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

 

Capital + Merchant’s Nicholls, Douglas jailed for 7 ½ years

Capital + Merchant’s Nicholls, Douglas jailed for 7 ½ years, Tallentire gets 5 years

Aug. 31 (BusinessDesk) - Neal Nicholls and Wayne Douglas, directors of failed finance company Capital + Merchant Finance, have been jailed for 7 ½ years apiece for fraud, while their former chief executive, Owen Tallentire, got five years in prison.

The sentences were handed out in the Auckland High Court, rounding out an investigation into what Serious Fraud Office CEO Adam Feeley called “some of the worst excesses of the finance companies saga.”

The sentences “will send a strong message to the commercial sector regarding the severity of punishment that will follow cynical crimes of these kinds,” he said.

The trio were found guilty in July following charges laid by the SFO after an investigation into transactions involving approximately $28 million between 2004 and 2006.

The SFO has appealed not guilty verdicts against Nicholls and Douglas from a separate Capital + Merchant trial in April-May relating to the non-disclosure of alleged related party lending totalling approximately $14.4 million.

(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>>