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

 

SFO appeals Capital + Merchant verdict

SFO appeals Capital + Merchant verdict

By Hannah Lynch

Aug. 22 (BusinessDesk) - The Serious Fraud Office will appeal the not guilty verdicts of two former directors of failed lender Capital + Merchants Finance involving a Palmerston North development known as "The Hub Properties."

In July, Neal Nicholls and Wayne Douglas were found not guilty of charges under the Crimes Act of theft by a person in a special relationship and one of making a false statement as a promoter. The charges involved $14.4 million of related party lending on the Palmerston North development.

"There are important points of law that have significance not only to this case but also the ongoing finance company prosecution," SFO chief executive Adam Feeley said in a statement. The decision to appeal has not been taken lightly, he said.

At a second trial the directors, together with the finance company's chief executive Owen Tallentire were found guilty on charges involving fraudulent transactions valued at about $28 million which occurred between 2004 and 2006.

Capital + Merchant went into receivership in November 2007 and owes $190 million to about 7,000 investors. It went into liquidation in December 2009. Nothing was recovered from the $190 million.

Nicholls and Douglas will appear for sentencing in relation to the second trial on Aug. 31.

(BusinessDesk)

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 


FIRST Union: Do Shareholders Realise Marsden Point Conversion Could Cost More Than Half A Billion Dollars?

FIRST Union, the union representing workers at Refining NZ, are querying whether shareholders voting on Friday on whether to convert the Marsden Point refinery to an import-only terminal realise the conversion could cost $650-700 million dollars... More>>



Civil Contractors: Massive Rebound In Civil Construction Business Confidence

New Zealand’s civil construction industry is riding a massive rebound in post-pandemic business confidence – but this may be undermined by skills shortages, which continue to be the industry’s number one challenge... More>>



Energy: Feeling Our Way Towards Hydrogen - Tina Schirr

Right now hydrogen is getting a lot of attention. Many countries are focusing on producing hydrogen for fuel, or procuring it, or planning for its future use... More>>


Transport: July 2021 New Vehicle Registrations Boosted By EV Rebate Scheme
Motor Industry Association Chief Executive David Crawford says that July 2021 sales of new vehicles were boosted by the recently introduced rebate scheme. July 2021 registrations were 15,053 units compared to 12,263 units for July 2020... More>>



ASB: New Support Finder Tool Helps Connect Customers With Thousands In Government Support

ASB research alongside benefit numbers from the Ministry of Social Development shows an increased number of Kiwis are struggling financially, and many may not be aware they’re eligible for government support... More>>


Housing: New Home Consents Continue To Break Records

A record 44,299 new homes were consented in the year ended June 2021, Stats NZ said today. “The annual number of new homes consented rose again in the June 2021 year, the fourth consecutive month of rises,” construction statistics manager Michael Heslop said... More>>