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SFO closing investigation

Friday 24th June 2011

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The Serious Fraud Office is closing an investigation into Property Ventures and Cashel Ventures which were associated with the development of the Hotel So in Christchurch.

The SFO started the investigation last month following allegations the companies may have made misrepresentations in order to secure funding.

Property Ventures was placed in receivership in March 2010, while Cashel Ventures was placed in liquidation last December.

SFO chief executive Adam Feeley said the complaint was made in good faith and there was enough evidence to start an inquiry, but there was no material evidence beyond the initial information to take the matter further.

An independent report had found that while there were discrepancies between financial information provided to the companies funding the Hotel So project and the final funding arrangements which actually happened, there was no evidence of any criminality in that, Feeley said.

The evidence also did not indicate the lenders were induced to make loans on the basis of any incorrect information.

The SFO had received full cooperation from all parties to the investigation which had enabled a speedy resolution of the matter.



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