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No charges for Mutual Finance & Viaduct Capital


The Serious Fraud Office (SFO) has closed its investigation into Mutual Finance Limited and related company, Viaduct Capital. 

NBR staff
Mon, 20 Jun 2011

The Serious Fraud Office (SFO) announced today that it has concluded its investigation into Mutual Finance Limited and related company, Viaduct Capital. 

The SFO said the initial investigation has found insufficient evidence of fraud to warrant the use of its full investigative powers under Part 2 of the Serious Fraud Office Act.

SFO Chief Executive, Adam Feeley, said “The allegations against Mutual Finance and its associated companies do not currently identify sufficient evidence of fraud. However, some information discovered has raised concerns which we believe are best considered by the Financial Markets Authority (FMA).”

Mr Feeley said that the SFO would consider reopening the investigation if further evidence came to light, and in the meantime it would give the FMA whatever assistance it could.

Mutual Finance provided property finance, business finance and consumer finance to customers, but collapsed in July 2010 owing approximately 450 investors an estimated $17 million.  Related property financier, Viaduct Capital, was put into receivership in May 2010 owing 110 depositors $7.8 million.

The SFO commenced its investigation into Mutual Finance in December 2010 following information passed on by the company’s receiver, the Ministry of Economic Development and the Securities Commission (now FMA). 

NBR staff
Mon, 20 Jun 2011
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No charges for Mutual Finance & Viaduct Capital
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