ASIC provides voice for Timbercorp growers
The Australian Securities and Investments Commission (ASIC) is in consultation with Timbercorp horticultural scheme growers concerned about the administration of their investments and potential conflicts of interest for the administrators, KordaMentha.
The Growers’ Committee has opposed an application for the winding up of 14 olive and almond schemes made by KordaMentha to the Victorian Supreme Court and will be putting before the court an alternative of appointing a temporary responsible entity for the schemes.
ASIC said growers were finding it difficult to make their views known “when decisions about their investments are the subject of legal proceedings before the court, rather than a vote by growers”.
ASIC, which has been running its consultation through the Growers’ Committee and through financial advisers who have growers as clients, will be present at the hearing and make submissions to the court.
“We would like, if appropriate, to provide the court with an indication of growers’ views and concerns,” ASIC’s Timbercorp Taskforce said. ASIC has asked growers to answer questions online, which will be used to inform their submissions to the court.
A temporary responsible entity would replace Timbercorp for three months (or more if the court allows it). Growers in each scheme would then vote on whether the scheme should continue “on a restructured basis” with a new responsible entity, or be wound up.
During this period, the schemes would require continued funding, and growers’ fees under the schemes would continue to accrue.
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