10 Jun 2009

No decision yet for Kawarau Falls

6:30 am on 10 June 2009

The receiver called in to Queenstown's Kawarau Falls development says a decision on whether the billion-dollar venture will continue is no closer.

KordaMentha was appointed two weeks ago to take over Melview Kawarau Falls Investments Limited.

Since then it has been assessing the financial situation of the company.

Brendan Gibson from KordaMentha says that process is ongoing while the 500 contractors continue construction work at the site.

He says there is no definitive date for when the receivers will be able to make a decision about the future of the project.

The receivers had originally indicated a decision would be made in two weeks but Mr Gibson says the complicated financial situation is taking longer to unravel than anticipated.