FMA files civil proceedings against Booster Investment Management

The Financial Markets Authority (FMA) has filed civil proceedings against Booster Investment Management, alleging breaches of the Financial Markets Conduct Act.

The FMA's allegations are directed at Booster, as well as some of its executive directors and senior managers.

However, the proceedings do not pertain to investments made by Booster in the Private Land and Property Fund (PLP) or its underlying wholesale fund.

Instead, they are related to investments made by Booster in the Booster KiwiSaver Scheme, the Booster Super Scheme, and the Booster Investment Scheme.

These investments were made through an associated limited partnership, the Booster Tahi Limited Partnership, and specifically in the Booster Wine Group.

In response, Booster Investment Management stated that it strongly disputes the FMA's allegations and will vigorously defend itself, maintaining that it did not accept any wrongdoing and that its investment practices were robust.

The FMA's media release can be found on its website.