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

 


Capital + Merchant Finance: Two More Directors Plead Guilty


News release
5 February 2013

Two More Directors Plead Guilty In Capital + Merchant Finance Case

Two more directors of Capital + Merchant Finance have today entered guilty pleas to three charges laid by the Financial Markets Authority under the Securities Act 1978.

Robert Gordon Sutherland and Colin Gregory Ryan, who reside in Australia, pleaded guilty to two charges of making an untrue statement in a registered prospectus and one charge of distributing advertisements which included an untrue statement. They will be sentenced on 15 March at the High Court in Auckland.

Under the New Zealand Securities Act and the Australian Commonwealth Corporations Act, their convictions mean they are automatically banned from managing companies in New Zealand and Australia for five years.

Last week another Capital + Merchant director, Owen Tallentire, pleaded guilty to the same charges.

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

The prosecution against Capital + Merchant directors Neal Nicholls and Wayne Douglas is scheduled to begin on 11 February.

Capital + Merchant Finance (in receivership and liquidation) owed $167.1 million to about 7500 investors when it was placed in receivership in November 2007.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Revenue Renewal: Tax Modernisation Programme Launched

Revenue Minister Todd McClay today released the first two in a series of public consultations designed to modernise and simplify the tax system. More>>

ALSO:

Scoop Business:
NZ Puts Seven New Oil And Gas Areas Put Up For Tender

A total of seven new areas will be opened up to oil and gas exploration under its block offer tendering system, as the New Zealand government seeks to concentrate activity in a few strategically chosen areas. More>>

ALSO:

Half Full: Dairy Payouts Steady, Cash Will Be Tight

Industry body DairyNZ is advising farmers to focus on strong cashflow management as they look ahead to the 2015-16 season following Fonterra's half-year results announcement today. More>>

ALSO:

First Union: Cotton On Plans To Use “Tea Break” Law

“The Prime Minister reassured New Zealanders that ‘post the passing of this law, will you all of a sudden find thousands of workers who are denied having a tea break? The answer is absolutely not’... Cotton On is proposing to remove tea and meal breaks for workers in its safety sensitive distribution centre. How long before other major chains try and follow suit?” More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news