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lachie mcleod

South Canterbury prosecutor confusion

Edward Sullivan and Robert White, chief executive Lachie McLeod and company accountant Terrence Hutton (TV3)

The South Canterbury Finance fraud trial has been diverted into arguments about correct disclosure

Thunder shakes court as reference made to Wizard of Timaru

Allan Hubbard

Bid to liquidate ex-SCF boss’ firm fails

Lachie McLeod

South Canterbury trial braces for delays

South Canterbury Finance audited accounts reveal breach

South Canterbury Finance has released its audited accounts for the June financial year allowing the company to get on with drawing up a new or amended prospectus.

The annual accounts, released to the stock exchange this morning, differ from the unaudited, preliminary results released on August 29.

The audited accounts also reveal the company is in breach of certain covenants relating to its $US100 million private placement and a $NZ100 million undrawn banking facility.

SCF counts Fiji loan among $58m write-downs

A “reasonable size” loan on a Fiji property is among $58 million worth of write-downs South Canterbury Finance has taken on its balance sheet, chief executive Lachie McLeod told NBR.

The finance company, which has a deposit book of more than $1.4 billion, said today that it will post a $37 million loss for the current financial year, largely due to provisions for non-performing property investments and doubtful property assets.