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

 


Guilty pleas from Capital + Merchant's Australian directors

Guilty pleas from Australia-based Capital + Merchant directors

Feb. 5 (BusinessDesk) - Capital + Merchant Finance directors Robert Sutherland and Colin Ryan have both pleaded guilty to charges of making untrue statements in offer documents and will be sentenced in Auckland next month.

The Australia-based pair admitted two charges of making an untrue statement in a registered prospectus and one charge of distributing advertisements which included an untrue statement, market watchdog the Financial Markets Authority said in a statement. They will be sentenced in the High Court in Auckland on March 15.

"The law requires directors to ensure that investors receive accurate information in disclosure documents," FMA head of enforcement Belinda Moffat said. "FMA regards the guilty pleas of Mr Sutherland and Mr Ryan as reflecting their failure in their obligations to investors in this respect."

The guilty pleas come a week after fellow director Owen Tallentire admitted similar charges. Tallentire is serving a five-year prison sentence after he was found guilty on two charges of theft by a person in a special relationship in a prosecution taken by the Serious Fraud Office.

The FMA's case against directors Neal Nicholls and Wayne Douglas begins next week. Nicholls and Douglas were each sentenced to seven-and-a-half years in prison for their role in the fraud.

The 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.

Capital + Merchant Finance collapsed in 2007 owing some $167.1 million to about 7,500 investors.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Trade Plans: Prime Minister's Speech To International Business Forum

"The work to improve public services, build infrastructure, and solve social problems is possible only because we have enjoyed sustained, solid economic growth. A big reason for that is the Government’s consistent agenda of economic reform, and our determination to open up more opportunities for trade with the world." More>>

ALSO:

Media: TVNZ Flags Job Cuts To Arrest Profit Decline

Chief executive Kevin Kenrick said the changes were aimed at creating "a sustainable future video content business for TVNZ in an ever-changing media market." More>>

ALSO:

Reserve Bank: Wheeler Keeps OCR At 1.75%

Reserve Bank governor Graeme Wheeler kept the official cash rate unchanged at 1.75 percent, as expected, and reiterated his view that the benchmark rate doesn't need shifting for the foreseeable future. More>>

ALSO:

f work for Pumpkin Patch staff

Retail: Pumpkin Patch Brand, IP Sold To Catch Group

The receivers of failed children's clothing retailer Pumpkin Patch have confirmed that the company's brand and intellectual property have been sold to Australian online retailer Catch Group. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news