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

 

Crown drops charge against ex-SCF finance chief Graeme Brown

Crown drops charge against ex-SCF finance chief Graeme Brown

Aug. 6 (BusinessDesk) - The Crown has dropped its one charge of false accounting against former South Canterbury Finance chief financial officer Graeme Brown.

Justice Paul Heath today granted the application to remove Brown’s name from the indictment, according to a statement by Brown’s counsel, Richard Raymond. Brown was one of five people charged by the Serious Fraud Office over the collapse of the Timaru-based lender controlled by the now-deceased Allan Hubbard.

The others include former directors Ed Sullivan and Bob White, former chief executive Lachie McLeod, and former company accountant Terry Hutton, who are set to stand trial next year, and Brown may be called as a witness.

Brown said the last three years of the investigation and the prosecution had a “very profound impact” on his personal and professional life.

“I would expressly like to thank my counsel, Richard Raymond, who has supported and believed in me throughout, together with our forensic investigator, Gib Beattie,” Brown said. “I also thank those people that saw beyond the charge, and continue to believe in me and what I achieved during my tenure at SCF.”

The 21 charges relating to fraud, dating back to between November 2004 and February 2010, and are linked to the $1.58 billion paid out to debenture holders covered by the retail deposit guarantee.

The most serious allegations are against Sullivan and White, whom the Crown asserts "each was a party to the making of deliberately false statements in prospectuses," according to a March judgment setting the trial date. Sullivan, White and McLeod are alleged to have used false financial statements to secure cover in the government's guarantee scheme.

(BusinessDesk)

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 



All District Health Boards: Historic Pay Equity Settlement

An historic agreement has been ratified that addresses a long-standing undervaluation of a workforce that is critical to the smooth running of our hospitals and the delivery of healthcare... More>>


MPI: Dry Autumn In Waikato And South Auckland Leads To Drought Classification Drought conditions affecting the primary sector in the Waikato and South Auckland were today classified as a medium-scale adverse event, enabling a package of support for farmers and growers... More>>



Commerce Commission: Invites Feedback On Its Initial Views Of Wellington Airport’s Pricing Decisions

The Commerce Commission is inviting feedback on its initial views, released today, about Wellington Airport’s pricing decisions for specified airport services, such as aircraft parking or airfield and passenger terminal charges, for the period 1 April 2019 to 31 March 2024... More>>



Barfoot & Thompson: Rents Up By Around 3% In Most Areas

The average weekly rent paid for homes in most areas of Auckland has risen by around 3 percent year-on-year. The figures for end March from more than 16,000 properties... More>>


DoC: Smeagol The ‘Gravel Maggot’ Leaves Its Rare Mark On The Remote West Coast
An extremely rare species of sea slug or ‘gravel maggot’ has been detected for the first time on a remote beach in South Westland... More>>



Immigration: Annual Net Migration Loss Of 7,300

The provisional net loss of 7,300 people in the year ended March 2022 was the lowest net migration for a March year since 2012, Stats NZ said today... More>>