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Qantas New Zealand Director Fined $32,000

FOR IMMEDIATE RELEASE


Qantas New Zealand Director Fined $32,000 For Failure
To Comply With The Financial Reporting Act

WELLINGTON, 23 July 2002 — Kevin Raymond Doddrell, the former Chief Executive of Qantas New Zealand, was today fined a total of $32,000 in the Auckland District Court after pleading guilty to three breaches of the Financial Reporting Act 1993.

The sentencing comes after an investigation by the Companies Office Enforcement Unit into the reporting activities of Qantas New Zealand for the period ended 30 June 2000. For that period it was revealed that Qantas New Zealand had failed to complete the appropriate accounts in accordance with accounting standards set by an independent board.

“The sentence handed down by the Court today sends a clear message to the commercial community, and in particular directors, that failure to comply with reporting requirements is a serious offence” said Shane Keohane, manager of the Companies Office Enforcement Unit, who brought the prosecution. “It is important for the transparency of companies subject to the Financial Reporting Act 1993 that they comply with the Act’s reporting requirements” Mr Keohane said. “In particular, it is important that directors realise that these requirements are not merely technical in nature and can therefore be disregarded. On the contrary, they are integral to a transparency of process that enables all interested parties to be informed of the correct nature of a company’s affairs. The sentence demonstrates that the Courts will be severely critical of those responsible where the Act is not complied with.”

ENDS

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