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

 


FMA pings 10 entities for late financial statements

FMA pings 10 entities for late financial statements

By Jonathan Underhill

Jul. 3 (BusinessDesk) - New Zealand's financial markets regulator has charged eight companies and two contributory mortgage brokers for failing to file their annual reports by due date.

The Finance Markets Authority released a review of non-filing of financial statements today. It found 305 limited liability companies with March balance dates, 73 percent of the total, filed their 2013 statements by the cut-off on Sept. 27 last year. Of those that were late, the FMA initiated proceedings against seven directors, related to eight entities.

Charges have been laid against the directors of the limited liability companies Applefields, the 2006 and 2008 incarnations of a company called Prosper Hills, NZFIL 3, Heritage Park Taupo, Prudential Real Estate Investments and SPI Capital and SPI Property.

Of 20 registered contributory mortgage brokers, 11 were late and two are being prosecuted, the review said. The two being taken before the courts were those "we considered posed the greatest likelihood of harm to investors."

"The FMA hopes these cases will help encourage better conduct and increase confidence in the fair and transparent operation of our financial markets," Belinda Moffat, the regulator's director of enforcement, said in a statement.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Gordon Campbell: On Tiwai Point (And Saying “No” In Greece)

Its hard to see how Rio Tinto’s one month delay in announcing its intentions about the Tiwai Point aluminium smelter is a good sign for (a) the jobs of the workers affected or (b) for the New Zealand taxpayer. More>>

ALSO:

Half Empty: Dairy Product Prices Extend Slide To Six-Year Low

Dairy product prices continued their slide, paced by whole milk power, in the latest GlobalDairyTrade auction, weakening to the lowest level in six years. More>>

ALSO:

Copper Broadband: Regulator Set To Keep Chorus Pricing Largely Unchanged

The Commerce Commission looks likely to settle on a price close to its original decision on what telecommunications network operator Chorus can charge its customers, though it probably won’t backdate any update. More>>

ALSO:

Lower Levy For Safer Cars: ACC Backtracks On Safety Assessments

Dog and Lemon: “The ACC has based the entire levy system on a set of badly flawed data from Monash University. This Monash data is riddled with errors and false assumptions; that’s the real reason for the multiple mistakes in setting ACC levies.” More>>

ALSO:

Fast Track: TPP Negotiations Set To Accelerate, Groser Says

Negotiations for the Trans-Pacific Partnership will accelerate in July, with New Zealand officials working to stitch up a deal by the month's end, according to Trade Minister Tim Groser. More>>

ALSO:

Floods: Initial Assessment Of Economic Impact

Authorities around the region have compiled an initial impact assessment for the Ministry of Civil Defence, putting the estimated cost of flood recovery at around $120 million... this early estimate includes social, built, and economic costs to business, but doesn’t include costs to the rural sector. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news