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

 

Brewing: Lion To Buy Cult Upper Hutt Brewer Panhead

Lion - Beer, Spirits and Wine (NZ), New Zealand's biggest beer maker, has agreed to buy Panhead Custom Ales from the family of founder Mike Neilson, its second such purchase of a popular craft brewer after the acquisition of Dunedin-based Emerson's Brewing Co in 2012. More>>

ALSO:

Half Empty: Fonterra's 2017 Opening Forecast Below Expectations

Fonterra Cooperative Group raised its forecast farmgate milk payout for next season by less than expected as the world's largest dairy exporter predicts lower prices will crimp production and supply will pick up. The New Zealand dollar fell. More>>

ALSO:

Pest Control: Mouse Blitz Team Leaves For Antipodes

The Million Dollar Mouse project to rid Antipodes Island of mice is underway with the departure of a rodent eradication team to the remote nature reserve and World Heritage Area. More>>

Gongs Got: Canon Media Awards & NZ Radio Awards Happen

Radio NZ: RNZ website The Wireless, which is co-funded by NZ On Air, was named best website, while Toby Manhire and Toby Morris won the best opinion general writing section for their weekly column on rnz.co.nz and Tess McClure won the best junior feature writer section. More>>

ALSO:

Pre-Budget: Debt Focus Risks Losing Opportunity To Stoke Economy

The Treasury is likely to upgrade its forecasts for economic growth in Budget 2016 next week but Finance Minister Bill English has already signalled that more of his focus is on debt repayment than on fiscal stimulus or tax cuts... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news