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

 


BDO cuts $18.5 mln deal over Capital + Merchant claim

BDO Spicers cuts $18.5 mln deal over Capital + Merchant claim

June 26 (BusinessDesk) – Audit firm BDO Spicers has agreed to an $18.5 million settlement of a claim against it from the liquidator of failed lender Capital + Merchant Finance.

The agreement is a full and final settlement of claims relating to the audits of the company’s 2006 and 2007 financial statements without an admission of liability on the part of auditor BDO, according to a statement by the Insolvency and Trustee Service, a business unit of the Ministry of Business Innovation and Employment. Capital + Merchant was placed into liquidation under the control of the Official Assignee in December 2009 after collapsing in 2007 owing some $167.1 million to about 7,500 investors.

In a statement of claim seeking unspecified damages plus interest and costs the Official Assignee argued BDO failed to ensure the company's accounts and prospectuses presented a true and fair view of its financial health and BDO denied the claim.

Three former directors of Capital + Merchant Finance were sentenced to prison terms in the Auckland High Court in 2012. Two were ordered to pay reparation totalling $160,000.

Receivers Grant Graham and Brendon Gibson of KordaMentha are suing Perpetual Trust, claiming the trustee breached its duty to Capital + Merchant investors.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: NZ Wool Exports Jump To The Highest In More Than A Decade

New Zealand wool exports jumped to their highest level in more than a decade in June, aided by a lower currency and strong demand from China, the nation’s largest market. More>>

ALSO:

Surreal Estate: Home Values Rise At Fastest Rate In Seven Years

The latest monthly QV House Price Index shows that nationwide residential property values for July have increased 10.1% over the past year which is the fastest annual rate since 2007... The Auckland market has increased 18.8% year on year. More>>

ALSO:

New Employment Laws: Talley’s AFFCO Workers To Strike

The decision comes after the Talley’s owned company walked away from mediation last week and applied to end bargaining under the government’s new employment laws - the first such application since the law came into effect. More>>

ALSO:

Private Action: Employer Pleads Guilty Over Forestry Death

The CTU has always known that the death of forestry worker Charles Finlay was due to the poor health and safety practices of his employer... "The CTU, with the support of Charles’s family, needed to take this ground breaking private prosecution." More>>

ICT Innovation: Six NZ Finalists In World Summit Awards

The awards are a global showcase of 40 projects, across eight categories, with a special emphasis on those which show the benefits of information and communication technology for the development of communities. New Zealand has finalists in six of the eight categories. More>>

ALSO:

Final Frontier: Rocket Lab And NASA Sign Commercial Space Launch Agreement

Rocket Lab has signed a Commercial Space Launch Act Agreement with the National Aeronautics and Space Administration (NASA). The agreement enables Rocket Lab to use NASA resources - including personnel, facilities and equipment - for launch and reentry efforts. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news