Fairview New Zealand (Cymbis NZ)

Updates

21 May 2009
 
 
 24 November 2008
 
Gould Wealth Management have requested an update from Deloitte following client feedback.
 
11 July 2008
 
The receivers for Fairview(Deloitte) released a letter on 1 July 2008.  The key points of the letter were:

 

-          There are two loans outstanding

-          Insurance policies covering the loss on the FP Holdings Loans to maximum losses of $3m and $1.76m are held against the loans respectively.  These amounts represent approximately 68% of investor funds.

-          The receivers state that they are unaware of any issues affecting the cover.

-          If the second loan, which is due in September 2008, is repaid on time then the receivers expect to be able to pay an initial amount of approximately 20% of investors principal by October this year.

 

Click here to read the full version of the letter Deloitte Report 1 July 2008
 
 
Background
 
It was announced on May 13 2008 that Cymbis New Zealand, now called Fairview New Zealand, was placed in receivership. The appointed Receiver is Rod Pardington of Deloitte.
 
A letter has been sent to clients affected by Cymbis New Zealand and we will endevour to keep you updated as the Receiver provides further information.
 
For those clients who hold investments with Cymbis Australia, please note that Cymbis Australia is a completely separate entity which is not affected by the receivership of Fairview New Zealand.