Sentences delivered in OPI Pacific Finance case

Sentences delivered in OPI Pacific Finance case

Two former directors of OPI Pacific Finance Limited, Mark Lawrence Lacy and Jason Robert Duncan Maywald, have today been sentenced in the Auckland High Court.

Messrs Lacy and Maywald were sentenced to 200 hours community work each, to be carried out in New Zealand, and ordered to pay AUD $100,000 in reparation to be paid to the company’s receivers.

On 21 August 2015, both Australia-based directors had previously pleaded guilty to two charges under the Securities Act 1978. These charges related to a registered prospectus and an advertisement distributed in 2007, which the FMA alleges included untrue statements.

The FMA’s acting director of enforcement and investigations, Paul O’Neil, said today’s outcome reflects the importance that is placed on directors’ responsibilities to ensure investors are well-informed about a company’s position.

“The 2007 OPI offer documents contained untrue statements relating to the performance and management of the business including the non-disclosure of adverse changes to the financial position of the company,” he said.

“This prevented investors from making informed decisions about their investments by not disclosing key information about the company.

OPI provided finance to entities involved in commercial property investments and developments. It went into receivership in September 2009 and was put into liquidation in November 2011.

More than 10,000 investors were owed approximately NZD $247 million. As at July 2015, OPI investors had been repaid 30.23 cents in the dollar.

The trial of the remaining former directors of OPI, David Mark Anderson and Craig Robert White, is scheduled to commence on 5 October 2015 in the Auckland High Court.

ENDS

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