Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Tranz Rail Case – Berkshire and Ferenbach settle

News Release

31 March 2006

Tranz Rail Case – Berkshire and Ferenbach settle with Securities Commission

The Securities Commission has reached a settlement of the insider trading proceeding against Berkshire Fund III, a Limited Partnership, which was a former Tranz Rail shareholder, and Carl Ferenbach, a former director of Tranz Rail.

Mr Ferenbach and Berkshire Fund III have agreed to pay the full compensatory amount sought by the Commission, NZ$7,030,509.12, and NZ$350,000 by way of contribution to the Commission’s costs of the proceeding.

Mr Ferenbach and Berkshire Fund III have agreed to make these payments without any admission of liability. They consider they have defences to the Commission’s claims against them.

Mr Ferenbach and Berkshire Fund III have agreed, if requested, to provide the Commission with information relevant to the proceeding.

The settlement has been approved by the High Court. No judgment has been entered against Mr Ferenbach and Berkshire Fund III.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>


Half A Billion Accounts: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>


Half Full: Fonterra Raises Forecast Payout As Global Supply Shrinks

Fonterra Cooperative Group, the dairy processor which will announce annual earnings tomorrow, hiked its forecast payout to farmers by 50 cents per kilogram of milk solids as global supply continues to decline, helping prop up dairy prices. More>>



Meat Trade: Silver Fern Farms Gets Green Light For Shanghai Maling Deal

The government has given the green light for China's Shanghai Maling Aquarius to acquire half of Silver Fern Farms, New Zealand's biggest meat company, with ministers satisfied it will deliver "substantial and identifiable benefit". More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news