Tainted Directors

[Anna Naum]

Pity the NZX does not have the strength of character that one of its committee members has.

http://www.stuff.co.nz/business/3085268/Tainted-directors-not-wanted

[kizame]

And any troubled company where directors failed to keep shareholders informed of the situation,i.e feltex.

Mark Weldon it seems hasn't got the balls,he would rather play around with corporate plays than do his primary job,The Reason For Him Being There,to govern and police the listed companies on the nzx.

[Anna Naum]

Pity the NZX does not have the strength of character that one of its committee members has.

http://www.stuff.co.nz/business/3085268/Tainted-directors-not-wanted

It is a pity that the Shareholders Association is not as passionate about this as it is about other things.

[Dr_Who]

It is good that finally someone have put this issue out in the open instead of protecting the "old boys network".

There should be a website with a list of these guys.

[kizame]

It is good that finally someone have put this issue out in the open instead of protecting the "old boys network".

There should be a website with a list of these guys.

Yeah but who would know to visit it?

[Balance]

As Bruce Sheppard wrote - "The investors are too dumb."

Like ants to poison, they will come back time and again.

[Anna Naum]

I guess the point is that Directors of failed companies can be banned for 5 years, yet you can loose $$$$millions of dollars and walk down the road and do the same thing.

[Balance]

I guess the point is that Directors of failed companies can be banned for 5 years, yet you can loose $$$$millions of dollars and walk down the road and do the same thing.

They become consultants and work behind the scene.

[percy]

i feel a lot can be achieved by this forum.
i have noted the well informed posts,in particular yours on gpg and kmd.
these discussions help us all and i am sure any crooked director will have the
errors of their way quickly brought to our attention by sharetrader posters.

[beacon]

Absolutely support Chris' stance and stand. Directors who hide failures are sophisticated cheats. Honesty and integrity will go a long way towards ensuring faith in our capital market system. It is a pity that we don't jail corrupt decision makers like they do in US...

[Balance]

Absolutely support Chris' stance and stand. Directors who hide failures are sophisticated cheats. Honesty and integrity will go a long way towards ensuring faith in our capital market system. It is a pity that we don't jail corrupt decision makers like they do in US...

And what has jailing corrupt decision makers done in the States? Make the lawyers rich and make the frauds ever more sophisticated.

Madoff = US$65b fraud.

[beacon]

And what has jailing corrupt decision makers done in the States? Make the lawyers rich and make the frauds ever more sophisticated.

Madoff = US$65b fraud.

Not sure of the correlation between the two observations. However, it sets an example to begin with. The deterrent factor has never been quantified, but it stands to reason that prevention will be better ( in this case, cheaper) than cure. The stick is a great inspiration...

[minimoke]

Not sure of the correlation between the two observations. However, it sets an example to begin with. The deterrent factor has never been quantified, but it stands to reason that prevention will be better ( in this case, cheaper) than cure. The stick is a great inspiration...
Or perhaps we could follow Chinas lead. They've executed two people involved in the Sanlu Tainted Milk scandal. 300,000 children fell ill and at least 6 died.

"Geng Jinping was convicted of producing and selling toxic food, after selling more than 900 tonnes of tainted milk.

Cattle farmer, Zhang Yujun was executed "for the crime of endangering public safety by dangerous means" -- he produced more than 770 tonnes of melamine-laced protein powder, of which he sold more than 600 tonnes, between July 2007 and August 2008.



The woman most widely blamed for the tragedy Sanlu's former general manager, Tian Wenhua, received a sentence of life in jail."

[Balance]

Or perhaps we could follow Chinas lead. They've executed two people involved in the Sanlu Tainted Milk scandal. 300,000 children fell ill and at least 6 died.

"Geng Jinping was convicted of producing and selling toxic food, after selling more than 900 tonnes of tainted milk.

Cattle farmer, Zhang Yujun was executed "for the crime of endangering public safety by dangerous means" -- he produced more than 770 tonnes of melamine-laced protein powder, of which he sold more than 600 tonnes, between July 2007 and August 2008.



The woman most widely blamed for the tragedy Sanlu's former general manager, Tian Wenhua, received a sentence of life in jail."

What a great idea.

And NZ should also require their partners (wives mostly) and children to become slaves and servants as well.

