Dominion Finance four appear in court

Thursday 27th October 2011

Four people associated with collapsed Dominion Finance Group and North South Finance appeared in Auckland District Court today, with one subject to a non-publication order, the Serious Fraud Office said.

Dominion Finance went into receivership in 2008 and North South went into receivership in 2010. Both are subsidiaries of NZX-listed Dominion Finance Holdings, which was placed in liquidation in 2009. About 600 investors and lenders to the group are owed $400 million.

The four in court were Terence Maxwell Butler and Robert Barry Whale, who were both directors, and chief executive Paul William Cropp and the person subject to a non-publication order.

The defendants are facing 14 charges under the Crimes Act for theft by a person in a special relationship.

It is alleged that between 2004 and 2008 they participated in unauthorised related party lending worth more than $20 million. This was in breach of the trust deeds.

BusinessDesk.co.nz

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