Source: Radio New Zealand
The High Court in Christchurch has appointed PWC as interim liquidators. File photo. RNZ / Nate McKinnon
The Financial Markets Authority (FMA) is investigating a Christchurch-based investment corporation led by businessman Bernard Whimp.
The investigation centred around Chance Voight Investment Corporation, as well as subsidiaries, persons and entities associated with Chance Voight Group.
The High Court in Christchurch has appointed PWC as interim liquidators at the request of the FMA.
The companies were associated with businessman Whimp.
The six companies were, Chance Voight Investment Corporation Limited ,Chance Voight Investment Partners Limited, CVI Securities Limited, CVI Financial Limited, CVI Partners Mortgage Fund Limited, CVI Partners Mortgage Income Fund Limited.
PWC was due to report back to the High Court in Christchurch by 26 January.
Whimp rose to prominence in the 2010s for making off-market offers to buy shares from investors at below their market value.
The then-Securities Commission took Whimp to court over what it termed the misleading “low ball” offers.
In 2014, the FMA tightened regulations around off-market offers, effectively stopping the practice.
The FMA said its investigation into Chance Voight was ongoing, and would not comment further due to suppression orders.
Last month, Chance Voight bought financial advice provider Patterson Wealth, but Patterson Wealth did not appear to be affected by the liquidation orders.
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