Watchdog puts Ecoya under the spotlight

photo / supplied

Listed candle and skin-care company Ecoya is under investigation by the Commerce Commission.

Ecoya listed on the NZX in May 2010 following the issue of shares to the public at $1 each. Its chairman and chief executive is Geoff Ross, the founder of vodka label 42 Below.

The Commerce Commission confirmed it was investigating Ecoya under the Fair Trading Act but said because the investigation was in the early stages, it wouldn't provide further details.

When contacted by the Herald yesterday, Ross said he was unaware of any investigation.

"To our knowledge we haven't made any incorrect claims," Ross said.

The Commerce Commission later told him it would be in touch if there were any questions but did not explain the nature of the investigation, Ross said.

"I'm still none the wiser what they may be taking an interest in."

Ecoya this week said it had signed an exclusive agreement with Japanese Company Kinu Corporation.

"For us Asia continues to be a growth market," Ross said. "And beyond Australia, Asia will be where we see very strong growth coming from, primarily within our biggest market Japan, but also in China and Korea."

Countries outside New Zealand equated to 72 per cent of total sales "and we expect this is likely to grow".

Revenue for the six months ended September 30 was $10.4 million, compared to $4.4 million in the same period the previous year.

Shares in Ecoya closed down 3c yesterday at 93c.