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 However, Mr Wevers has passed away and those charges are now being withdrawn.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

 

Scoop Business: RBNZ Starts Talks On Tougher Rules For Property Speculators

The Reserve Bank of New Zealand is stepping up preparations to restrict lending to residential property investors as it watches house prices, particularly in Auckland, continue to rise strongly. More>>

ALSO:

Research: ‘Ageing Well’ Science Challenge Launched

Science and Innovation Minister Steven Joyce today launched the Ageing Well National Science Challenge, confirming initial funding of $14.6 million. More>>

ALSO:

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:

Get More From Scoop

 
 
Standards New Zealand

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