reply
Share
  • 0
  • 0

This is their business they run here from the old Gothic church in Motueka. Had a cafe but they closed that down. Don't know what the shops are called
http://www.churchlane.co.nz/

Reply
Share
  • 0
  • 0

Vintage Rose clothing at Northlands Mall and Ricarton Mall in Christchuch and also in Motueka

Reply
Share
  • 0
  • 0

I think that we need to get a list of all the investors and which forests they have invested in
THunter@nbr.co.nz is working on collecting information
Does anyone have the skills to get all investors names together
I can do simple stuff like an excel program but not sure where to post it.
I do not want to be involved in picketing or attacking the man
But I do think we have been unjustly treated and we all deserve an honest answer about what has happened
.
We could be looking at 40000 shares over 20 forests
Anyone got a suggestion that knows about such matters

Reply
Share
  • 0
  • 0

Hi Kathryn, big job and I'm not sure what you are going to do with this list if anyone manages to pull it together. Forestland must have kept a register of all investors so I guess the FMA/SFO will get access to this. But again I wonder what we could do with the list that the FMA/SFO won't be doing.

Maybe a class-action lawsuit if we don't get what we are due????

Reply
Share
  • 0
  • 0

Was nice to stumble over this today - have been feeling very isolated, and, like many of you, the SFO replied to my "WIGO?" email with what is clearly a default response.
I invested $5k of my divorce settlement in this (2 forests, without seeing the certificates I cant remember which ones) - hoping that it would either go towards my 2 kids education, or a deposit on a home each.
I would love to be kept informed - will be emailing you, Tim Hunter! - as all I can see is the typical 'no comment' walls going up. Answers to simple questions like: Where to from here? How long has Mr Kearns got to comply? Where is 'our' money invested? Why was the sale price kept under wraps?
This was my first attempt at investing - been a bit of a rocky ride.....

Reply
Share
  • 0
  • 0

I have only just found this site and as a investor with myself and my children all having shares in a forest each I will be gutted if all the money is lost.
Like most I brought into this with the intention for one day when harvested there would be some money for my children to put a deposit down on a house/education etc.
It just seems strange that forestlands had started harvesting then ceased when the market was down but never started up again when the market came right again. It makes me wonder if they could operate the harvest operation properly? They may have realised that the harvesting operation side was not for them and a nice price to get out seemed the best way.
However we brought in with the intention for a harvest and receive the prospected rewards. When finalised I don't think I could re-invest with Mr Kearns again after this debacle.
Mr Kearns should do the right thing, be honourable, honest and fair to all his forestlands shareholders including selling his assets if required and paying the SFO for the enquiry from his own funds not forestlands!!!

Reply
Share
  • 0
  • 0

Reading all of this IMO the only reason he sold all the forests early was so he could pull his 10% and pay his own debts. He didn't care about the impact on shareholders by not letting the forests grow to maturity and harvest them when wood prices are good (as we were always told by him and his merrymen). The big question for me and no doubt many others is "just how much did he actually sell the forests for?". Guess that is what the SFO are investigating among other things.

This forum needs to be more mainstream so others can contribute - any ideas how to give this more publicity?

Reply
Share
  • 0
  • 0

Maybe would could set up a facebook page so people can discuss ideas.
We also need to find out how we can have the sale price disclosed to shareholders.

Reply
Share
  • 0
  • 0

In the meantime, look out for an article from Tim Hunter on the situation in tomorrow's NBR print edition.

Reply
Share
  • 0
  • 0

Go to Forestlands Shareholders on Facebook there is a page on there for shareholders :)

Reply
Share
  • 0
  • 0

What a relief to find this site , as have felt so worried and isolated after seeing that FMA and SFO are now involved.
Now have to tell my grandsons that their shares , bought at their birth , will probably not be helping with their uni fees .
I always like to look to the positive, but this is a stretch.

