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

 


Lombard directors win appeal against custodial sentences

Lombard directors win appeal against custodial sentences

May 7 (BusinessDesk) – The former directors of Lombard Finance have won their appeal against custodial sentences after the Supreme Court agreed they were “honest men” who made misjudgements under pressure.

“The Supreme Court has concluded that the appellants’ conduct did not warrant sentences of imprisonment and has unanimously allowed the appeal,” Chief Justice Sian Elias, and Justices Terence Arnold, William Young, Susan Glazebrook and Peter Blanchard said in their decision.

Former Justice Ministers Doug Graham and Bill Jeffries, former PR man for the Queen Lawrie Bryant and Lombard’s ex-boss Michael Reeves had appealed to the Supreme Court over sentences of home detention imposed by the Court of Appeal. They weren’t granted leave to appeal the actual convictions.

“On the findings of fact made by (Justice Robert Dobson) the appellants were honest men who took their responsibilities seriously but nonetheless, by reason of misjudgements made in circumstances of pressure, were responsible for the issuing of a prospectus which was untrue as to liquidity,” the Supreme Court judges said. “These findings of fact were not disturbed by the Court of Appeal. On this basis, the sentencing purposes of accountability, enunciation and deterrence had limited application.”

They said the “considerable losses” suffered by investors were less than those in some other comparable cases.

All four Lombard directors avoided jail time when originally sentenced in 2012 after being found guilty of making untrue statements in investment documents and advertisements in late 2007 and early 2008. But the Crown succeeded in getting the Court of Appeal to beef up the punishment to custodial sentences by adding home detention.

The High Court in 2012 had sentenced Jeffries and Reeves to 400 hours community work. Graham and Bryant were each originally 300 hours community work and agreed to pay $100,000 each to investors.

The 4,400 Lombard Finance investors owed $127 million at the time of the receivership have been repaid 13 cents in the dollar, and are looking at an estimated recovery of between 15 percent and 20 percent.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Onetai Station: Overseas Investment Office Puts Ceol & Muir On Notice

The Overseas Investment Office (OIO) has issued a formal warning to Ceol & Muir and its owners, Argentinian brothers Rafael and Federico Grozovsky, for failing to provide complete and accurate information when they applied to buy Onetai Station in 2013. More>>

ALSO:

Tomorrow, The UN: Feds President Takes Reins At World Farming Body

Federated Farmers president Dr William Rolleston has been appointed acting president of the World Farmers’ Organisation (WFO) at a meeting in Geneva overnight. More>>

ALSO:

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:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news