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

 

Constructions Builds: Consents Top $2 Billion For The First Time

Building consents reached a record $2 billion in March 2017, boosted by new homes and several big non-residential projects, Stats NZ said today. This was up 37 percent compared with March 2016. More>>

Other Stats:

Health: Work Underway To Address Antimicrobial Resistance

As part of a global response the Ministries of Health and Primary Industries have today jointly published ‘Antimicrobial Resistance: New Zealand’s current situation and identified areas for action’ to respond to the changing pattern of antimicrobial resistance in New Zealand. More>>

ALSO:

Employment: Vodafone Announces Family Violence Policy To Support Team

From today, any of Vodafone’s 3,000 workers affected by family violence will be eligible for a range of practical support, including up to 10 additional days of paid leave per year. More>>

Burning Up Over Saturn: Cassini's Grand Finale

With propellant running low, NASA scientists are concerned that the probe might accidentally crash into one of Saturn’s nearby moons, which could contaminate it with Earthling bacteria stuck to the spacecraft. Instead, the spacecraft will be safely "disposed" in Saturn's atmosphere. More>>

ALSO:

Our Fresh Water: Monitoring Report Confirms Serious Challenges For Rivers

• nitrogen levels are getting worse at 55 percent and getting better at 28 percent of monitored river sites across New Zealand • phosphorus levels are getting better at 42 percent and getting worse at 25 percent of monitored river sites across New Zealand More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news