FMA secures asset preservation orders

FMA says it has concerns the funds of PTT Ltd may be at risk and the company is in breach of financial market registration.

The Financial Markets Authority has secured interim asset preservation orders against gold trading scheme PTT Ltd, six associated entities and Steven Robertson, a shareholder in the company.

In an announcement late this afternoon, the market watchdog said the orders, obtained in the High Court at Auckland, followed an investigation into the company.

“The FMA has concerns that client funds may be at risk and the company may be operating in breach of financial market legislation,” it said in a statement.

“Neither Mr Robertson nor PTT is registered on the Financial Services Provider Register.”

PwC has also been appointed as receivers and managers of PTT Ltd, also known as Prosper Through Trading, as well as six associated entities on a limited basis, which allows it to identify and preserve any funds and assets, as well as the names of clients.

Other entities include Maxwell Foster, Gibson McLeod, Alba International, and The Steven Robertson Family Trust.

A receiver’s report will be provided by September 3.

PwC receiver John Fisk says its first priority will be secure and preserve the group’s assets and establish its financial position.

“We will also be writing to all known investors as soon as possible.

“In the meantime, we strongly encourage any investors or other stakeholders to contact us via our website, facsimile, or postal address, or dedicated telephone message.”

The FMA says it will not comment further at this stage.

Companies Office records show PTT Limited is directed by Sharon Leah Lawson, who also owns 99% of its shares.

Mr Robertson owns the remaining 1%.

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