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

 


NZX minnows NZF, Vetilot fined, censured over late filings

NZX minnows NZF, Vetilot fined, censured over late filings

By Paul McBeth

Jan. 20 (BusinessDesk) - NZX minnows Vetilot and NZF Group have been fined and censured by the stock market operator’s disciplinary arm over the late filings of their respective annual reports.

NZAX-listed Vetilot, which was formerly Investment Research Group and is now a shell company, was ordered to pay $40,000 and costs, and publicly censured for failing to file its 2013 annual report by July 31 last year, leading to a week-long suspension in August, NZX’s disciplinary tribunal said in a statement on Friday after the close of trading. The fine would have been higher had the breach been longer and the company been larger, the regulator said.

“The Tribunal was dismayed to find the company in breach of Rule 10.5.1 for a second time in a relatively short period - with VET (or IRG as it then was) having already been the subject of disciplinary action by the Tribunal for breaches of obligations under the Rule with respect to the periodic reporting in March 2011,” the tribunal said. “It is completely unsatisfactory that VET has again failed to release its annual report when due.”

Vetilot’s repeated breach raised an issue for the tribunal as to how the NZX should respond to serial offending, and recommended the stock market operator should consider whether a pattern of behaviour should spark other remedial action.

“The Tribunal also suggests that the drivers for taking such a proactive approach are, if anything, amplified in the case of ‘shell’ companies,” it said. “Specifically, it is important that need for compliance must be actively encouraged not only to ensure market integrity but also to maintain another mechanisms for businesses to list without the cost of an IPO.”

In a separate notice today, the tribunal said financial services group NZF will be fined $35,000 and publicly censured after settling with the disciplinary board after failing to file its 2013 annual report, leading to four-and-a-half month trading suspension last year.

The aggravating factors in the NZF case were the four-and-a-half month delay in releasing the annual report, and that NZF failed to meet its earlier guidance on when it would release the statements.

(BusinessDesk)


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: Govt Resisting Pressure To Pump More Cash Into Solid Energy

Prime Minister John Key says it is “not the government’s preferred option” to make a fresh capital injection into the troubled state-owned coal miner, Solid Energy, but dodged journalists’ questions at his weekly press conference on whether that might prove necessary... More>>

ALSO:

Lagest Ever Privacy Breach Award: NZCU Baywide Accepts “Severe” Censure In Cake Case

NZCU Baywide says that once it was found to have committed a breach of a former staff member’s privacy, it had attempted to resolve the matter... the censure and remedies for its actions taken almost three years ago are “severe” but accepted, and will hopefully draw a line under the matter. More>>

ALSO:

Scoop Business: PayPal Stops Processing Mega Payments; NZX Listing Still On

PayPal has ceased processing payments for Mega, the file storage and encryption firm looking to join the New Zealand stock market via a reverse listing of TRS Investments, amid claims it is not a legitimate cloud storage service. More>>

ALSO:

Housing Policy: Auckland Densification As Popular As Ebola, English Says

Finance Minister Bill English said calls by the Reserve Bank Governor for more densification in Auckland’s housing were “about as popular in parts of Auckland as Ebola” would be. More>>

ALSO:

Crown Accounts: NZ Government Deficit Smaller Than Expected In First Half

The New Zealand government's operating deficit was smaller than expected in the first six months of the financial year, as the consumption and corporate tax take rose ahead of forecast in December, having lagged estimates in previous months. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

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