Tag Archives: Finance Companies

The Financial Markets Authority received fewer complaints in its 2014 financial year after the David Ross Ponzi investigation sparked a flood on inquiries in 2013, and had just 30 open cases at the end of the period. The financial markets watchdog received 839 complaints in the 12 months ended June 30, down from 1,273 a year earlier when investors in …

Investors in OPI Pacific Finance are still in the dark over the value of a potential deal with the failed lender’s former auditor after ASX-listed Crowe Horwath rejected the OPI receiver’s version of the settlement. Last week, Crowe Horwath, which became liable for the settlement through its acquisition of Lower Hutt-based accounting firm Sherwin Chan & Walshe, said it had reached a deal …

Pyne Gould Corp’s managing director George Kerr will dilute his stake in the financial services firm if it goes ahead with a planned share issue, which will increase its stake in Equity Partners Infrastructure Co No 1, the so-called EPIC fund, which holds a minority stake in a UK motorway operator, Moto. The Guernsey-based firm wants to lift its stake in the EPIC,  fund to …

NZF Group, the financial services company, has entered into a non-binding agreement with an unidentified business for a possible reverse listing, and expects to acquire it by the end of the month. The Auckland-based finance company sought to liquidate itself earlier this year, but was blocked when a major noteholder asked for a special meeting to try and squeeze more …

Neill Williams, a key manager of failed Five Star Consumer Finance, will spend longer in jail after appearing in the Auckland High Court this morning for final sentencing in the long-running case. The 78-year-old is currently serving three years, seven months’ imprisonment on charges previously laid by the Financial Markets Authority. Today’s sentencing on charges laid by the Serious Fraud …

David Ross, the Ponzi-accused former manager of Ross Asset Management, appeared in the District Court in Wellington this morning for substantive hearings on eight Crimes and Financial Advisers Act charges. He was remanded until Aug. 29. All aspects of today’s hearing were supressed. Ross faces charges relating to $384.8 million of assets recorded in the accounts of a Ross vehicle, …

The manager of Kiwi Income Property Trust didn’t give investors any more clues on a proposal to bring its contract inhouse, but did share growing optimism about state of retail and Auckland office space. Kiwi Income Properties Ltd chairman Mark Ford told today’s annual meeting the proposal by Commonwealth Bank of Australia to internalise the management of the property trust …

Milford Funds, a unit of Milford Asset Management that discloses financial statements, more than tripled its fee income, driving up annual profit, as it reaped the benefits of strong investment returns on growing funds under management. Profit jumped to $7.36 million in the 12 months ended March 31 from $1.05 million a year earlier, as fee income surged 257 percent …

The Court of Appeal has sentenced all four former directors of Lombard Finance & Investments to home detention, having accepted the initial sentences were “manifestly inadequate.” In a judgment today Justices Anthony Randerson, John Wild, and Christine French substituted the sentences of community work imposed on the Lombard four. Bill Jeffries was sentenced to eight months home detention and 250 …

Dorchester Pacific, the financial services firm whose shares have soared 237 percent in the past year, lifted its stake in Turners Auctions to 19.85 percent and said it has no immediate plans to make an offer for the company. Dorchester is flush with funds after a greater-than-expected conversion of options and share placement this month raising about $21 million. The …