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

 

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:

March 2017: Commerce Commission Delays Decision On Fairfax-NZME

The Commerce Commission has delayed its decision on the proposed merger between NZME and Fairfax Media's New Zealand assets, saying the deal is complex and it needs more time to assess the impact on both news content and the advertising market. More>>

ALSO:

Plan Plan: Permanent Independent Hearings Panel Proposed For Planning

The Productivity Commission recommends creating a permanent independent hearings panel like the one that cut through local politics to settle Auckland’s Unitary Plan, for the whole country. More>>

ALSO:

Statistics: NZ Jobless Rate Falls To 5.1% Under New Methodology

New Zealand's unemployment rate fell more than expected in the second quarter as Statistics New Zealand adopted a new way of measuring the labour market to bring the country in line with international practices, and while a growing economy continued to support jobs growth. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news