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.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Land & Water Forum: Fourth Report On Water Management

The Land and Water Forum (LWF) today published its fourth report, outlining 60 new consensus recommendations for how New Zealand should improve its management of fresh water and calling on the Government to urgently adopt all of its recommendations from earlier reports. More>>



Welcome Home: Record High Migration Stokes 41-Year High Population Growth

New Zealand annual net migration hit a new high in October as more people arrived from than departed for Australia for the first time in more than 20 years. More>>


Citizens' Advice Bureau: Report Shows Desperate Housing Situation Throughout NZ

CAB's in-depth analysis of over 2000 client enquiries about emergency accommodation shows vulnerable families, pregnant women and children living in cars and garages, even after seeking assistance from the Ministry of Social Development and Housing New Zealand. More>>


Speaking For The Bees: Greens Call For Neonicotinoid Pesticide Ban

The National Government should ban the use of controversial pesticides called neonicotinoids after evidence has revealed that even at low doses they cause harm to bee populations, the Green Party said today. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news