Beattie off board

23:31, Sep 20 2012

A director of the company behind a multimillion-dollar bid to build a monorail in Fiordland has stepped down from the board of the project’s major shareholder.

John Beattie, director of Riverstone Holdings has resigned from the board of Infinity Investment Group Holdings Ltd, the majority shareholder of the $150 million Fiordland Link Experience but says his decision will not jeopardise the development.

Mr Beattie’s resignation from Infinity Investment Group Holdings coincides with his departure from the board of Pegasus Town Ltd a property development company put into receivership last month.

The Companies Office website lists Bob Robertson as the director of both companies with Mr Robertson the chief executive and chairman of Riverstone Holdings.

But Mr Beattie said Riverstone Holdings and its major shareholder were still fully committed to the Fiordland Link Experience.

‘‘Bob [Robertson] is still on the board of Riverstone Holdings and we still have a strong working relationship,’’ he said.

‘‘Riverstone Holdings is proceeding full speed ahead with the Fiordland Link Experience and awaiting the decision of the Department of Conservation hearing panel.’’

Mr Robertson said Mr Beattie’s resignation from Infinity Investment Group Holdings Ltd and Pegasus Town Ltd was a result of  an ‘‘internal adjustment due to the receivership of Pegasus.’’ 

Both Mr Beattie and Mr Robertson said the receivership of Pegasus Town Ltd would have no effect on the other projects Infinity Investment Group Holdings were involved in.


The Southland Times