Tuesday 23rd December 2008 |
Text too small? |
The commission, which has been looking into all of the nation's failed finance companies, said it is coincidence that the two sets of charges were announced at the same time, shortly before Christmas.
Criminal and civil charges were laid against Nathans Finance directors John Hotchin, Donald Young and Kenneth Moses. Nathan's went into receivership in August last year owning about NZ$174 million to 7,000 investors and receivers expect to recover less than 10% of the funds, according to a statement from the commission.
Charges were separately laid against Bridgecorp chairman Bruce Davidson and non-executive directors Gary Unwin and Peter Steigrad. Bridgecorp went under in July last year owing about NZ$459 million to 14,300 debenture holders, with an estimated recovery rate of between 13% and 44%. The commission has already laid charges against Bridgecorp executive directors Rod Petricevic and Robert Roest.
The Serious Fraud Office is continuing investigations into Bridgecorp, it said.
No comments yet
EBOS announces appointment of new Chief Financial Officer
AM Best affirms Tower Limited's A- (Excellent) FSR
MCK enters into conditional agreement for Whangarei land
April 26th Morning Report
SPG - Change to Executive Team
BGI - Forgiveness of $200,000 of secured indebtedness
General Capital Subsidiary General Finance Market Update
AFT,Massey Ventures,Gilles McIndoe to develop scar treatmen
April 24th Morning Report
Cheers to many fewer grape harvest spills