Investors in failed Australian agribusiness group Willmott Forests launch class action, allege documents for three forestry managed investment schemes failed to disclose all risks

Wendy Lisney

Wendy Lisney

Jan 20, 2012 – Friday Offcuts

DUNEDIN, New Zealand , January 20, 2012 () – Investors who pumped about AU$150 million into forestry schemes run by the failed agribusiness group Willmott Forests have according to the Sydney Morning Herald launched a class action against the company, its directors and the Commonwealth Bank. The lawsuit is the latest fallout from the collapse of large plantation investment companies in the past three years, including Willmott, Timbercorp, Great Southern and Environinvest.

In court documents filed in the Federal Court just before Xmas, lawyers for the investors have alleged that documents for three forestry managed investment schemes failed to disclose all the risks attached to the investments. The investors have also alleged that Willmott overstated the value of assets including land and future wood sales and understated its liabilities "by failing to provide for the cost of future plantation maintenance work".

Ron Willemsen, a solicitor with Macpherson+Kelley Lawyers, filed the lawsuits on behalf of investors in three Willmot schemes offered in 2008 and 2009. The company, its directors and the bank have yet to file defences and a directions hearing is set for 14 February.

* All content is copyrighted by Industry Intelligence, or the original respective author or source. You may not recirculate, redistrubte or publish the analysis and presentation included in the service without Industry Intelligence's prior written consent. Please review our terms of use.


About Us

We deliver market news & information relevant to your business.

We monitor all your market drivers.

We aggregate, curate, filter and map your specific needs.

We deliver the right information to the right person at the right time.

Our Contacts

1990 S Bundy Dr. Suite #380,
Los Angeles, CA 90025

+1 (310) 553 0008

About Cookies On This Site

We collect data, including through use of cookies and similar technology ("cookies") that enchance the online experience. By clicking "I agree", you agree to our cookies, agree to bound by our Terms of Use, and acknowledge our Privacy Policy. For more information on our data practices and how to exercise your privacy rights, please see our Privacy Policy.