Reply
Share
  • 0
  • 0

I too invested in these shares hoping they would help with uni fees now for my children. Things do not add up. Think about the amount of fees we have all paid every year. I think kearns has sold us out to pay off his own debt he needs to be held accountable and we need to be paid what we are owed. He seems to own many assets he could sell to pay investors. We need to get this forum out there as there are 1000s of investors just like us that are in the dark. Maybe we should start a facebook page for shareholders so we can add anything we find out.

Reply
Share
  • 0
  • 0

I have been thinking about the facebook page idea but I don't think that will achieve much. Since yesterdays report by NBR, its more than clear that no one involved wants to talk to us. Maybe we need to attack the firms involved via there own business facebook pages so they have to deal with us. Have found that church lane (owned by Kearns family) has a page as well as forestlands auditor Markhams. Can't seem to find anything for Accountant Thompson Daly or the Lawyers for Kearns.
https://www.facebook.com/churchlane.co.nz
https://www.facebook.com/MarkhamsNewZealand
Just an idea, anyone else got any ideas to get these guys talking to us????

Reply
Share
  • 0
  • 0

Looking through the documents on the companies office website I see that a lawyer of theirs (187 BRIDGE TRUSTEES 24 LIMITED) used to be a shareholder but was removed and only Rowan and Sharen Kearns are shareholders of all Forestlands companies now. Maybe the lawyer knew something was amiss and he jumped ship???

Reply
Share
  • 0
  • 0

My wife and I started buying Forestlands Shares near the beginning in 2000. We've bought 16 shares in all and paid our annual fees, another $4,500 overall. We invested for the long term, in NZ forests which seemed to be well run and well spread around the country. Our other investments were diversified and the forest locations were diversified. It all seemed to make sense.
We were very wary of the 'B' class shares and the lack of rights but reporting had been reasonable over the years, phone calls had been answered and forest data provided, we were reassured.
Then the bombshell in January 17. Forestlands sold! Sale occurred in September/October 16!! No sale price information!!! A jumble of promises, corrections and alterations. Comforting reassurances that all other investors were happy this had occurred and it was in our interests to agree. We were even asked to vote on a sale that had occurred without our knowledge and without knowing the terms or $$ paid for the sale. We were insulted and angry that we were being treated like patsies.
Now we have the FMA and SFO involved. Like others who have commented, we fear that lawyers, accountants and others will drain the small pond ($18m) that is left.
It is imperative that all investors know what the sale price was, that an appropriate valuation of the forests was made prior to sale, how the funds have been allocated thus far, what associated costs have occurred since the sale, what costs will occur before net figures are produced for each forest, whether Mr Kearns & family & Trusts have any involvement with the purchaser, and finally when and if and what $$ we will receive.
We thought we now lived in a reasonably transparent investing environment after all the finance company and stock market failures of the past decades.
Seems we might have to add Forest Investments to the sad list.
Prove us wrong Mr Kearns!!!!

Reply
Share
  • 0
  • 0

Have set up facebook page for shareholders to discuss ideas and share any info they may have about the sale of the Forestlands group. https://www.facebook.com/forestlandshareholders

Reply
Share
  • 0
  • 0

Well done Matt, let's hope there is plenty of support and information forthcoming.

Reply
Share
  • 0
  • 0

Thanks Matt for setting up the FB page. Really gutted by this news. Hope we get some joy one day soon.
www.facebook.com/forestlandshareholders

Reply
Share
  • 0
  • 0

Like many here I invested when my son was young so he could use the money for his university fees and not have a huge student loan when he finished. Guess I was wrong and who can you trust these days?

Reply
Share
  • 0
  • 0

I've got 26 shares and are gutted at not being able to get info

Reply
Share
  • 0
  • 0

Hi all, if any of you live in Motueka or Christchurch I suggest you visit one of Kearns clothing shops and ask the staff if they know what is going on. Vintage Rose clothing is what they are called.

