SPI Property directors fined over reporting breaches

Thursday 30th April 2015

SPI Property Fund directors Murray Alcock and Allister Knight have each been fined $25,312 for failing to file audited financial statements for several years.

Alcock and Knight pleaded guilty to breaching the Financial Reporting Act last November by not filing statements to the Registrar of Companies for the 2011, 2012 and 2013 years, the Financial Markets Authority said in a statement. The pair faced a maximum penalty of $100,000.

"We expect companies that offer securities to file their financial statements in a timely way to enable investors to make informed decisions about their investments," FMA director of enforcement and investigations Belinda Moffat said. "The court's decision sends a further strong signal to companies raising funds that the FMA will take enforcement action when companies persistently fail to meet their obligations."

In November, Alcock and Knight were ordered to repay $1.08 million to investors and banned from heading up any company that raises money from the public for five years after agreeing to enforceable undertakings from the FMA.

BusinessDesk.co.nz

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