Sharechat Logo

SFO launches probe into Mutual Finance

Thursday 30th December 2010

Text too small?

The Serious Fraud Office (SFO) is investigating Mutual Finance, which was a participant in the Crown Retail Deposit Guarantee scheme.

Brendan Gibson and Grant Graham of Korda Mentha were appointed as receivers of Mutual Finance on July 14.

Their first report was filed on September 14 and a six month report is due on March 11.

The SFO launched the investigation on December 23.

It did so after considering information from the receiver of the company and the Ministry of Economic Development's national enforcement unit.

Mutual Finance was incorporated in May 1997 and issued debt securities to the public.

According to Treasury's website $9 million was paid to 329 Mutual Finance investors by the Crown Retail Deposit Guarantee Scheme.

The company's managing director was Paul Bublitz, who had links with Viaduct Capital, which also collapsed.

The receivers' first report on Mutual Finance said there was unlikely to be any return to unsecured creditors and it was too early to estimate the level of recovery of assets. The company had loans of $8.2 million, properties in New Plymouth and Cable ay and a debtor ledger of $396,000 plus office equipment.



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Wellington International Airport Ltd (“WIA040”) - Maturity
Devon Funds Morning Note - 18 July 2024
CNU - Commerce Commission releases draft Price Quality decision
Precinct FY24 Annual Results and Webcast Details
Scott Technology appoints new CEO
Synlait FY24 guidance withdrawal
Meridian issues demand response exercise notice to NZAS
July 17th Morning Report
CRP - Korella North Environmental Approval Granted
SCL - Sale of Apple Orchards