Or ask if they know where Rowen or Sharon are so you can talk to them.

Reply
Share
  • 0
  • 0

I visited his shop in chch on Friday but they wouldn't give me any info. just a phamplet with the churchlane website.waste of time. I have contacted fair go but had no luck this stage

Reply
Share
  • 0
  • 0

I also had no idea this forum existed! So good to know everyone else feels the same as my husband, my son and I! Can't believe how badly this whole situation has been handled! Where is the communication to loyal long term investors? I'm sure all investors would be slightly happier if we had some knowledge of process, time frames and possible outcomes, as opposed to no advice at all! I too have attempted to make contact, but without any success, so ... where to from here?? All the $$$ surely cannot just disappear !!!

Reply
Share
  • 0
  • 0

Dont think anyone should go into the shops and ask staff as its not their fault and they should not be brought into it

Reply
Share
  • 0
  • 0

Good point Philip. Unless of course the staff are Kearns family which is probably the case in Motueka.
[Edited]

Reply
Share
  • 0
  • 0

There are still no updates on The Forestland website regarding the "payout distribution" we are now in the month of JUNE, are they still around as they don't answer any phone calls or response to any emails?

Reply
Share
  • 0
  • 0

Don't expect any updates now this is under investigation. Previous updates should be disregarded anyway, as we have been lied to for far too long by this scoundrel. I am just so upset by this whole fiasco that it makes we want to cry whenever I think about it.

Reply
Share
  • 0
  • 0

Thanks for posting this information. The lack of anything offical and knowledge of any kind has been very frustrating so this is useful. I have the same frustrations as others.

Reply
Share
  • 0
  • 0

After speaking to fma they said they emailed my share information to sfo.they gave me Case number but heard nothing from the sfo.you would think they would let the investors know what is happening to the funds.I don't understand why we can't be paid out if the moneys in the bank.surely they have the investors details and could pay the money out.all seems a bit dodgy to me.we are entitled to our money

Reply
Share
  • 0
  • 0

So how hard is it to locate someone in this little country. Hes got 3 clothing shops for god sake. Maybe we should all bycote these shops and just go and take our money in clothing if he doesn't front up with our funds. But o no cause we would end up in jail. But this twat can all keep us waiting and like some of us I desperately need my money with having no work. Go figure the rich just get richer and the poor get ripped off.

Reply
Share
  • 0
  • 0

I find this whole scenario quite unbelievable! We as long term, loyal investors have been told the forests have been sold, and investment funds were being allocated and distributed in March or April, then we find out (not through any official means) that there have been discrepancies so we now have to wait .... for what??? Surely funds can be distributed from sale process without the shareholders having to wait. Sorry, I must be missing something??? Perhaps some communication would help !!!!

Reply
Share
  • 0
  • 0

Am so glad to find this, have been forestlands small investors for a 17 years now, for the kids to use for uni or travel, will be so disappointed if we have lost our investment. Thought all was well after contact in December from them.

Reply
Share
  • 0
  • 0

Hi, Can you tell me please, how I can find out more information regarding the Forestlands shares. How can I get updated in the future?

kind regards
Di Shaw

Reply
Share
  • 0
  • 0

Thanks for your comment Di. This is a major problem for everybody and I'm afraid there is no easy answer. I suggest you contact the FMA to let them know you are a shareholder, and join the Facebook page set up by other investors. You could also contact the auditor and accountant directly. 

Reply
Share
  • 0
  • 0

What about getting the Nelson Evening Post to do an article on this since they are the local newspaper? NBR coverage has been awesome so far so another paper may help spread the word locally.

Reply
Share
  • 0
  • 0

We like everyone have been waiting. Have had the email bounce back on queries. I was starting to smell a rat and found this when I Googled Forestlands. Fingers crossed someone will have a conscience and at least give people back what they invested. Waiting......

