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Access Brokerage sues NZX and Deloitte

MEDIA RELEASE
12 September 2005

Access Brokerage sues NZX and Deloitte

The liquidators of Access Brokerage have joined Bank of New Zealand in issuing proceedings against NZX and Deloitte as a result of the collapse of Access, it was announced today.

“As we signalled in our April report, there were concerns about the Inspections carried out by Deloitte and NZX”, said liquidator Brendon Gibson. “These were carried out compulsorily under the Stock Exchange’s rules of the day”.

The proceedings allege that Deloitte failed to notice significant indicators of trouble in the Access accounts between 2000 and 2002.

The allegations against NZX relate to its conduct from early 2003 of the inspections required by the Exchange’s rules, and particularly its inspection of Access in August 2003 which identified issues around Access’ compliance with its trust accounting obligations.

Access subsequently continued trading until it went into liquidation in September 2004, and the total losses claimed are $5.2million.

Mr Gibson also said “By far the majority of the losses were sustained by the investor clients of Access. Bank of New Zealand, as the assignee of the majority of those investors, is also a claimant in the proceedings to the extent that those investors have their own rights of claim”.

ENDS

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