Five directors of failed finance firm Capital and Merchant who are accused of making false statements were today remanded without having to be appear in court.Directors Neal Nicholls, Owen Tallentire, Colin Ryan and Robert Sutherland, together with Wayne
Five directors of failed finance firm Capital and Merchant who are accused of making false statements were today remanded without having to be appear in court.
Directors Neal Nicholls, Owen Tallentire, Colin Ryan and Robert Sutherland, together with Wayne Douglas, who was registered as a director in February 2007, were due to make their first appearance in Auckland District Court.
They were granted a registrar's remand to appear on May 4.
They face Securities Act charges and civil proceedings.
The Securities Commission alleges they made untrue statements in a registered prospectus and investment statements relating to party lending and loan management.
Most of the criminal charges the directors carry a maximum penalty of five years imprisonment or fines of up to $300,000.
Capital and Merchant went into receivership in November 2007 owing around $167m to 7000 investors.
