The minority shareholders of Du Val Property Group (DVPG) are deeply frustrated and concerned after Minister Andrew Bayly failed to meet with them or communicate directly within the seven-day timeframe requested in their letter sent last week.
Instead of the engagement they hoped for, the shareholders only received a generic response from the Minister’s office, stating that he would “be in touch in due course.” This response has done little to allay their concerns, as the seven-day period concluded at 6 p.m. tonight with no further communication.
The lack of direct engagement has left the shareholders feeling not only ignored but also increasingly anxious about the financial future of Du Val Property Group and their investments.
The shareholders had hoped that meeting with the Minister would provide clarity on the company’s financial standing and offer a path forward, particularly in light of the statutory management imposed on the group.
However, the continued silence has led to fears that decisions regarding the financial fate of DVPG have already been made—without full access to the necessary financial information.
The shareholders are particularly concerned that the minister, government, FMA and statutory managers PWC have moved ahead with determinations on DVPG’s financial status without considering the complete financial data, specifically the accounts held by Herbert Morton, the company’s accountants.
This omission has led many to question whether the statutory management process is being carried out with all the necessary facts, or whether the outcome has been pre-determined without due diligence.
“We feel completely sidelined in this process,” said one shareholder. “Not only have we been denied a meeting with the Minister, but the government’s lack of direct response suggests they’ve already decided the financial future of Du Val, and by extension, our future, without giving us the chance to provide the full financial picture.”
Faced with the possibility of a $400 million loss, the shareholders are beyond upset. Many of them have invested their life savings into DVPG and had expected the company’s ongoing projects to yield substantial returns.
With no meaningful support or engagement from the government or the Financial Markets Authority (FMA), the shareholders now fear that their investments will be lost in the statutory management process.
The group is now exploring the possibility of legal recourse as a last resort. They are considering filing claims for the massive financial losses they may face, which they believe could have been avoided had the government and statutory managers acted transparently and engaged with the shareholders from the beginning.
“It feels like the government has sealed our fate without so much as a conversation. We are looking at our options for legal action to recover the $400 million in losses we are now facing, and we will not stand by quietly,” added another shareholder.
The shareholders remain committed to fighting for the future of Du Val Property Group and their investments, but the lack of government support has only added to the uncertainty and frustration they are already experiencing.
They are now left wondering what steps they can take next to safeguard their financial interests in the face of a government that, in their view, has not provided the respect, communication, or transparency they deserve.