And why stop there? There are brothels which the females should be sent to and Pike River Coal where the males can be sent to to work.

[Billy Boy]

Some where there is, or was, a web page that listed all company's
and their directors. By using XL spreedsheet you could find what
directors doubled up etc..
Maybe a good webpage man wanting a bit of exposure could
ressurect this angle and include CEO's
Just a thought !!!
BB:)
Interest.co.nz maybe ???

[beacon]

I am unsure about capital punishment. Naming and shaming is what I seek, so that trust can be protected. I am not for punishment, for punishment's sake. It should serve as a reminder, a deterrant, it should set an example. How far is too far, I don't know. But we must make a start to clean up and expose the filth.

It is the sanctimonius that we must beware of most. Beneath is boiling dirt...

Disclosing failures should be part of good practise, even encouraged, especially for people in positions of trust and power and decision making. Failures are our stepping stones to success, they build our true experience and skill sets. Disclose them when you seek somebody to trust you with their money, life, wealth etc and respect that the other person has a right to informed choice. Some may say this is idealistic, but it is also pragmatic for those who choose to be marathon runners rather than sprinters in career...

[Anna Naum]

Waiting until a capital punishment is handed out takes a long time at the best of times....trying to point to the right person in companies takes forever as most people suffer memory issues when blame is being handed out.

A register of who is involved in what might be a first point.

After all did anyone remember that this was not the first time Witi Ihimaera had been caught for plagiarism?

[minimoke]

A register of who is involved in what might be a first point.


Heres a copy of parts of my register. Sorry about the layout. I don't know how to paste excel in here. Use at your own risk.
Mascot Finance 3/03/2009 Brian Kreft Judith Lane Kenneth Lane David Stock

Orange Finance 18/08/2008 Doug Somers-Edgar

St Kilda Finance (All Purpose Finance) 24/08/2008 John Farry Peter Hutchison Olive Matson Stuart Perry Wendy Stein

Strategic Finance 8/08/2008 Kerry Finnigan Michael Hobbs Graham Jackson Marc Lindale Denis Thom David Wolfendon

Hanover Finance 23/07/2008 Mark Hotchin Eric Watson (Richard Long in the Ads) Greg Muir Tipene O'reagan

Guardian Trust Cash Plus 29/07/2008

AMP Capital NZ Property Fund 1/08/2008

AXA Property 5/08/2008

Dorchester Finance Ltd 25/06/2008 Paul Byrnes Michael Fisher John Gosney Barry Graham

St Laurence Ltd 24/06/2008 Kevin Podmore Sandra Lee
Majority Shareholder: Dorchester Pacific

Dominion Finance Holdings 18/06/2008 Vance Arkinstall Richard Bettle Ann Butler Terrence Butler Rober Whale Paul Forsyth Majority Shareholder: South Canterbury Finance, ACC

IMP Diversified Income Fund 6/06/2008 Christopher Alp Ruth Richardson
Majority Shareholder: ICPL Ltd

Belgrave Finance Ltd 28/05/2008 Shane Buckley Stephen C Smith
Majority Shareholder: Investment Enterprises Ltd

OPI Pacific Finance (previous MFS Pacific Finance) 18/05/2008 Jason Maywald
Majority Shareholder: OPI Pacific Ltd

Fairview NZ (previous name Cymbis NZ) 13/05/2008 Owen Tallentire
Majority Shareholder: Sprinbook Trustees. Direcotr Wayne Douglas, Neal Nicholls)

Kiwi Finance 15/04/2008 Rodney Greenshill Barry Lambert
Majority Shareholder: Kiwi Capital / Tasman Capital - Director David Hopkins)

Lombard Finance and Investments 3/04/2008 Lawrence Bryant Sir Douglas Graham Hon William Jeffries Michael Reeves
Majority Shareholder: Lombard Group
EDIT: Four direcotrs fave civli proceedings 13/4/2010
MFS Boston (Subsidiary of Australina MFS)

Numeria Finance 17/02/2007 Neal Nicholls Owen Tallentire

Capital + Merchant Finance 29/11/2007 Neal Nicholls Colin Ryan Robert Sutherland Owen Tallentire
edit 19/3/10 criminal charges laid and civil proceedings begun (+ Wayne Douglas)

