PTT Limited, Steven Robertson and related parties

The Auckland High Court approved a pro-rata distribution methodology for creditors of PTT Limited, Mr Robertson and his associated entities. The methodology was proposed by the receivers and liquidators of PTT, and supported by the FMA as being in the interests of victims. Receivers and liquidators estimate that victims will be likely to receive around 59 cents in the dollar. See media release.

Court of Appeal rejects sentence appeal by PTT’s Steven Robertson

The FMA has welcomed the Court of Appeal’s decision to dismiss a sentence appeal by Steven Robertson, who defrauded victims of $1.5 million through PTT Limited. See media release.

Sentencing notes of Katz J

Steven Robertson jailed for six years, eight months at the Auckland High Court. In sentencing Mr Robertson, Justice Sarah Katz said the Crown case against him was overwhelming and he used his sales skills to deceive clients. See media release.

High Court verdicts and reasons
Mr Robertson found guilty of the following 38 charges:

• 23 counts of theft by a person in a special relationship under section 220 of the Crimes Act 1961
• 11 counts of obtaining by deception under section 240 of the Crimes Act 1961
• 4 counts of dishonestly using a document under section 228 of the Crimes Act 1961.

Sentencing due on 30 October 2019. See media release.

Trial of Steven Robertson due to start in May 2019.

FMA has filed criminal charges against Steven Robertson in the Auckland District Court under the Crimes Act 1961. In total 47 charges have been brought against Mr Robertson. Mr Robertson’s first appearance is scheduled for 28 November 2017. See media release.

The Receivers and Liquidators will continue to provide updates on the affairs of the PTT Group through statutory reporting.

High court judgment on whether the costs of the receivers be met from the assets.

Judge rescinded the Court’s orders 3.10(b) and (c) of 13 August 2015 that the receivers be reimbursed and indemnified out of the respondents’ property.

The companies were placed into liquidation at the Auckland High Court are PTT Limited, Maxwell Foster Limited, Gibson McLeod Limited, and Alban International Limited.

PricewaterhouseCoopers (PwC), the receivers of the four companies, have been appointed as liquidators.

PwC released its report to the High Court. FMA’s investigation is on-going. 

A hearing was held to determine whether certain of the asset preservation orders granted on 13 August 2015 should be varied, modified or removed.  The Court approved certain variations, including increasing the weekly living allowance and authorising the release of certain personal and household assets and funds in payment of legal fees.

See the judgement.

PwC submitted their report to the High Court on a confidential basis. 

The FMA confirms that it is undertaking an investigation into Steven Robertson, PTT Limited and related entities.

The FMA has obtained asset preservation orders over the assets of PTT Limited and associated persons, in light of concerns that investor funds may be at risk and that the companies may be operating in breach of financial markets legislation. See media release.