Wilson Neill directors to face reporting charges

By NZPA

Tuesday 8th October 2002

Dunedin businessman Trevor Mason, former company chairman of Wilson Neill, will be prosecuted along with two other former directors under the Financial Reporting Act and Companies Act.

Wilson Neill disintegrated in February after posting a $24 million loss, leaving 8000 investors holding 790 million worthless shares, and prompting the receivership and liquidation of its various subsidiary companies in April.

Head of the Companies Office's national enforcement unit Shane Keohane said today the case would be heard in Auckland District Court on October 23.

Mason and former directors Phil Vosper and Maurice Crosby would receive summonses tomorrow or Thursday.

Under section 10 of the Financial Reporting Act, each director faces a charge of failing to complete and sign off Wilson Neill's financial statement within five months of the due date. The charge carries a fine of up to $100,000.

Under section 208 of the Companies Act, each is charged with failing to have prepared an annual report within five months of the due date. Each could face a fine up to $10,000 if convicted.

Last July, Mason and two former Wilson Neill directors were fined more than $30,000 in Dunedin District Court for failing to meet statutory deadlines for filing with the Companies Office certificates relating to changes in the company's shareholdings.

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