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Tranz Rail Case – Berkshire and Ferenbach settle
News Release
31 March 2006
Tranz Rail Case – Berkshire and Ferenbach settle with Securities Commission
The
Securities Commission has reached a settlement of the
insider trading proceeding against Berkshire Fund III, a
Limited Partnership, which was a former Tranz Rail
shareholder, and Carl Ferenbach, a former director of Tranz
Rail.
Mr Ferenbach and Berkshire Fund III have agreed to pay the full compensatory amount sought by the Commission, NZ$7,030,509.12, and NZ$350,000 by way of contribution to the Commission’s costs of the proceeding.
Mr Ferenbach and Berkshire Fund III have agreed to make these payments without any admission of liability. They consider they have defences to the Commission’s claims against them.
Mr Ferenbach and Berkshire Fund III have agreed, if requested, to provide the Commission with information relevant to the proceeding.
The settlement has been approved by the High Court. No judgment has been entered against Mr Ferenbach and Berkshire Fund III.
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