Finance company bosses face courts

By on August 8, 2016
Finance company bosses face courts

Executives from the last of the failed finance companies have gone on trial, more than six years after the firms' collapse.

Four executives from Viaduct Capital and Mutual Finance were in the High Court in Auckland today charged with theft in a special relationship and making false statements, which left 550 investors $25 million out of pocket.

Since 2006, 51 finance companies have either gone into liquidation, receivership or frozen payments, losing billions of dollars of investors' money and sparking massive reforms of the industry.

The Financial Markets Authority has brought 10 criminal prosecutions involving 19 finance companies. Nine of the prosecutions resulted in convictions for all directors charged.

Read the full article by Anusha Bradley > Radio New Zealand -

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