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.

ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Media Mega Merger: StuffMe Hearing Argues Over Moveable Feast

New Zealand's two largest news publishers are appealing against the Commerce Commission's rejection of the proposal to merge their operations. More>>

Elsewhere:


Approval: Northern Corridor Decision Released

The approval gives the green light to construction of the last link of Auckland’s Western Ring Route, providing an alternative route from South Auckland to the North Shore. More>>

ALSO:


Crown Accounts: $4.1 Billion Surplus

The New Zealand Government has achieved its third fiscal surplus in a row with the Crown accounts for the year ended 30 June 2017 showing an OBEGAL surplus of $4.1 billion, $2.2 billion stronger than last year, Finance Minister Steven Joyce says. More>>

ALSO:

Mycoplasma Bovis: One New Property Tests Positive

The newly identified property... was already under a Restricted Place notice under the Biosecurity Act. More>>

Accounting Scandal: Suspension Of Fuji Xerox From All-Of-Government Contract

General Manager of New Zealand Government Procurement John Ivil says, “FXNZ has been formally suspended from the Print Technology and Associated Services (PTAS) contract and terminated from the Office Supplies contract.” More>>