A second unnamed NZX adviser has been fined over a rule breach related to auction site Trade Me’s $363.5 million initial public offering last December. The adviser must pay $16,000 to the NZX Discipline Fund plus costs, the regulator said in a statement. The breaches relate to both the Trade Me and Summerset IPOs last year. NZX regulation said the …

Jim Delegat, managing director of winemaker Delegat’s Group, has failed in a High Court attempt to recover payments on an incomplete yacht from a director of failed luxury yacht maker Salthouse Marine. Justice Mark Woolford ruled that Perth-based naval architect Christopher Norman didn’t breach his director’s duties under the Companies Act while a director of Salthouse between December 2008 and …

The Serious Fraud Office has lost the first round in it its bid to appeal a ruling clearing Capital + Merchant Finance directors Wayne Douglas and Neal Nicholls over the so-called ‘Hub loans’. In the High Court in Auckland, Justice Edwin Wylie turned down the Crown’s application for the judge to revisit three questions of law surrounding the Palmerston North …