A second former director of Gisborne-based Rockforte Finance has pleaded guilty to Crimes Act charges laid by the Serious Fraud Office, while a third awaits trial. John Gardner pleaded guilty to five charges in the Gisborne High Court today, the Serious Fraud Office said in a statement. The charges relate to theft by a person in a special relationship, obtaining …

Banks that lent unsustainable amounts of debt to state-owned coal miner Solid Energy are taking a $75 million “hair-cut”, dressed up as an issue of redeemable preference shares that may never be repaid. After eight months of negotiations between the Treasury and the group of Australasian and Japanese lenders to the troubled coal company, Finance and State-Owned Enterprises Ministers Bill …

New listings of houses for sale stalled in September, according to online advertiser realestate.co.nz, but the usual spring surge is still expected in October and November, despite new lending restrictions coming into force today. The site’s marketing manager, Peter McKenzie, told BusinessDesk the 5.3 percent fall in listings between August and September was the first such drop since 2007, but …