Chance for a fresh start
It’s hard to find any positives to come from South Canterbury Finance being put into receivership this week but at least the ailing company has been put out of its misery.

And while taxpayers across the country can feel rightly aggrieved at bailing out South Canterbury’s investors, the government arguably picked the least bad option.

Two Timaru finance directors could be fined up to $300,000 each for illegally issuing securities if found guilty.

Investment Management and its company directors Neville Ian Cant and Rhys David Morgan have been charged under the Securities Act for offering and allotting securities in relation to the Gables Proportionate Ownership Scheme to members of the public without a prospectus or an offeror’s statement.