FMA gains interim asset preservation orders over assets of PTT, receivers appointed

Friday 14th August 2015

The Financial Markets Authority secured interim asset preservation orders from the High Court in Auckland over the assets of PTT Limited, Steven Robertson and associated entities, as part of an ongoing investigation.

"The FMA has concerns that client funds may be at risk and the company may be operating in breach of financial market legislation," the regulator said in a statement. "Neither Mr Robertson nor PTT is registered on the Financial Services Provider Register."

The High Court also granted the FMA’s application appointing John Fisk and David Bridgman of PwC as receivers and managers of PTT and six other associated entities, on a limited basis, it said. They have been granted powers to identify and preserve any funds and assets of PTT and the names of clients.

The associated entities, which are all in receivership, include Maxwell Foster Ltd, Gibson McLeod Ltd, Alba International Ltd, and The Steven Robertson Family Trust. The receivers and managers have also been appointed to Steven Robertson and Lisa Jane Robertson personally.

“Our first priority will be to secure and preserve the PTT Group’s assets and establish its financial position," Fisk said in a statement. "We will also be writing to all known investors as soon as possible."

The receivers will update the court and the FMA by Sept. 3, and the any clients of the group are urged to contact PwC.

Fairfax Media reported in April quoted a pensioner saying she had invested $29,000 with Robertson as part of a gold trading scheme called Prosper Through Trading, and the funds were later refunded after she encountered difficulties with the programme.

BusinessDesk.co.nz

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