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Geneva spurns attempt to oust directors

Monday 29th September 2008

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Geneva Finance, the lender that closed its branch network to cut costs, has spurned a lobby group's proposal that it hold a special meeting to vote on ousting 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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