About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   tmmonline.nz  |   landlords.co.nz
Last Article Uploaded: Thursday, November 14th, 11:45PM
rss
Latest Headlines

Rates round-up

Lombard directors face criminal charges, NZICA censures Bridgecorp's Roest, Five Star's Bowden, Rural Portfolio Capital breaches trust deed

Monday, April 19th 2010, 5:36AM

by Paul McBeth

Lombard directors face criminal charges

The Securities Commission has added criminal proceedings to its civil prosecution of Lombard Finance & Investments' directors, including former cabinet ministers Doug Graham and Bill Jeffries.

The board's directors, which is completed by Lombard chief executive Michael Reeves and Lawrence Bryant, each face fines of up to $300,000 and a maximum of five years in jail if they are found guilty of misleading investors with a prospectus and investment statement in 2007. Each director faces a fine of up to $500,000 under the civil prosecution.

 

NZICA censures Bridgecorp's Roest, Five Star's Bowden

Disgraced Bridgecorp director Rob Roest and Five Star Finance's Anthony Bowden have been censured by the New Zealand Institute of Chartered Accountants in its latest disciplinary hearing.

Roest, who did not attend the hearing, was found guilty of conduct unbecoming an accountant, breaching the institute's code of ethics and being adjudicated bankrupt, and ordered to pay $5,361 and suspended from the body's membership for the period of his five-year ban on being a director of a company.

Bowden appeared, pleading guilty to conduct unbecoming an accountant, and in the course of his evidence, was found guilty of breaching the body's code of ethics. He was ordered to pay a fine of $5,000 and suspended for the term of his five-year ban on holding a company directorship.

 

Rural Portfolio Capital breaches trust deed

Rural Portfolio Capital, a unit of Craig Norgate's and Baird McConnon's investment company that has bonds listed on the NZX, breached the terms of its security trust deed after making its half-yearly dividend payment.

The $60 million payment of redeemable preference shares sapped the funds of its dividend escrow account beyond the required level to meet its next obligation due in October.

 

Paul is a staff writer for Good Returns based in Wellington.

« Reset rate market discounts, corporate bonds probably past peak2010 worse for NZ defaults than 2009: S&P »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend
Today's Best Bank Rates
Rabobank 1.75  
Based on a $50,000 deposit
More Rates »
News Bites
Latest Comments
Subscribe Now

Deposit Rates newsletter

Previous News

MORE NEWS»

Most Commented On
News Quiz

The maximum remuneration model for Australian life insurance advisers is to be set at what?

Upfront 40% + trail 20%

Upfront 50% + trail 10%

Upfront 50% + trail 20%

Upfront 60% + trail 10%

Upfront 60% + trail 20%

MORE QUIZZES »

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
 
Site by Web Developer and eyelovedesign.com