Cashflow crisis led to removal of Foresta's managing director

Foresta wants to take advantage of NZ's abundant forestry resources. (Image: NZME)

Wed, 31 Jul 2024

Australian company Foresta rolled its managing director Ray Mountfort for haemorrhaging cash, but Mountford said he resigned in the face of what appeared to be a takeover by overpaid directors. Mountford's ousting is detailed in the company's quarterly report this week, which also revealed the board appears to have expressed no confidence in Foresta’s chief financial officer, Erich van Zyl, stating he was not qualified to serve on the board and would be subject to “undue influence” from Mountfort.The Australian Se...

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