Published: 11:30AM Tuesday May 13, 2008
Source: ONE News/Newstalk ZB
A small Auckland firm is the latest finance company to go into
receivership, owing 800 investors almost $7 million.
Fairview New Zealand Limited was originally part of the Capital and
Merchant Group that crashed late last year.
Fairview is the 16th finance company to collapse in the past two
years, leaving 65,000 investors facing combined losses of up
to $1.5 billion.
Fairview New Zealand, formerly known as Cymbis New Zealand, owes $6.9 million to 797 stockholders and Deloitte has been appointed as receiver.
Share broker Chris Lee says he isn't surprised another finance company has fallen over.
Lee says the company was a typical no capital fund which was poorly run and never expected to survive the credit crunch and property market falls.
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