Capital + Merchant Investments 29/11/2007 Neal Nicholls Owen Tallentire

Geneva Finance 16/10/2007 David O'connell Peter Francis

Beneficial Finance 11/10/2007 Kane Oldham Mervyn Oldham Simon Oldham

Clegg and Co Finance 5/09/2007 Brian Clegg (edit 16/12> Got 1 year Home Detention on two charges)

LDC Finance 4/09/2007 Kevin Elliott Christopher Hardiman David Miller

Finance and Investments 5/09/2007

Five Star Consumer Finance 30/08/2007 Anthony Bowden Nicholas Kirk Marcus Macdonald

Property Finance Securites 29/08/2007 Daryll Queen Barnaby Sundstrum
Majority Shareholder: Property Finance Group Ltd

Nathans Finance 21/08/2007 Mervyn Doolan Keneth Moses Donald Young

Bridgecorp 2/07/2007 Bruce Davidson Rodney Petricevic Cornelius Roest Peter Steigrad Gary Urwin

Western Bay Finance 1/08/2006 Donald Johnston James Smylie Kaaren Smylie

Provincial Finance 1/06/2006 John Edilson Phillip Wheeler (colin Meades in the Ads)

National Financial 2000 1/05/2006 Anthoiny Bandbrook Carol Braithwaite Trevor Ludlow

Edit
Feltex Tim Saunders, Sam Magill, John Feeney, Craig Horrocks, Peter Hunter, Peter Thomas and Joan Withers Edit Directors in court 12 Aopril 2010

Blue Chip Mark Bryers Bob Bangerterl.

16/12. Selwyn Cushing for BIL, Air NZ, BNZ, Ansett (?) CableTalk (thanks nevl / percy)

19/3/10 Peter Huljich: Resigned HWM for not telling fellwo direcots of personal top ups

[beacon]

Heres a copy of parts of my register. Sorry about the layout.

Much appreciate your effort minimoke.

[minimoke]

What a great idea.

And NZ should also require their partners (wives mostly) and children to become slaves and servants as well.

Would there be a queue for Nicky Watson?

[Kees]

FELTEX. former directors Tim Saunders, Sam Magill, John Feeney, Craig Horrocks, Peter Hunter, Peter Thomas and Joan Withers,

[macduffy]

Would it be a lot easier to compile a list of Sqeaky Clean directors?

:D

[Dr_Who]

Would it be a lot easier to compile a list of Sqeaky Clean directors?

:D

LOL... I just spat out my beer throu my nose.

Funny how NZ is such a small market, yet we have so many useless top level management that are either incompetent and/or act in their own best interest instead of the shareholders best interest. No wonder NZers will continue to love properties and not equities.

Blame the investors? Dont think so. The whole financial advisor sector and the whole system needs an overhaul badly. How much wealth have the investment bankers and stockbrokers destroy in this financial crisis?

Dont forget Andrew Walker from DPC.

[Balance]

Would there be a queue for Nicky Watson?

Who would want a high maintenance 'thing' like that? End up spending than making - especially on her augments. Even Eric spat the dummy on this one!

[Balance]

Re-posted.

[blackcap]

Heres a copy of parts of my register. Sorry about the layout. I don't know how to paste excel in here. Use at your own risk.
Mascot Finance 3/03/2009 Brian Kreft Judith Lane Kenneth Lane David Stock

Orange Finance 18/08/2008 Doug Somers-Edgar

St Kilda Finance (All Purpose Finance) 24/08/2008 John Farry Peter Hutchison Olive Matson Stuart Perry Wendy Stein

Strategic Finance 8/08/2008 Kerry Finnigan Michael Hobbs Graham Jackson Marc Lindale Denis Thom David Wolfendon

Hanover Finance 23/07/2008 Mark Hotchin Eric Watson (Richard Long in the Ads)

Guardian Trust Cash Plus 29/07/2008

AMP Capital NZ Property Fund 1/08/2008

AXA Property 5/08/2008

Dorchester Finance Ltd 25/06/2008 Paul Byrnes Michael Fisher John Gosney Barry Graham

St Laurence Ltd 24/06/2008 Kevin Podmore Sandra Lee
Majority Shareholder: Dorchester Pacific

Dominion Finance Holdings 18/06/2008 Vance Arkinstall Richard Bettle Ann Butler Terrence Butler Rober Whale Paul Forsyth Majority Shareholder: South Canterbury Finance, ACC

