Tag: New Zealand

Hard to keep staff on what it pays – Serious Fraud Office | Stuff.co.nz

In its four year plan document submitted to Parliament’s Law and Order subcommittee, the SFO warns of a high likelihood its staff will be poached by other employers offering more money. “Despite high levels of engagement SFO employees are attractive to the private sector who pay significantly higher salaries and this generates a higher than usual turnover,” the report said.…

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New Zealand: Shareholder Association Chairman Loses it With “Dumb Wit” and “Idiot” Hanover Finance Investors

Apparently diplomacy is not a key part of the job description for Chairman of the New Zealand Shareholders Association. Upset that investors in NZ’s Hanover Finance approved a company moratorium that will return just 55 per cent of the net present value of their investment (by giving up on $200 million in interest payments and forgoing the chance to recover…

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New Zealand: Three Directors of National Finance 2000 Face Criminal Charges For Alleged Misstatements

Three directors of New Zealand’s National Finance 2000, which collapsed in May 2006,  will face criminal charges carrying potential penalties of up to five years in prison.  The New Zealand Herald reports that the directors — Trevor Allan Ludlow, Anthony David Banbrook and Carol Anne Braithwaite — would face charges in the Auckland District Court “relating to untrue statements in…

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New Zealand: Shell Wins Nine Year Old “Insider Trading” Case But Must Pay 10-Digit Litigation Fees

A 1999 lawsuit against New Zealand’s Southern Petroleum that was later inherited by Shell as part of a takeover has finally been resolved in Shell’s favor.  The claim, filed by a group of investors that alleged that their shares in gas and oil subsidiary Southern Petroleum were undervalued during a 1995 takeover by Fletcher Challenge Energy, was dismissed by the High Court at…

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