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

 

Appeal court upholds judgment for Capital + Merchant trio

Appeal court upholds judgment and sentence for Capital + Merchant trio

By Paul McBeth

Dec. 20 (BusinessDesk) - The Court of Appeal has upheld the guilty convictions and jail terms for Capital + Merchant Finance directors Owen Tallentire, Neal Nicholls and Wayne Douglas.

Justices Terence Arnold, Rhys Harrison and Lynton Stevens dismissed the appeal against their conviction for theft by a person in a special relationship and upheld the seven-and-a-half year prison terms handed down to Nicholls and Douglas and the five-year sentence to Tallentire, according to a judgment made in the Court of Appeal today.

"Simply put, this is theft on a grand scale," the judgment said.

The appeals were against Justice Edwin Wylie's interpretation of the intention element relating to the crime, and that the sentences imposed were "manifestly excessive."

The judges turned down the appeal, saying the judge didn't err on the convictions, and that "taken as a whole, the reasons for verdict amply demonstrate that the intention element was proved beyond reasonable doubt."

The appeal court judges also upheld the sentences, saying the offending was "in many respects commercially breathtaking."

"Offending of this nature has long-lasting impacts on investor confidence, which in turn has damaging effects for the economy as a whole," they said.

Justice Wylie gave generous discounts for the mitigating factors and imprisonment was entirely appropriate, the appeal court judges said.

"A sentence of home detention plus community work was by any measure out of the question," the judgment said.

The Capital + Merchant fraud case was broken up into two trials, with the first part dealing with so-called 'Hub' property deals in Palmerston North, of which the three were acquitted. The trio were convicted in relation to the second part of the case relating to $28 million of related party transactions between 2004 and 2006.

The Serious Fraud Office is appealing the acquittals in the 'Hub' transactions.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Superu Report: Land Regulation Drives Auckland House Prices

Land use regulation is responsible for up to 56 per cent of the cost of an average house in Auckland according to a new research report quantifying the impact of land use regulations, Finance Minister Steven Joyce says. More>>

ALSO:

Fletcher Whittled: Fletcher Dumps Adamson In Face Of Dissatisfaction

Fletcher Building has taken the unusual step of dumping its chief executive, Mark Adamson, as the company slashed its full-year earnings guidance and flagged an impairment against Australian assets. More>>

ALSO:

No More Dog Docking: New Animal Welfare Regulations Progressed

“These 46 regulations include stock transport, farm husbandry, companion and working animals, pigs, layer hens and the way animals are accounted for in research, testing and teaching.” More>>

ALSO:

Employment: Most Kiwifruit Contractors Breaking Law

A Labour Inspectorate operation targeting the kiwifruit industry in Bay of Plenty has found the majority of labour hire contractors are breaching their obligations as employers. More>>

ALSO:

'Work Experience': Welfare Group Opposes The Warehouse Workfare

“This programme is about exploiting unemployed youth, not teaching them skills. The government are subsidising the Warehouse in the name of reducing benefit dependency,” says Vanessa Cole, spokesperson for Auckland Action Against Poverty. More>>

ALSO:

Internet Taxes: Labour To Target $600M In Unpaid Taxes From Multinationals

The Labour Party would target multinationals operating in New Zealand to ensure they don't avoid paying tax if it wins power and is targeting $600 million over three years through a "diverted profits tax," says leader Andrew Little. More>>

ALSO: