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Former Holland Corp director liable for $1 million, court finds

The High Court at Auckland has ruled former Holland Corporate director Peter Holland must pay his former company in excess of $1 million.

Justice Ailsa Duffy found former the ANZ executive – who gave key evidence in the Feltex District Court trial – breached his fiduciary duties when he profited at his former firm’s expense.

Last week the court heard how it was not until a director’s wife began helping update Mr Holland’s LinkedIn profile that the other directors became suspicious of his activities outside the business.

An investigation revealed Mr Holland used the company name and stationery to get clients and then collected money using his own bank accounts, the court heard.

Justice Duffy found in favour for Holland Corporation in its claim relating to specific invoices of $A607,205.

She also ruled Holland Corporation could receive equitable compensation for $450,000 for doing work for another firm Gleneagles Securities.

Mr Holland or representatives for the consultant did not defend the charge. The court heard from a third party trustee’s lawyer that he did not have the funds to travel to New Zealand.

Mr Holland appointed that trustee, who now has control over his assets.

vyoung@nbr.co.nz

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