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

 


Criminal charges from investigation into Viaduct and Mutual

21 March 2014

FMA files criminal charges following investigation into Viaduct and Mutual

The Financial Markets Authority has filed charges under the Crimes Act and under the Companies Act against directors and another of Viaduct Capital Limited (in receivership) and Ex-MFL Limited (in Receivership) (formerly Mutual Finance Limited).

The companies went into receivership in 2010. At the time of receivership, Viaduct owed $7.8 million to investors and Mutual owed $9.3 million to investors.

The defendants have been charged with theft in a special relationship under section 220 of the Crimes Act and making false statements in a prospectus under section 242 of the Crimes Act. These charges carry maximum sentences of 7 and 10 years' imprisonment. With respect to Viaduct only, charges have also been filed under section 377 of the Companies Act in respect of false statements made to Viaduct's trustee, which carries a maximum sentence of 5 years' imprisonment or a $200,000 fine.

The charges are filed against: Paul Neville Bublitz (Viaduct and Mutual); Bruce Alexander McKay (Viaduct and Mutual); Richard Timothy Blackwood (Viaduct and Mutual); Lance David Morrison (Mutual only), and one other who is seeking name suppression.

Charges were also filed against Nicholaas Hendrik Wevers (Viaduct). However, Mr Wevers has passed away and those charges are now being withdrawn.

The first appearance has been scheduled in the Auckland District Court on 7 May 2014.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Economic Update: RBNZ Says Rate Cut Seems Likely

The Reserve Bank will likely cut interest rates further as a persistently strong kiwi dollar makes it difficult for the bank to meet its inflation target, it said. The local currency fell. More>>

ALSO:

House Price Action Plan: RBNZ Signals National Lending Restrictions

The central bank wants to cap bank lending to property investors with a deposit of less than 40 percent at 5 percent and restore the 10 percent limit for owner-occupiers wanting to take out a mortgage with a deposit of less than 20 percent, according to a consultation paper released today. More>>

ALSO:

Sparks Fly: Gordon Campbell On China Steel Dumping Allegations

No doubt, officials on the China desk at MFAT have prided themselves on fashioning a niche position for New Zealand right in between the US and China – and leveraging off both of them! Well, as the Aussies would say, of MFAT: tell ‘em they’re dreaming. More>>

ALSO:

Loan Sharks: Finance Companies Found Guilty Of Breaching Fair Trading Act

Finance companies Budget Loans and Evolution Finance, run by former 1980s corporate high-flyer Allan Hawkins, have been found guilty of 106 charges of breaching the Fair Trading Act for misleading 21 borrowers while enforcing loan contracts. More>>

ALSO:

Post Panama Papers: Govt To Adopt Shewan's Foreign Trust Recommendations

The government will adopt all of the recommendations from former PwC chairman John Shewan to increase disclosure and introduce a register for foreign trusts with new legislation to be introduced next month. More>>

ALSO:

The Price Of Cheese: Cheddar At Eight-Year Low

Food prices decreased 0.5 percent in the year to June 2016, influenced by lower grocery food prices (down 2.3 percent), Statistics New Zealand said today. Compared with June 2015, cheese prices were down 9.5 percent, fresh milk was down 3.9 percent, and yoghurt was down 9.2 percent. More>>

ALSO:

Financial Advisers: New 'Customer-First' Obligations

Goldsmith plans to do away with the current adviser designations which he says have been "unsatisfactory" in that some advisers are obliged to disclose potential conflicts of interest and act in their customers' best interests, but others are not. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news