The administration and trust office responsible for your harvest proceeds — but hasn’t paid out in years.
What is Foundation Tectona?
Foundation Administration and Trust Office Tectona (SATT), also known as Foundation Management Tectona (SBT), is the office responsible for the administration and payout of harvest proceeds to investors who invested in teak plantations via Goodwood and ATF. Tectona plays a crucial role in the chain: it must request the proceeds of harvested teak from Floresteca S.A. in Brazil, verify them, and subsequently pay them out to the entitled participants in the Netherlands.
Tectona has a certain degree of freedom to take measures to provide for the management of the teak plantations. The foundation has actually made payouts to participants in the past — but this flow has dried up for quite some time now.
Suspension of payouts
The requesting of funds from Floresteca S.A. in Brazil has been suspended indefinitely. Floresteca has informed Tectona that it has insufficient liquid assets to pay out harvest proceeds. In February 2020, Tectona reported that, according to Floresteca, the proceeds for the 2018 harvest year could only be paid out in 2022. That forecast has since not been realized, and Tectona has indicated that it will only make another announcement when Floresteca actually has sufficient liquidity available. There is no end date.
For the thousands of investors waiting for their harvest proceeds, this is an unacceptable situation. Their money is stuck in a system that is not functioning, and the only thing they are told is that they have to wait — without any prospect of when.
Questions about the license
BFRG has asked the Authority for the Financial Markets (AFM) whether Tectona even has the correct license to carry out its tasks. Tectona is, after all, responsible for the management and payout of substantial amounts to thousands of investors — an activity that would normally fall under financial supervision. Whether Tectona has obtained the necessary license is a question that has not been adequately answered to date.
Conflict of interest
Just as with ATF and Goodwood, serious questions arise about the independence of Tectona’s board. The administrative lines between Goodwood, ATF, Floresteca, and Tectona are intertwined, with the same individuals holding positions in multiple entities. This makes independent supervision — the core task of a trust office — practically impossible.
Past results
Tectona did indeed make payouts in earlier years. It requested funds from Floresteca S.A., converted these into euros, and paid them out to participants. This demonstrates that the system can work in principle — but that it structurally fails in practice due to the lack of liquidity at Floresteca and the absence of effective supervision and enforcement.
Legal procedures
Various legal proceedings have been conducted in Brazil regarding the teak plantations. The Association of Teak Participants (VTP) filed claims against Floresteca S.A. that were rejected by the court of Mato Grosso. There have been appeals and varying rulings. The legal situation is complex and internationally branched — exactly the reason why individual investors benefit from an organized, professional approach via a mass claim.
Attention!
This is the last opportunity for the time being to register as a defrauded claimant for the damage claim procedure to recover your damages via this upcoming legal procedure.
Bureau Fraude Recht & Geldzaken B.V. receives the registration forms from our Foundation and will contact you by telephone to discuss all the ins and outs with you. Register now while you still can!
