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

 


Former E-Gas managers found guilty of fraud worth up to $17M

Former E-Gas managers found guilty of fraud worth up to $17M

April 4 (BusinessDesk) – Two former managers of gas retailer E-Gas were found guilty of fraud charges involving as much as $17 million related to under-reporting of gas usage.

E-Gas former managing director Ronald Rosenberg and former general manager Sydney Lio Hunt were found guilty of the 82 Serious Fraud Office charges by Judge Bruce Davidson in the Wellington District Court. They have been remanded on bail for sentencing on May 29 and face a maximum penalty of seven years' prison. The quantum of the fraud is subject to another hearing.

Serious Fraud Office investigators found that between April 2005 and October 2008 the managers deliberately under-reported the quantity of gas supplied to customers, avoiding about $8.74 million in charges and $8.67 million in penalties.

"Serious financial crime places a high cost on the New Zealand economy and affects all consumers," SFO director Julie Read said in a statement. "The SFO will continue to focus resources on these high impact areas and we encourage the business community to be aware of any areas of risk in their own industries."

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Media: Julian Wilcox Leaves Māori TV

Māori Television has confirmed the resignation of Head of News and Production Julian Wilcox. Mr Maxwell acknowledged Mr Wilcox’s significant contribution to Māori Television since joining the organisation in 2004. More>>

ALSO:

Genetics: New Heat Tolerant Cow Developed

Hamilton, New Zealand-based Dairy Solutionz Ltd has led an expert genetics team to develop a new dairy cow breed conditioned to thrive in lower elevation tropical climates and achieve high milk production under heat stress. More>>

Fractals: Thousands More Business Cards Needed To Build Giant Sponge

New Zealand is taking part in a global event this weekend to build a Menger Sponge using 15 million business cards but local organisers say they are thousands of business cards short. More>>

Scoop Business: NZ Net Migration Rises To Annual Record In September

New Zealand’s annual net migration rose to a record in September, beating government forecasts, as the inflow was spurred by student arrivals from India and Kiwis returning home from Australia. More>>

ALSO:

Scoop Business: Fletcher To Close Its Christchurch Insulation Plant, Cut 29 Jobs

Fletcher Building, New Zealand’s largest listed company, will close its Christchurch insulation factory, as it consolidates its Tasman Insulations operations in a “highly competitive market”. More>>

ALSO:

Scoop Business: Novartis Adds Nine New Treatments Under Pharmac Deal

Novartis New Zealand, the local unit of the global pharmaceuticals firm, has added nine new treatments in a far-ranging agreement with government drug buying agency, Pharmac. More>>

ALSO:

Crown Accounts: English Wary On Tax Take, Could Threaten Surplus

Finance Minister Bill English is warning the tax take may come in below forecast in the current financial year, as figures released today confirm it was short by nearly $1 billion in the year to June 30 and English warned of the potential impact of slumping receipts from agricultural exports. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news