The Serious Fraud Office has launched an investigation into related party transactions undertaken by Dominion Finance Group and North South Finance before their collapse in 2008.Chief executive Adam Feeley said the matter had been the subject of an
The Serious Fraud Office has launched an investigation into related party transactions undertaken by Dominion Finance Group and North South Finance before their collapse in 2008.
Chief executive Adam Feeley said the matter had been the subject of an extensive preliminary inquiry prior to commencing a formal investigation.
“We have concluded a number of cases which now enable us to address issues identified in the preliminary inquiry. The investigation will focus on a small number of related party transactions which will ensure we complete the investigation in a timely manner.”
The SFO would co-ordinate its efforts with the registrar of companies and the Securities Commission.
In July this year the Securities Commission laid criminal charges and issued civil proceedings under the Securities Act against former Dominion Finance Groupand North South Finance directors.
