TIMBER industry representatives want the corporate regulator to protect the interests of investors by appointing alternative managers to collapsed forestry and agriculture companies Timbercorp and Great Southern.
The Australian Plantation Products and Paper Industry Council (A3P) says KordaMentha and McGrath Nichol, the administrators and receivers of Timbercorp and Great Southern, have an "inherent conflict of interest" because they represent creditors and shareholders, the Herald Sun reports.
A3P chief Richard Stanton has called on the Australian Securities and Investments Commission to appoint a new responsible entity (RE) to manage the Timbercorp and Great Southern managed investment schemes.
"What we are concerned about is the trees keep growing and get managed and harvested, and there's some return to investors," Mr Stanton said.
A KordaMentha spokesman said a new RE would be welcome.
Read more on the timber call at the Herald Sun
