Sharechat Logo

War of words continues in FFS-Citic dispute

By Phil Boeyen, ShareChat Business News Editor

Thursday 19th October 2000

Text too small?
Fletcher Forests says it remains hopeful that it can resolve its dispute with Chinese-owned Citic New Zealand out of court despite Citic claiming court action is almost certain.

Citic New Zealand has announced that it is now of the view that court action is inevitable as it seeks to resolve the outstanding disputes between itself and Fletcher Challenge Forests in relation to the Central North Island Forestry
Partnership.

Citic also says that it will not agree to any proposal to split the forestry partnership's assets if the dispute cannot be settled.

Last week Fletcher chairman, Rod Deane, said moving to split the assets in the partnership, either by mutual agreement or by way of court proceedings, is another alternative open to the company if the two parties cannot reach agreement.

However Citic says such a split will destroy value and will not resolve the disputes.

Fletcher spokesperson Ginny Radford says if the dispute does end up in court her company will vigorously defend itself, but Fletcher is still hopeful it won't come to that.

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

FCF woos Citic and Rubicon for CNIFP deal
Not us says Citic
Forests receiver has back up offer
Fletcher Forests to buy NI assets
Fletcher Forests confirms CNIFP interest
Writedowns hurt Rubicon first half
Farewell Energy, hello Rubicon
Fletcher vote still on
Special Report: The Future Of Fletcher
Legal action still possible in Fletcher Challenge insider case