Reply
Share
  • 0
  • 0

This is so typical of investments over a long period of time. We have seen this all to often where the fund managers or Directors take our money and live the good life style.
If we see any return at all after this is dragged through the courts I will be very surprised.
The 18 million should be paid out while it is still intact, and then let the lawyers get involved to secure the rest.
The Kearns family will suffer a little discomfort through the courts, and will no doubt bounce out the other side with their wealth intact while we the small investors have lost it all.

Reply
Share
  • 0
  • 0

Another shareholder here, thanks for setting up the facebook group for updates. It all sounds so shoddy. I bought my shares as a teenager with some inheritance money from my grandparents. I always said it would go on a future mortage or pay for my round the whole cruise one day. Yeah right!

Reply
Share
  • 0
  • 0

Why has this not been mentioned in the news, why is the whole of NZ not informed of these people possible ripping hard working NZ off.

Reply
Share
  • 0
  • 0

I agree with you, Paul. Since the $18 million represents our original investment aside from any gains, this should be returned to all us mum and dad investors. If the investigation discovers we are owed more at a later date, fine, but at least we can move on to other hopefully more secure investing with our money!

Reply
Share
  • 0
  • 0

I totally agree Trish! I don't understand why the initial investment funds can't be paid out now, even if any additional gains aren;t sorted until later. The estimated $18m will cover initial investments made by shareholders!!

Reply
Share
  • 0
  • 0

I agree the $18 million should be issued to the original shareholders now. We can get whats owed when the SFO work it out. What worries me is that the $18 million may be used to pay for the SFO investigation where it should be the Kearns family as he operated poorly. He can sell up some of his many assets to pay the extra that is owed to the shareholders and pay for the SFO as this is his bill not ours!!

Reply
Share
  • 0
  • 0

Thanks for your comment Cam. Re the cost of the SFO investigation, this will not be met by tapping into the $18m - that's not how the SFO works. It is funded directly by the government. The problem of costs eating into remaining resources occurs when receivers, liquidators or statutory managers are appointed.

Reply
Share
  • 0
  • 0

Thanks Tim and have any of your sources been able to get any information about what is going on and has the NBR asked the SFO or anyone else why the $18m cant get paid back now to investors?

Reply
Share
  • 0
  • 0

Thanks for your comment Philip. My understanding is the delay in paying out the $18m is not related to the SFO. I think the FMA requires Forestlands to come up with a properly accounted method to allocate the money among all the investors. This has not yet occurred, no doubt because the accounts were in such a mess. It's likely the SFO is interested in why there is only $18m left, rather than how the $18m is distributed. 

Reply
Share
  • 0
  • 0

Thanks Tim and your input on this is so appreciated by myself and the rest of the people on here and also on behalf of the many people who are not on here

Reply
Share
  • 0
  • 0

We are just like so many of you. We bought shares in several of the Forestlands companies for our Grandchildren and are totally gutted that this has happened. All too often these Directors and their families build their fancy lifestyles off of the blood, sweat and tears of all of us who work hard and put in an honest days work for our families. Time they were stopped.

Reply
Share
  • 0
  • 0

I think we as investors we need to put the pressure on and go to the media there are a lot of people out there that are out of pocket the longer this goes on the less faith I have in seeing any of my money back

Reply
Share
  • 0
  • 0

I stumbled onto this site and was suspicious at the time about the replies that I had got from Forestlands. It looks like we all got the bums rush from this family and have been well and truly duped. I would appreciate it if anybody hears anything that they put it up on this site so we can all see what is happening.

Reply
Share
  • 0
  • 0

Invested for retirement,since been made redundant,my private super scheme folded and the Govt won't give me the dole because my other half works.
I have been shafted.

Reply
Share
  • 0
  • 0

like most of you we too invested in this for our 3 children's future. Like others we received a letter earlier this year to vote. I was quite stunned today to ring to find out when this would be paid out, to hear the info on the phone. Found this today by googling ............. surprise !!! Not impressed to think the investment for my children's future may have vanished.

