Four directors of failed finance company Nathans Finance will face trial next year after pleading not guilty to a raft of criminal charges brought by the Securities Commission.John Hotchin, Mervyn Doolan, Roger Moses and Donald Young appeared at the Auckl
Four directors of failed finance company Nathans Finance will face trial next year after pleading not guilty to a raft of criminal charges brought by the Securities Commission.
John Hotchin, Mervyn Doolan, Roger Moses and Donald Young appeared at the Auckland High Court today on a criminal callover.
Their trial begins on March 14 next year.
The charges relate to the collapse of the company, which went into receivership in 2007 owing investors $174 million.
The Securities Commission alleges that Nathans Finance misled investors by failing to disclose its level of bad debt and the extent of its lending to related parties, in particular its parent company VTL, which reported a $133 million loss soon after Nathans failed.
Regardless of the outcome from the court action Nathans Finance investors are unlikely to get much of their money back. Receivers PricewaterhouseCoopers have estimated total returns are unlikely to be more than 10%.
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