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


Dominion Finance’s Cropp jailed for 2 years 7 months

Dominion Finance’s Cropp jailed for 2 years 7 months

May 23 (BusinessDesk) - Paul Cropp, the former chief executive of failed lenders Dominion Finance and North South Finance, has been jailed for two years and seven months after being convicted on fraud charges last month.

Cropp was sentenced in the High Court in Auckland having been found guilty of four charges leveled by the Serious Fraud Office over related party lending of some $13.6 million, which breached the lenders’ trust deed, the white-collar crime investigator said in a statement.

“This outcome sends a message to those managing and controlling public issuers that they will be accountable for their conduct,” acting SFO chief executive Simon McArley said. “Hopefully this and the other successfully completed finance company prosecutions will begin to restore the public’s confidence in the integrity of our financial markets and savings institutions.”

Former director Robert Whale and another associate with name suppression were found not guilty of five and three charges respectively, though Whale today pleaded guilty to charges of making misleading statements in the lender’s offer documents.

Dominion Finance Group had 5,937 debenture holders with $176.9 million invested at the time of receivership in 2008. North South Finance was put in receivership in 2010. Both were subsidiaries of NZX-listed Dominion Finance Holdings, which was placed in liquidation in 2009.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Scoop Business: A Decade Of Government Pre-Seed Investment

More publicly-funded science is being commercialised after a decade of government ‘pre-see’d investment, according to an independent review. More>>


Solid Energy: Plan To Shut Unprofitable Huntly East Mine

Solid Energy, the state-owned coal miner in voluntary administration, plans to shut down its unprofitable Huntly East mine and lay off 65 staff after deciding the site stands "no chance whatsoever" of finding a buyer. More>>


E Tū: Merger Creates NZ's Biggest Private Sector Union

E tū has been created by the merger of the Engineering, Printing and Manufacturing Union and Service and Food Workers’ Union. It represents more than 50,000 working New Zealanders in industries as diverse as aviation, construction, journalism, food manufacturing, mining and cleaning. More>>


Internet: NZ Govt Lifts Target Speeds For Rural Broadband

The government has lifted its expectations on faster broadband speeds for rural New Zealand as it targets increased spending on research and development in the country's information and communications technology sector, which it sees as a key driver for export growth. More>>


Banks: Westpac Keeps Core Government Transactions Contract

The local arm of Westpac Banking Corp has kept its contract with the New Zealand government to provide core transactions, but will have to share peripheral services with its rivals. More>>


Science Investment Plan: Universities Welcome Statement

Universities New Zealand has welcomed the National Statement of Science Investment released by the Government today... this is a critical document as it sets out the Government’s ten-year strategic direction that will guide future investment in New Zealand’s science system. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news