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.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Welcome Home: Record High Migration Stokes 41-Year High Population Growth

New Zealand annual net migration hit a new high in October as more people arrived from than departed for Australia for the first time in more than 20 years. More>>


Citizens' Advice Bureau: Report Shows Desperate Housing Situation Throughout NZ

CAB's in-depth analysis of over 2000 client enquiries about emergency accommodation shows vulnerable families, pregnant women and children living in cars and garages, even after seeking assistance from the Ministry of Social Development and Housing New Zealand. More>>


Speaking For The Bees: Greens Call For Neonicotinoid Pesticide Ban

The National Government should ban the use of controversial pesticides called neonicotinoids after evidence has revealed that even at low doses they cause harm to bee populations, the Green Party said today. More>>


Science Awards: NZAS Celebrate NZ Scientific Achievements

The Marsden Medal is awarded for a lifetime of outstanding service to the cause or profession of science, in recognition of service rendered to the cause or profession of science in the widest connotation of the phrase. This year’s medal is awarded to Dr Mike Andrews. More>>


Court Rules: Affco 'Unlawfully' Locked Out Meat Workers

The note says the full court found for the plaintiffs, "that is that the defendant locked out the second plaintiffs unlawfully and that it breached s 32 of the Act by acting otherwise than in good faith towards the plaintiffs while collective bargaining was still going on." More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news