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$85 million

A ghost from the past came back to haunt former Nufarm chairman Kerry Hoggard this year.

He resigned as chairman of the harness racing integrity unit after questions were raised about his own integrity by former ACT MP Stephen Franks.

Mr Franks’ wife Catharine and the late Business Roundtable director Roger Kerr took an insider trading action against him in 2000 when he was chairman of Fletcher Challenge.

They won a $520,000 out-of-court settlement.

Mr Hoggard had earlier bought $635,000 of Fletcher Challenge stock just before it announced its best half-year earnings in four years.

It also emerged that Mr Hoggard had breached Fletcher’s internal trading rules once before in 1998.

Mr Hoggard’s actions on both occasions were all the more remarkable given comments he made to “NZ Business” in 1996 about corporate ethics.

“You don’t remain successful in business unless your ethics are there [and] unless senior management is committed to ethical standards, codes of behaviour won’t be adhered to,” he said.

Mr Franks said he was stunned to learn of Mr Hoggard’s appointment to the harness racing disciplinary body given his track record and thought it was “a bad joke.”

Despite stepping down from the high profile job, Mr Hoggard retains close links with the horse racing industry.

He is a director of Rosslands Stud and a director of Alexandra Park Functions, which is owned by the Auckland Trotting Club.

He retains directorships with Nufarm Finance NZ and EGS Investments.

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