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Watercare yet to consult on price hikes
Brent Melville
Wed, 03 Jun 2026
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Wed 03 Jun 2026 04:41:06pm
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Another KPMG Australia executive quits over whistleblower scandal
The whistleblower scandal at KPMG Australia has claimed another senior executive, with chief operating officer Eileen Hoggett announcing her departure today.
Hoggett’s resignation follows those of chief executive Andrew Yates and audit head Julian McPherson, who departed the firm last week.
The executives took responsibility for the KPMG Australia's response to the treatment of allegations from whistleblowers who claimed the firm had misused client data in pitching for audit work.
The firm’s chief financial officer John Sams will take on Hoggett’s chief operating officer role.
Hoggett will return to a full-time audit role while investigations are ongoing and remains the audit signing partner for Dexus – one of the companies whose lucrative audit tender was claimed to be won on the back of misuse of confidential client data from developer Lendlease.
FMA files 61 mortgage fraud charges against six people
The Financial Markets Authority has taken legal action on an alleged mortgage fraud. It has filed 61 charges at the Manukau District Court against six individuals under the Crimes Act 1961, the Secret Commissions Act 1910 and the Financial Markets Authority Act 2011. FMA response and enforcement executive director Louise Unger said the alleged mortgage fraud undermined trust and confidence in New Zealand’s lending system and financial institutions. "Mortgage fraud is one of our key regulatory priorities. The FMA is taking this action to both hold those responsible to account and to deter others from engaging in similar conduct.”
No further details were given on the case or the people involved. The FMA said it could not comment further at this stage as the matter was before the courts and there were suppression orders in place.
KMD director almost doubles shareholding
KMD director Abby Foote has spent close to $50,000 raising her stake in the listed outdoor retailer. In a disclosure to the NZX, Foote said she had acquired 700,000 new shares through two on-market purchases, almost doubling her existing shareholding. Before the purchases, Foote held just over 771,000 shares. In April, she spent close to $28,000 on more than 466,000 shares during KMD's capital raise. Foote, who was elected to KMD's board in late 2021 as a non-executive director, has been gradually increasing her shareholding. KMD's last annual report, published in September, declared that at the end of July 2025, Foote held 230,000 shares, up from 130,000 shares the year prior. Foote is also on the board of Freightways and was previously a director of Sanford and chair of Christchurch City Holdings.
Pacific Edge completes oversubscribed capital raise
Dual-listed cancer diagnostics company Pacific Edge has completed a $36.1m capital raise, $12.1m more than it originally sought after accepting oversubscriptions.
While it was in the throes of the capital raise, the company received the news that it had finally achieved a pathway to gaining reimbursement of its Cxbladder test for patients under federal health insurer Medicare through a new Local Coverage Determination.
Pacific Edge raised $25.4m in an oversubscribed placement last month at 17 cents a share and the board on Wednesday confirmed it had accepted $4.7m of oversubscriptions for its $6m retail offer at the same price. Most applicants under the retail offer will get an allocation that allows them to at least maintain their relative pre-capital raising shareholding.
The raise was necessary because the company was running out of money after losing Medicare coverage last year. Chairman Simon Flood said the company is now in a strong strategic position.
Watercare confirms 20% jump in growth charges, water up 7.2%
Watercare will hike its 'infrastructure growth charges' for developers by a fifth, with a general increase in water and wastewater pricing to Aucklanders of 7.2% from July 1. That will see the price for 1000 litres of water increase to $2.46, while the water utilty would charge $4.28 to contend with the same volume of wastewater. Watercare said the increases were necessary to help fund planned spending of $13.8 billion in the city's water infrastructure. Chief financial officer Angela Neeson said the jump in IGC charges represented the "minimum" required under the company's regulatory settings. IGCs are one-off fees paid by developers to connect their buildings to the water and wastewater network. While the developer charges vary across the region, the price represents an increase of about $4250 per home in metro Auckland - to just under $30,000.
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Wed 03 Jun 2026 04:31:09pm
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