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

 


FMA to pursue Strategic Finance directors

FMA to pursue Strategic Finance directors over 'likely' Securities Act breaches

Feb. 7 (BusinessDesk) - The Financial Markets Authority is preparing to file civil actions against the six directors of the failed finance company, Strategic Finance, saying it's concluded they are "likely to have breached the Securities Act".

The apparent breaches were in a prospectus, advertisement and investment statement issued between March and August 2008.

Strategic went into receivership in March 2010 owing approximately 11,000 investors $383 million, having been under moratorium arrangements since 2008.

The directors involved are Kerry Finnigan, Graham Edward Jackson, Marcel Aubrey Lindale, Timothy John Rich, Denis Grenville Thom and David John Wolfenden, the FMA said in a statement.

The directors are now to have an opportunity to respond to the FMA's proposed claim before civil proceedings are filed.

“FMA’s role as a publicly-funded litigant, acting in the public interest, necessitates this announcement to keep the market and investors informed,” said FMA Head of Enforcement, Belinda Moffat.

Strategic investors got a Christmas Eve distribution of 1.5 cents in the dollar, taking their return-to-date to 10 cents, and receiver John Fisk, from accounting firm PwC, estimates they will get between 12 percent and 20 percent of their original investment back.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Final Frontier: Rocket Lab And NASA Sign Commercial Space Launch Agreement

Rocket Lab has signed a Commercial Space Launch Act Agreement with the National Aeronautics and Space Administration (NASA). The agreement enables Rocket Lab to use NASA resources - including personnel, facilities and equipment - for launch and reentry efforts. More>>

ALSO:

Scoop Business: Wheeler Downplays Scope For ‘Large’ Rates Fall

Reserve Bank governor Graeme Wheeler says some market commentators are predicting further declines in interest rates that would only make sense for an economy in recession, although some easing is likely to be needed to maintain New Zealand’s economic growth. More>>

ALSO:

Ruataniwha Dam: Consent Conditions Could Mean Reduced Intensity

Legal advice sought by the Hawke’s Bay Regional Council on the Ruataniwha Dam consent conditions has confirmed that farmers who sign up to take water from the dam could be required to reduce the intensity of their farming operation to meet the catchment’s strict nitrogen limit. More>>

Health And Safety: Bill Now Sees Rules Relaxed For Small Businesses

Health and safety law reform sparked by the Pike River coalmine disaster has been reported back from the industrial relations select committee with weakened requirements on small businesses to appoint health and safety representatives and committees. More>>

ALSO:

Bearing Fruit: Annual Fruit Exports Hit $2 Billion For First Time

The value of fruit exported rose 20 percent (up $330 million) for the June 2015 year when compared with the year ended June 2014. Both higher prices and a greater quantity of exports (up 9.0 percent) contributed to the overall rise. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news