SFO closing investigation

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.

NZPA

Comments from our readers

No comments yet

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.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.

Related News:

TGG - Response to media speculation
ARB - Annual Meeting Date and Director Nominations
CNU - Q4 FY25 Connections Update
MOVE FY25 Results and Investor Briefing 29 August 2025
RYM - First quarter trading update
July 11th Morning Report
IKE Announces equity raising of A$20 million
Chorus full year results date
FPH 2025 Notice of Annual Meeting and Voting Form
July 10th Morning Report