Sharechat Logo

SFO leaves Kiwi Finance to Securities Commission

Monday 18th April 2011 1 Comment

Text too small?

The Serious Fraud Office (SFO) is not pursuing a criminal prosecution against Kiwi Finance, saying an administrative or civil proceeding could get a better outcome in a case of such small scale.

Kiwi was placed into receivership in April 2008 owing approximately 42 investors $1.7 million. The SFO started investigating the company last November and worked with the Securities Commission.

The SFO said today that having considered the scale and nature of the alleged conduct it believed a civil or administrative remedy provided some opportunity for compensation of depositors.

"The Securities Commission has powers and functions that enable such an outcome, and this is a case which seems best suited to application of those powers," SFO director Adam Feeley said.

The SFO's decision was conditional on the commission being able to reach a satisfactory outcome.

"If, for any reason, the commission is unable to reach a suitable resolution within a reasonable time, we will reassess our position and may re-open the investigation."

 

NZPA



  General Finance Advertising    

Comments from our readers

On 19 April 2011 at 1:09 pm Ivan Turk said:
Oh well thats good isn't it. As we all know the securities commission don't muck around. they will get stuck into them.......Tui ad.
Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

30th November 2021 Morning Report
Serko Limited (NZX: SKO) Announces Opening of NZ$10 Million Retail Offer
Rua Bioscience Limited (NZX: RUA) Rua to Accelerate Growth with Proposed Acquisition of Zalm
The New Zealand Refining Company Limited (NZX: NZR) Successfully Completes Placement
NZME Limited (NZX: NZM) Acquires BusinessDesk to Supercharge Digital Growth
Cannasouth Limited (NZX: CBD) Acquisition of Outstanding Stake in Cultivation JV Complete
Geneva Finance Limited (NZX: GFL) Half Year Results
The New Zealand Refining Company Limited (NZX: NZR) NZ announces equity raising
Asset Plus Limited (NZX: APL) Result for the six months ended 30 September 2021
Me Today Limited (NZX: MEE) 30 September 21 Results and Conditional Placement