Capital + Merchant directors face SFO charge

Friday 25th February 2011

Two former owners and directors of Capital + Merchant, Neal Nicholls and Wayne Douglas, has been remanded in the Auckland District Court to reappear in May on Serious Fraud Office (SFO) charges.

The two men face six charges under the Crimes Act brought by the SFO relating to around $14.5 million of alleged related party lending between 2002 and 2004.

They are due to reappear on May 10 for a hearing to determine whether the case is ready to proceed and to set a date for the trial.

The SFO Investigation into the failed finance company began in February last year and the men were charged in December.

Capital + Merchant was placed into receivership on November 2007 owing around 7,500 investors approximately $167 million.

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