The Financial Markets Authority (FMA) of New Zealand has issued a warning to Evco Pacific Limited (EVCO) for failing to make the proper disclosure requirements under the Financial Markets Conduct Act 2013 (FMCA).
The warning also applies to EVCO’s current director, Neville Montefiore, and former directors Roger MacDonald and Christopher Nathan.
In the FMA’s view, EVCO and its directors breached the FMCA by failing to provide the required disclosure to investors about an offer of shares in EVCO by its parent company EVCO International Limited during the period 27 November 2017 through to 26 March 2019.
The FMA began looking into the issue after receiving a complaint from an investor.
Offerors of financial products, such as shares in a company, are required under Part 3 of the FMCA to prepare and lodge a product disclosure statement with the Registrar of Companies so potential investors can make an informed decision…
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