FMA appoints receivers to BlackfortFX Lagos — In relation to the Financial Markets Authority’s investigation into Arena Capital Limited (Arena), and the FMA obtained an asset preservation order over the assets of Arena/Blackfort and associated persons, in light of concerns that investor funds may be at risk. Consequent to this, the FMA appoints receivers to BlackfortFX.

The High Court in Christchurch has now granted the FMA’s application for Grant Graham and Neale Jackson of KordaMentha to be appointed as receivers and managers of Arena Capital Limited, trading as Blackfort FX (Arena/Blackfort). The approval was granted yesterday afternoon, following from the asset preservation orders that were obtained by the FMA on 15 May 2015. FMA is working closely with the Serious Fraud Office on the case.

Mr Graham and Mr Jackson have therefore been handed the task of managing the business. Their responsibilities will include identifying the assets held by the firm as well as the names of clients and the value of any investments held in Arena/Blackfort. The will then revert to the court and the FMA with a report on their findings, steps taken and recommendation on how to proceed in the best interest of the clients of the company by 18 June 2015. The receivers will shortly be writing to known investors. The FMA encourages any investor in Arena/Blackfort to register with KordaMentha and provide their contact details (phone, email and postal address) and evidence of any investment made.  Investors can contact KordaMentha on (09) 307 7865 or [email protected]  The FMA also requests that any investors that may have already contacted the FMA should also contact KordaMentha.

Noteworthy is the fact that Arena Capital is registered with the Financial Service Providers Register, New Zealand's financial regulatory authority. Hence being able to offer foreign exchange services within the FMA’s jurisdiction. Nonetheless, the FMA is now highly concerned with the probability that Arena Capital is operating in breach of the financial markets regulation. Just a few days back, the FMA announced more stiff measures to towards operations of offshore firms. It is highly possible that the Arena Capital/BlackfortFX case came under the radar of the FMA after its increased activity. Nevertheless, the regulator confirmed that 23 offshore firms have been removed from the Financial Services Provider Register so far this year.
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