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

 

I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>

ALSO:

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

ALSO:

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news