IMP Diversified Income Fund 6/06/2008 Christopher Alp Ruth Richardson
Majority Shareholder: ICPL Ltd

Belgrave Finance Ltd 28/05/2008 Shane Buckley Stephen C Smith
Majority Shareholder: Investment Enterprises Ltd

OPI Pacific Finance (previous MFS Pacific Finance) 18/05/2008 Jason Maywald
Majority Shareholder: OPI Pacific Ltd

Fairview NZ (previous name Cymbis NZ) 13/05/2008 Owen Tallentire
Majority Shareholder: Sprinbook Trustees. Direcotr Wayne Douglas, Neal Nicholls)

Kiwi Finance 15/04/2008 Rodney Greenshill Barry Lambert
Majority Shareholder: Kiwi Capital / Tasman Capital - Director David Hopkins)

Lombard Finance and Investments 3/04/2008 Lawrence Bryant Sir Douglas Graham Hon William Jeffries Michael Reeves
Majority Shareholder: Lombard Group

MFS Boston (Subsidiary of Australina MFS)

Numeria Finance 17/02/2007 Neal Nicholls Owen Tallentire

Capital + Merchant Finance 29/11/2007 Neal Nicholls Colin Ryan Robert Sutherland Owen Tallentire

Capital + Merchant Investments 29/11/2007 Neal Nicholls Owen Tallentire

Geneva Finance 16/10/2007 David O'connell Peter Francis

Beneficial Finance 11/10/2007 Kane Oldham Mervyn Oldham Simon Oldham

Clegg and Co Finance 5/09/2007 Brian Clegg

LDC Finance 4/09/2007 Kevin Elliott Christopher Hardiman David Miller

Finance and Investments 5/09/2007

Five Star Consumer Finance 30/08/2007 Anthony Bowden Nicholas Kirk Marcus Macdonald

Property Finance Securites 29/08/2007 Daryll Queen Barnaby Sundstrum
Majority Shareholder: Property Finance Group Ltd

Nathans Finance 21/08/2007 Mervyn Doolan Keneth Moses Donald Young

Bridgecorp 2/07/2007 Bruce Davidson Rodney Petricevic Cornelius Roest Peter Steigrad Gary Urwin

Western Bay Finance 1/08/2006 Donald Johnston James Smylie Kaaren Smylie

Provincial Finance 1/06/2006 John Edilson Phillip Wheeler (colin Meades in the Ads)

National Financial 2000 1/05/2006 Anthoiny Bandbrook Carol Braithwaite Trevor Ludlow



mimi
What you are doing here is very dangerous. NOt all of these directors will feel that they failed and some will feel they are not to blame. Publically exposing them in such a list may lead to litigation if you cannot prove wrongdoing on their part.

That said, I agree a list or something needs to be compiled by an independant body of the securities comission or such like (something with teeth) to warn investors of potential traps.
Good on you Mimi but do be careful....

[manxman]

Good on you Mimi but do be careful....

Most miscreants appear in Brian Gaynor's column in the Herald, sooner or later.

Compiling a list of those who have received dishonorable mention, together with the date of publication, would appear to be fairly safe. You don't need to say anything else, and the Herald would be first in the firing line if anyone cut up rough.

[Balance]

Heres a copy of parts of my register. Sorry about the layout. I don't know how to paste excel in here. Use at your own risk.
Mascot Finance 3/03/2009 Brian Kreft Judith Lane Kenneth Lane David Stock

Orange Finance 18/08/2008 Doug Somers-Edgar

St Kilda Finance (All Purpose Finance) 24/08/2008 John Farry Peter Hutchison Olive Matson Stuart Perry Wendy Stein

Strategic Finance 8/08/2008 Kerry Finnigan Michael Hobbs Graham Jackson Marc Lindale Denis Thom David Wolfendon

Hanover Finance 23/07/2008 Mark Hotchin Eric Watson (Richard Long in the Ads)

Guardian Trust Cash Plus 29/07/2008

AMP Capital NZ Property Fund 1/08/2008

AXA Property 5/08/2008

Dorchester Finance Ltd 25/06/2008 Paul Byrnes Michael Fisher John Gosney Barry Graham

St Laurence Ltd 24/06/2008 Kevin Podmore Sandra Lee
Majority Shareholder: Dorchester Pacific

