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The Financial Markets Authority has cancelled the licence of an Auckland mortgage advisory firm after an investigation found its director altered important documents.
The FMA launched a probe into Saanvi 2022 Ltd (trading as Saaga Mortgages) after concerns were raised by its aggregator Kiwi Advisor Network, which provides financial advice providers with compliance and technology support.
Saanvi was directed by Gajay Singh, who was its sole adviser.
The regulator found he altered supporting documents for six clients and sent them to mortgage providers. Clients were also unaware of a referral arrangement that included payments to a third party that was actively involved in the advice process.
“The issues uncovered at Saanvi reflect serious failures of trust, governance, and professional standards,” the FMA’s head of response and perimeter team, Helena Lewis, said.
The FMA said Saanvi cooperated with the probe and Singh expressed remorse.
Genesis Energy chief financial officer Julie Amey has resigned after just over a year in the role and will leave on April 10.
No reason was given for her departure.
In a statement to the NZX, Genesis chief executive Malcolm Johns thanked her for her work in advancing the company’s strategic priorities. “We wish Julie well for her future endeavours,” he said.
Amey joined Genesis in November 2024 from SkyCity, where she served as CFO for three years. She previously held senior financial positions at Shell.
Genesis said it had initiated a process to appoint a new CFO.
Recruitment company Accordant has announced a heavily discounted rights issue seeking to raise at least $5 million.
The money will be used for reducing debt.
The pro rata share offer is priced at 15c a share, a 50% discount on Friday’s closing price of 30c. Interests associated with 53% shareholder Simon Hull have committed to subscribe for their pro rata allotment.
A capital raise was foreshadowed at the company’s interim result in November, when chief executive Jason Cherrington said it had been encouraged by shareholder feedback.
Debt last September was $28m. The company has not paid a dividend since November 2023. In a presentation for the share offer, Accordant said the recessionary environment over the last two years, with elevated interest rates, had kept debt above desired levels.
“Improved trading conditions alone will not reduce current debt at a pace AGL feels is appropriate,” it said.