Friday 24th June 2011
|Text too small?|
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.
No comments yet
New Zealand Rural Land Company Limited (NZX: NZL) Agreement to acquire large scale dairy asset portfolio
EROAD Limited (NZX: ERD) launches Clarity Solo Dashcam
22nd October 2021 Morning Report
Pictor ready to roll out game-changing COVID antibody test in New Zealand
Scott Technology Limited (NZX: SCT) Announces FY21 Results
21st October 2021 Morning Report
Greenfern Industries Limited (NZX: GFI) L&Q Notice
TruScreen Group Limited (NZX: TRU) Clinical Trial Results Highlight Efficacy of TRU Technology
20th October 2021 Morning Report
Freightways Limited (NZX: FRE) Acquisition of ProducePronto