Investors in three Timbercorp mango and avocado schemes have sacked KordaMentha as the manager of the projects in the hope the new responsible entity will be able to run them until the crop can be harvested and sold.
According to The Australian Financial Review, some 642 investors have a total of $34 million invested in the three projects.
In the first reorganisation of its kind since the collapse of Timbercorp in April, Huntley Management will take control of mango and avocado farms across the Northern Territory, Western Australia, Queensland and NSW in return for a flat fee.
The vote is the first in a wave of actions aimed at removing KordaMentha as responsible entity for Timbercorp's schemes.
While investors acknowledge the entities that control the schemes are insolvent, they say the projects are still viable, and they want an "independent" responsible entity appointed to allow them to vote on the future of the schemes.
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