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

 

Inequality: Top 10% Of Housholds Have Half Of Total Net Worth

The average New Zealand household was worth $289,000 in the year to June 2015, Statistics New Zealand said today. However wealth was not evenly distributed, with the top 10 percent accounting for around half of total wealth. In contrast, the bottom 40 percent held 3 percent of total wealth. More>>

ALSO:

What Winter? Temperature Records Set For June 20-22

The days around the winter soltice produced a number of notably warm tempertaures. More>>

Conservation Deal: New Kākāpō Recovery Partnership Welcomed

Conservation Minister Maggie Barry says the new kakapo recovery partnership between DOC and Meridian Energy is great news for efforts to save one of New Zealand’s most beloved birds. More>>

ALSO:

Tech Sector Report: Joyce Warns Asian Tech Investors View NZ As Hobbits And Food

Speaking in Wellington at the launch of a report showcasing the value of the technology sector to the New Zealand economy, Joyce said more had to be done to tell the country's technology stories overseas. More>>

ALSO:

Mediaglommeration: APN Gets OIO Approval For Demerger Plan

APN News & Media has received Overseas Investment Office approval for its plan to split out its NZME unit ahead of a potential merger with rival Fairfax Media's New Zealand operations. More>>

New Paper: Ninety-Day Trial Period Has No Impact On Firms' Hiring

The introduction of a 90-day trial period has had no impact on hiring by New Zealand companies although they are now in widespread use, according to researchers at Motu Economic and Public Policy Research. More>>

ALSO:

Corrections: Serco Exits Equity Stake, Remains As Operator

Serco has sold its equity stake in the company that holds the contract to design, build and run Wiri Prison in South Auckland but continues as sub-contractor to operate the facility. More>>

GDP: NZ Economy Grows Faster-Than-Forecast 0.7%

New Zealand's economy grew at a faster pace than expected in the first quarter of 2016 as construction expanded at the quickest rate in two years. The kiwi dollar jumped after the data was released. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news