FMA 'not approval body' for Du Val investors, court hears

The shuttered Du Val Verge apartment development. (Image: NZME, Jason Dorday).

Thu, 03 Jul 2025

The Financial Markets Authority (FMA) had no power to approve or not approve a Du Val share offer because it was an unregulated investment, the High Court has heard.On Thursday, the markets regulator asked the court to strike out a claim from Du Val investors that it breached its duties by not warning them the property development group was in trouble.The investors swapped their units in Du Val funds for shares in a new company just before the group’s $306m collapse last August, and blame the FMA for the loss of value of their shareholdin...

Subscribe to BusinessDesk

Stay informed on business, government and financial developments across New Zealand.

Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

You can cancel anytime with two clicks, an email or a phone call.
Find out more.

We are serious about journalism.

Already a Subscriber ? Sign in here.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].name) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

On the Money

On The Money: Anna Breman. Adrian Orr, and more

A moody week worthy of a Scandi-noir thriller involving plenty of bankers.

Dileepa Fonseka 27 Sep 2025

Opinion

Simon Robertson: Investing: What Wall St is banking on

Investors eye an upbeat finish as big tech and AI drive market growth.

Simon Robertson 27 Sep 2025

Technology

Trump saved TikTok – and wrecked the rule of law

TikTok users will be happy, but this is another blow to the rule of law.

The Washington Post 27 Sep 2025

Trump saved TikTok – and wrecked the rule of law

Sponsored

AI agents: opportunity or graveyard? Spark’s five-point playbook for success

Artificial intelligence agents – autonomous digital entities that analyse data, automate decisions, and act independently – are set to drive a new wave of business transformation.

Spark Enterprise

Sponsored