Geneva spurns attempt to oust directors

The New Zealand Shareholders Association sent shareholders of Geneva a letter this month calling for the removal of chairman Brian Walsh, managing director David O'Connell and Peter Francis from the board. It proposed association chairman Bruce Sheppard as a replacement.

The association's letter is "scurrilous" and calling a special meeting would be a waste of money when Geneva is scheduled to hold its AGM by the end of October, O'Connell said in a statement.

The company has a moratorium on some NZ$138 million of deposits.

By Jonathan Underhill

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June 25th Morning Report