SPI directors banned for five years

Tuesday, November 11th 2014, 1:36PM

Former SPI directors agree not to seek investment funds from the public for a five year period.

Murray Alcock and Allister Knight, who headed up various entities comprising the SPI group of companies, have provided enforceable undertakings to the FMA. The Directors have undertaken not to participate in seeking or holding investment funds from the public for five years and to repay SPI Property Fund Limited investors.

The undertakings were agreed after an FMA investigation. The regulator had concerns about the directors' management of investor funds and the compliance standards of the SPI entities.

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