Dominion Finance Holdings 18/06/2008 Vance Arkinstall Richard Bettle Ann Butler Terrence Butler Rober Whale Paul Forsyth Majority Shareholder: South Canterbury Finance, ACC

IMP Diversified Income Fund 6/06/2008 Christopher Alp Ruth Richardson
Majority Shareholder: ICPL Ltd

Belgrave Finance Ltd 28/05/2008 Shane Buckley Stephen C Smith
Majority Shareholder: Investment Enterprises Ltd

OPI Pacific Finance (previous MFS Pacific Finance) 18/05/2008 Jason Maywald
Majority Shareholder: OPI Pacific Ltd

Fairview NZ (previous name Cymbis NZ) 13/05/2008 Owen Tallentire
Majority Shareholder: Sprinbook Trustees. Direcotr Wayne Douglas, Neal Nicholls)

Kiwi Finance 15/04/2008 Rodney Greenshill Barry Lambert
Majority Shareholder: Kiwi Capital / Tasman Capital - Director David Hopkins)

Lombard Finance and Investments 3/04/2008 Lawrence Bryant Sir Douglas Graham Hon William Jeffries Michael Reeves
Majority Shareholder: Lombard Group

MFS Boston (Subsidiary of Australina MFS)

Numeria Finance 17/02/2007 Neal Nicholls Owen Tallentire

Capital + Merchant Finance 29/11/2007 Neal Nicholls Colin Ryan Robert Sutherland Owen Tallentire

Capital + Merchant Investments 29/11/2007 Neal Nicholls Owen Tallentire

Geneva Finance 16/10/2007 David O'connell Peter Francis

Beneficial Finance 11/10/2007 Kane Oldham Mervyn Oldham Simon Oldham

Clegg and Co Finance 5/09/2007 Brian Clegg

LDC Finance 4/09/2007 Kevin Elliott Christopher Hardiman David Miller

Finance and Investments 5/09/2007

Five Star Consumer Finance 30/08/2007 Anthony Bowden Nicholas Kirk Marcus Macdonald

Property Finance Securites 29/08/2007 Daryll Queen Barnaby Sundstrum
Majority Shareholder: Property Finance Group Ltd

Nathans Finance 21/08/2007 Mervyn Doolan Keneth Moses Donald Young

Bridgecorp 2/07/2007 Bruce Davidson Rodney Petricevic Cornelius Roest Peter Steigrad Gary Urwin

Western Bay Finance 1/08/2006 Donald Johnston James Smylie Kaaren Smylie

Provincial Finance 1/06/2006 John Edilson Phillip Wheeler (colin Meades in the Ads)

National Financial 2000 1/05/2006 Anthoiny Bandbrook Carol Braithwaite Trevor Ludlow

Hanover should have other directors like Greg Muir, Tipene O-Regan? In my view, they were even worse as they lent their names to the likes of Hanover, collect big fees and did bugger-all to protect investors.

You should also put in the directors of Feltex, MFS, Blue Chip etc?

[Balance]

LOL... I just spat out my beer throu my nose.

Funny how NZ is such a small market, yet we have so many useless top level management that are either incompetent and/or act in their own best interest instead of the shareholders best interest. No wonder NZers will continue to love properties and not equities.

Blame the investors? Dont think so. The whole financial advisor sector and the whole system needs an overhaul badly. How much wealth have the investment bankers and stockbrokers destroy in this financial crisis?

Dont forget Andrew Walker from DPC.

Indeed, NZers love properties and the losses in NZ this time round are just about all related to PROPERTIES!

Notice just about all the companies listed are finance companies? All got into trouble because of property lending, fraudulent activities and/or related party lending.

Property syndicates have also lost hundreds of millions. Ask those who invested into holiday resorts, Queenstown, beach-front properties, Fiji etc.

Where do the investment bankers and stockbrokers come into the equation?

Hope you guys do not have rental properties. Changes to tax rules on the way will see their values drop - like a stone as those who are geared run for the hills.

http://www.stuff.co.nz/business/industries/3098548/Govt-advisory-group-outlines-tax-options

[minimoke]

mimi
What you are doing here is very dangerous. NOt all of these directors will feel that they failed and some will feel they are not to blame. Publically exposing them in such a list may lead to litigation if you cannot prove wrongdoing on their part.

