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

 

Company Results: Air NZ Rides The Tourism Boom With Record Full-Year Earnings

Air New Zealand has ridden the tourism boom and staved off increased competition to deliver the best full-year earnings in its 76-year history. More>>

ALSO:

New PGP: Sheep Milk Industry Gets $12.6M Crown Funding

The Sheep - Horizon Three programme aims to develop "a market driven, end-to-end value chain generating annual revenues of between $200 million and $700 million by 2030," according to a joint statement. More>>

ALSO:

Half Full: Fonterra Raises Forecast Milk Price

Fonterra Co-operative Group Limited today increased its 2016/17 forecast Farmgate Milk Price by 50 cents to $4.75 per kgMS. When combined with the forecast earnings per share range for the 2017 financial year of 50 to 60 cents, the total payout available to farmers in the current season is forecast to be $5.25 to $5.35 before retentions. More>>

ALSO:

Keep Digging: Seabed Ironsands Miner TransTasman Tries Again

The first company to attempt to gain a resource consent to mine ironsands from the ocean floor in New Zealand's Exclusive Economic Zone has lodged a new application containing fresh scientific and other evidence it hopes will persuade regulators after their initial application was turned down in 2014. More>>

Wool Pulled: Duvets Sold As ‘Premium Alpaca’ Mostly Sheep’s Wool

Rotorua business Budge Collection Limited (Budge) and sole director, Sun Dong Kim, were convicted and fined a total of $71,250 in Auckland District Court after each pleading guilty to four charges of misrepresenting how much alpaca fibre was in their duvets. More>>

Reserve Bank: Labour Calls For Monetary Policy To Expand Goals

Labour's comments follow a speech today by RBNZ governor Graeme Wheeler in which Wheeler sought to answer critics who variously say he should stop lowering interest rates, lower them faster, or that inflation-targeting should no longer be the primary goal of the central bank's activities. More>>

ALSO:

BSA Extension And Sunday Morning Ads: Digital Convergence Bill Captures Online Content

Broadcasting Minister Amy Adams has today announced the Government’s plans to update the Broadcasting Act to better reflect today’s converged market... The Government considered four areas as part of its review into content regulation: classification requirements, advertising restrictions, election programming and contestable funding. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news