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

 


UPDATED Bettle exits Powerco and business mentors’ board

UPDATED Bettle exits Powerco and business mentors’ board as trial looms

(Updated to include Business in The Community resignation in lead and 4th graph, amends remaining roles in 5th graph.)

June 25 (BusinessDesk) - Rick Bettle has stepped down as chairman and director of lines company Powerco and business mentoring organisation Business in The Community Limited, ahead of his July trial relating to failed lender Dominion Finance.

Bettle ceased to be a director of Powerco NZ Holdings and a raft of subsidiary companies today, according to documents filed with the Companies Office. Powerco spokesman Neil Holdom said the company had “no comment on the matter”.

His exit comes as a Powerco stake is up for grabs with Canada’s Brookfield Infrastructure Partners looking to sell its 42 percent holding of the lines company.

Separately, Business Mentors New Zealand Trust said it accepted Bettle’s resignation as chairman of Business in The Community Limited.

Last week Bettle resigned from the board of Diligent Board Member Services and he withdrew from re-election at today’s annual meeting, without giving a reason.

According to Companies Office filings, he now holds director roles at wood quality researcher WQI, failed lenders Dominion Finance and North South Finance, Betirch Ltd and collapsed home audio equipment firm Eastern Hi Fi Group.

Bettle is scheduled to stand trial in the High Court in Auckland next month, accused of signing off on misleading offer documents to investors in the failed finance companies Dominion Finance and North South Finance. Fellow ex-Dominion directors Vance Arkinstall and Paul Forsyth are also defending the charges. Last week Bettle and Arkinstall applied to be discharged from the case.

Earlier this month former Dominion directors Ann Butler and Robert Whale were sentenced to home detention, having pleaded guilty to Securities Act charges.

Whale and an unnamed associate were found not guilty of fraud charges, though former Dominion boss Paul Cropp was convicted and jailed over related party lending of some $13.6 million, which breached the lenders’ trust deed.

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.

(BusinessDesk)


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Housing: Affordability Drops 14%, Driven By Auckland Prices

Housing affordability across New Zealand fell 14 percent in the year ending November 2014, with Auckland’s lack of affordability set to reach levels it hit during the height of the global financial crisis, according to the latest Massey University Home Affordability Report More>>

ALSO:

The Dry: Fonterra Drops Forecast Milk Volumes By 3.3 Percent

Fonterra Cooperative Group, the worlds largest dairy exporter, reduced its milk volume forecast for the 2014-2015 season by 3.3 per cent due to the impact of dry weather on production in recent weeks. More>>

ALSO:

Strike: Lyttelton Port Workers Vote To Escalate Dispute

Members of the Rail and Maritime Transport Union (RMTU) at Lyttelton Port today voted to escalate their industrial action. Around 200 RMTU members have been operating an overtime ban since 17 December and today they endorsed a series of full withdrawals of labour at the port. More>>

ALSO:

Scoop Business: NZ Dollar Falls To 3-Year Low As Investors Favour Greenback

The New Zealand dollar fell to its lowest in more than three years as investors sold euro and bought US dollars, weakening other currencies against the greenback. More>>

ALSO:

Scoop Business: NZ Govt Operating Deficit Smaller Than Expected

The New Zealand’s government’s operating deficit was smaller than expected in the first five months of the financial year as a clampdown on expenditure managed to offset a shortfall in the tax-take from last month’s forecast. More>>

ALSO:

0.8 Percent Annually:
NZ Inflation Falls Below RBNZ's Target

New Zealand's annual pace of inflation slowed to below the Reserve Bank's target band in the final three months of the year, giving governor Graeme Wheeler more room to keep the benchmark interest rate lower for longer.More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news