Reply
Share
  • 0
  • 0

i along with my wife have invested in total with all payments $20:000 dollars thinking the drip feed into trees was a good idea, We invested thinking this was in trees, not a family trust had we seen FAMILY TRUST words that would have been a red flag right at the beginning. talk about deveious, we understood this was about trees, PERIOD.

Reply
Share
  • 0
  • 0

Should have stuck with RUBICON,at least there appears to be hope.

Reply
Share
  • 0
  • 0

See this update on Forestland website. This guy just won't accept responsibility for his actions!

"Dear Forestlands Shareholder, Update 29/6/2017

"We are still here working through matters as requested by the FMA.
Funds are held by our solicitors, Anthony Harper, and as agreed by Forestlands with the FMA cannot be paid out to anyone, until we have FMA approval. These delays have caused an extremely frustrating,
expensive inconvenience to us all. The process triggered is now simply out of our control and ultimately has effected everyone involved.

"However we are working as quickly as possible to deal with the issues raised.

"Reporting on this matter to date has been incorrect, very speculative
and extremely damaging to Forestlands and the Director personally, however we will not comment further until the end of the process."

Reply
Share
  • 0
  • 0

Things that make you go Hmmmmmmmmmmmm.

Reply
Share
  • 0
  • 0

my wife and i drip fed into 20 forest investments over 18 forest blocks over the years, $20:000 dollars. had we been informed there was a family trust involved that would have been a red flag for us. will we even see our $20:000

Reply
Share
  • 0
  • 0

All shareholders can you please email your name, region, phone and no of shares held to forestlandsnzshareholders@gmail.com
These details will help us build our external database of shareholders for if we need this list in the future as a back up.
Once emailed you will receive an auto response so you know we have received your details.
You can also follow ForestlandNZshareholders on facebook.
Thank you for your help.

Reply
Share
  • 0
  • 0

I am in Queensland. I bought $1000 in 1999. Like everyone have had no viable news.

Reply
Share
  • 0
  • 0

The complete lack of info or communication sucks and the shareholders who invested in good faith should receive some info

Reply
Share
  • 0
  • 0

Please can you tell me if there is a possibility that we will see any return on the share we bought for our son way back i2001?Its gut-wrenching to say the least and so disappointing?My mobile number is 0211831856.

Reply
Share
  • 0
  • 0

I also am gutted and have been trying to contact the Forestlands people with my change of address...to no avail. Why can't they update us????

Reply
Share
  • 0
  • 0

1 year today since Kearns sold our forests!!
For those of you that have not yet joined the shareholders FB page, there is alot of info and support there, people gathering info, writing letters etc. (Forestlands NZ Shareholders) If nothing else it makes you feel a little less alone in the struggle. Thanks for your articles, interest and comments Tim Hunter, no one else in the media seems interested.

Reply
Share
  • 0
  • 0

Hi i am am investor in forestlands and wanting to know when all this is going to be over as i would like my money back that i have invested in forestlands with interest as well.

Reply
Share
  • 0
  • 0

Post New comment or question

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

NZ Market Snapshot

Forex

Sym Price Change
USD 0.6891 0.0019 0.28%
AUD 0.9034 0.0002 0.02%
EUR 0.5815 -0.0003 -0.05%
GBP 0.5178 0.0014 0.27%
HKD 5.3824 0.0147 0.27%
JPY 76.6500 0.1520 0.20%

Commods

Commodity Price Change Time
Gold Index 1290.4 -1.540 2017-11-23T00:
Oil Brent 63.3 0.770 2017-11-22T00:
Oil Nymex 58.0 1.170 2017-11-22T00:
Silver Index 17.1 0.150 2017-11-22T00:

Indices

Symbol Open High Last %
NASDAQ 6869.5 6874.2 6862.5 0.07%
DJI 23597.2 23605.8 23590.8 -0.27%