Dominion Finance four appear in court

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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