Wins and losses on discover in FMA's civil action against Booster

Some of the events occurred before June 2018 but the FMA has said it had no knowledge of them any earlier than July 16, 2021.

Booster is also contending that only the decisions to invest KiwiSaver and funds from other investment schemes in the Booster Tahi Limited Partnership (Tahi) should be considered, not the decisions that Tahi made to invest in various wine businesses.

Booster has argued that its obligation to issue related-party certificates stopped at its decision to make capital commitments to Tahi.

“The defendents say that each ‘downstream’ investment made by Tahi is not a ‘transaction’ giving rise to a further obligation to issue a related-party certificate,” says Justice Rebecca Edwards of the High Court in a judgment on each party’s discovery obligations.