Verdicts have been handed down by the High Court at Timaru today by His Honour Justice Heath following the conclusion of the South Canterbury Finance Limited trial.
Former South Canterbury Chief Executive Lachie McLeod has been acquitted on all charges.
Former director Robert Alexander White has been acquitted on all charges.
Former director Edward Oral Sullivan has been found guilty of five charges and acquitted on the remaining four charges.
All defendants were acquitted on the charge relating to the Crown Retail Deposit Guarantee Scheme.
Charges were laid by the Serious Fraud Office against McLeod, White and Sullivan in respect to South Canterbury in December 2011 after a 14 month-long investigation.
The majority of the charges related to specific transactions entered into by South Canterbury involving allegedly undisclosed, related party lending.
The SFO further alleged that persons associated with South Canterbury unlawfully obtained the benefit of the Guarantee Scheme for South Canterbury by failing to disclose to the Crown that the company had entered into related party lending.
The SFO estimated the total value of the allegedly fraudulent transactions at $1.7 billion, which included an estimated $1.58 billion from entering the Guarantee Scheme.
The five month-long SCF trial concluded in August this year.
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