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123rf [19659005] Many KiwiSavers have never looked into what their KiwiSaver is invested in. Many will not be aware that they are among the investors who lost $ 750 million when the CBL insurer failed.
The Autorité des marchés financiers is invited to use its power to "intervene" and protect the interests of the shareholders of the defaulting CBL insurer.
Hundreds of thousands of KiwiSavers are among the shareholders who have collapsed the listed company NZX.
CBL shares were worth $ 750 million at the beginning of February, but are now valued by some fund managers at zero since the news broke the troubles in its insurance operation in France
. The insurance was put into provisional liquidation by the Auckland High Court after the administrators sent $ 55 million abroad to challenge an order from the Reserve Bank not to do so
* Reserve Bank says CBL paid $ 55 million despite doubts about creditworthiness
* Homeowners told CBL Insurance not to be able to pay claims
* CBL
The failure of CBL left many insured kiwis in worthless fonts, but it also left many KiwiSavers in the pocket, although little in the way realize.
ASB and AMP KiwiSaver schemes in which hundreds of thousands of ordinary savers have invested their retirement savings.
AMP is one of the In an update on its investigation on CBL on Friday, the Financial Markets Authority (FMA) said it's not going to be a big deal. He had not yet decided to use his power to slip into the shoes of investors, who could ultimately include him in court and seek damages from directors on their behalf.
The FMA had "concerns about potential infractions" on the part of the directors of CBL and was considering the auditor, Deloitte "
He had been urged to exercise his powers to exercise and exercise the rights of shareholders, who did not have the money, and the power to defend their own interests
". At the preliminary stage of the investigation, the FMA has not yet determined whether the use of this power would be appropriate. This decision will only be made once the investigation has progressed, "said the authority.
But revelations that a large number of KiwiSavers lost money in CBL's failure prompted John Hawkins, president of the New Zealand Shareholders' Association, to
STUFF
The shares of CBL Corporation were worth $ 747 million suspended in February, some fund managers reduced to zero
"While the association was working on behalf of individual shareholders, it is also very concerned about the position of KiwiSaver investors," said Hawkins. ] KiwiSavers have been "withdrawn" by being exposed to the collapse of CBL because their KiwiSaver funds hold shares of CBL.
"To date, we have not seen any activity on the part of i" We understand that there is a large number of KiwiSaver accounts that are invested in CBL, and we think this broadens the investor base that FMA should seek to protect. "[19659007] KiwiSaver systems work by investing in funds with hundreds, sometimes thousands of shares, but investors may not realize at what companies they have a stake.
AMP claims more than 230,000 KiwiSaver members
The collapse of CBL Insurance through the funds of the KiwiSaver scheme of AMP. 19659006] ASB, the second largest supplier of KiwiSaver, also made KiwiSavers invest in its growth and balanced funds in the defaulting insurer.
"The FMA does not consider it would be appropriate to Exercising […] powers for the sole purpose of seeking compensation for shareholders. "
The R The Chairman of the NZ Shareholders' Association, John Hawkins, asked the FMA to use its powers to protect the interests of shareholders." title = "" src = "https://resources.stuff.co.nz/content/dam/images/1/m/v/z/l/j/image.related.StuffLandscapeSixteenByNine.620×349.1qspi1.png/1531461431780.jpg "class =" photoborder "/>
STUFF] John Hawkins, president of the NZ Shareholders Association, has asked the FMA to use its powers to protect the interests of shareholders and KiwiSavers.
Directors, including director Peter Harris, "were working to develop and present a plan as an alternative to the liquidation process," a statement to the NZX told CBL on Friday. The announcement announced the resignation of Sir John Wells, Paul Donaldson and Ian Marsh of CBL Corporation and its subsidiary CBL Insurance.
With CBL Insurance in Provisional Liquidation and CBL Corporation in Voluntary Administration, Wells says he had little power or authority
provided
Peter Harris, Managing Director of CBL
STUFF
Sir John Wells, who resigned on Friday as President of CBL Insurance, won the 2013 Halberg Awards for Sport Leadership at the Vector Arena in Auckland. 19659046] – Tips and Tricks
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