Rakon, the second-worst performing stock on the New Zealand sharemarket in the past year, will sell 80 percent of its Chinese joint venture factory to a Chinese electronics manufacturer for US$18.8 million to reduce debt. Rakon, which will retain a 5 percent holding in the venture, is selling the stake to Shenzhen Stock Exchange listed ZheJiang East Crystal Electronic Co, …

The receiver for accused Ponzi scheme operator David Ross sold about $199,000 of family paintings and is looking at the family-owned properties as he tries to unravel the affairs of Ross Asset Management. PwC’s John Fisk and Duncan Bridgman have been appointed to preserve the assets of the Ross family and related trusts as part of the wider investigation into …

Accused Ponzi-style scheme operator David Ross made an appearance of less than five minutes in the Wellington District Court this morning, just enough time for his counsel to seek adjournment until Aug. 22 for substantive hearings on eight Crimes and Financial Advisers Act charges. Ross faces charges relating to $384.8 million of assets recorded in the accounts of a Ross …