20 Mar 2013

Not all investors happy with Credit SaILS deal terms

7:45 pm on 20 March 2013

Some investors in the collapsed Credit SaILS scheme want the companies who sold the product to be held accountable.

The Commerce Commission last year reached a $60 million settlement with the five firms who marketed the product, including Forsyth Barr.

On Tuesday the commission said the 2500 investors would soon get a letter telling them whether they are eligible and how much they will be offered.

Investors should get back 85% of their investment, but if they accept the commission's deal they will forgo their right to pursue the companies in the court.

One investor, Lindsay Maw of Christchurch, says while he's happy with the deal, he still wants the companies to accept responsibility.

"The companies haven't accepted any wrongdoing. Once you've accepted the deal, well that's the finish as far as they're concerned, they want everyone to accept it, I would think."

Another investor, the Methodist Church, stands to recoup almost $1 million.

The executive director of the church's investment committee, Greg Wright, says they never expected to see their money again.