#samnic

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BobLefridge
@BobLefridge@mastodon.nz · Jun 19, 2025
We have cowboys in our forests. In 1993 the Samnic Waingaromia Project was launched with a prospectus offering "Invest $80k... get returns of $1.3m." The actual return was $27k and the average investor lost $50k on the deal. Now the same company has appeared before the environment court denying any responsibility for the forestry slash and debris they left behind on a 1,000ha block outside Gisborne. The court wasn't having any of it. Samnic must clean up the remaining woody debris and the directors have been held personally responsible for cleaning up the mess. Karma. https://www.stuff.co.nz/nz-news/360729581/forestry-directors-held-personally-responsible-cleaning-mess #NZ #Forestry #Samnic
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BobLefridge
@BobLefridge@mastodon.nz · May 25, 2026
Update: Almost 12 months have passed since the Environment Court ordered Samnic directors to clean up their Gisborne forestry mess. Remember the 80 or so investors who each lost $50k after being promised a $1m return? Well the three Samnic directors think those people should pick up the bill for their mismanagement. Shareholders are saying "Nah!" Enforcement seems to be a slow process. https://www.stuff.co.nz/nz-news/360981807/directors-gun-forestry-clean-demand-payment-shareholders #Samnic #NZ #Environment #Forestry
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