Thursday 19th June 2008
|Text too small?|
Geneva made the refunds to 3,700 customers in an out-of-court settlement with the regulator, after admitting it breached credit contracts law by not providing rebates on payment protection insurance premiums for loans repaid early.
The company "has been cooperative and started providing rebates to the affected customers as soon as the issue was identified," Commission chairman Paula Rebstock said in a statement today.
It was the second out-of-court settlement between Geneva and the commission, according to the statement. Last year, it refunded about NZ$589,000 in overcharged fees and interest to 900 debtors.
Geneva posted a NZ$7.9 million loss in the 12 months ended March 31, reflecting the network closure, restructuring costs associated with its moratorium and charges to adopt IFRS accounting.
The company plans to issue shares at no cost to new shareholders to make up the difference between its net asset backing as at May 1 of 34.7 cents a share and its forecast of 36.5 cents.
No comments yet
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
19th October 2021 Morning Report
PGG Wrightson Limited (NZX: PGW) Guidance Update
Vital Limited (NZX: VTL) Provides Update on PSN LMR
18th October 2021 Morning Report