Blue Chip founder Bryers pleads guilty, faces fines

Tuesday 23rd February 2010

The co-founder of failed property development company Blue Chip, Mark Bryers, pleaded guilty through his lawyer to all remaining charges against him in Auckland District Court hearings today.

Bryers was excused from attending the hearing, and now faces a sentencing hearing which is likely to involve fines relating to his failing to keep proper accounts and records of Blue Chip's dealings before the company collapsed, leaving him bankrupt and owing as much as $173 million.

While Bryers originally faced 135 charges, laid in February 2009 and mainly under the Financial Reporting Act, his pleas yesterday related to 31 remaining charges after some lost records turned up in his office, and plea bargaining saw a further 38 charges dropped.

Now resident in Sydney, Bryers had previously plead guilty to another three charges.

Businesswire.co.nz

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