That said, I agree a list or something needs to be compiled by an independant body of the securities comission or such like (something with teeth) to warn investors of potential traps.
Good on you Mimi but do be careful....
Thank you for your concern Blackcap.

Perhaps I should point out that this information is freely available in the public domain. The "date" in my list is the date the individual company's "troubles" were announced. The Directors are those that were directors at the date of the Troubles (though some have escaped my list as they resigned their directorships prior to me making my list), where as these firms have New Directors since the Troubles that I haven't listed. If they are incorrectly listed I'm more than happy to remove - and also more than happy to add anyone who I have missed out.

Individuals can make what they like from the list. They can do their own investigation on how many face civil or criminal proceedings; how many directorships each holds, how many inter-party transactions each firm was involved in etc etc. If they choose to Google a name to see what they can find out then so be it - there is so much in the public domain

This is also not a complete list by any means. I could for example put Equiticorp / Alan Hawkins at the top since, as I recall, he is, perhaps the most high profile NZ Director to have been imprisoned for his corporate shenanigans. Except I owe Alan a vote of thanks since it was he that enabled me to get into property.

We could also have the likes of Keran Unka who got 21 months for PAYE fraud. What about Bill Conway - he doesn't have much respect for the environment. He was the first to be jailed for his type of crime and I missed if he got jailed for his second lot of offences. And we can't even get started on the likes of Kelly Thompson who was done for DIC. Youre' perhaps not likely to invest in thier compnaies but you get a sense of what some Directors are up to.

Of course the Directors of Feltex (Tim Saunders, Sam Magill, John Feeney, Craig Horrocks, Peter Hunter, Peter Thomas and Joan Withers,) should be on the list. They are facing court action by disgruntled investors.

We should probably also have Mark Bryers (he's facing/faced 1,000 fraud charges) and Bob Bangerter (how many times has he been bankrupt?) of Blue Chip fame in there as well.

Blackcap, you're dreaming if you think the Securities Commission will do anything. Of all the dodgy dealings people have had with NZ companies how many have faced prosecution? How many people have been fingered for insider trading; how many have been done for creative prospectuses. Remember when Finance Companies were burning literally by the day, where was the Minister of Commerce - Dalziel was nowhere to be seen. We clearly can't rely on NZX - naming and shaming probably runs contrary to Mark Weldons bonus aspirations.

TA and FA will only take your share trading analysis so far. One of the other things that needs to be looked at is the background of the Directors (have they grasped their governance responsibilities) and senior management with their operational experience. Its a bear pit out there and I think investors are well served by exploring just who has a proven track record of looking after their interests.

[Placebo]

Perhaps they are more concerned with feathering the nest but surely the institute of directors has an interest in ensuring their members are of the highest integrity and the best people for their roles. I recall once a Bruce McKay column in which he lambasted the DHBs because of their poor governance. In the column he noted that the institute of directors only has about 250 members - and DHB boards have nearly as many, most of them lay people.

NZ has quite a few professional directors, and at an individual level their reputations are important to them - that's how they get appointed (that and the Old School Tie network).

It's not always as simple as saying `such-and-such was involved with a failed company, therefore they are a bad director'. But I am not against naming and shaming people who have genuinely done wrong. That's the heart of our justice system.

[Kees]

There is also the matter of independent directors high profile whom put there name forward and collect the booty but as soon as the **** hits the fan are no where to be seem example Tipene Oregan Hanover fame etc.
These people should be on the top of the list as they are there to protect the investor and police any company shanangins.

[minimoke]

It's not always as simple as saying `such-and-such was involved with a failed company, therefore they are a bad director'.
Of course - and I'm not suggesting the people on my list are "bad". They may, afterall have been doing a very good job of protecting shareholder value (which could have been reflected in dividends paid). Thats one of their main responsibilities and thats why its useful to check links between shareholding and directorships.

They may not be bad, as in "rotten" but their judgement should be looked at and in many cases it is probably arguable that their judgement was poor. Was that just a one-off, or is it a question of competence or dedication. Individual investors can make their own call on competence but dedication can be easily measured by the number of Directorships a person holds - the more held, the more likely those skills, IMO, are likely to be dilluted.

[beacon]

Of course - and I'm not suggesting the people on my list are "bad". They may, afterall have been doing a very good job of protecting shareholder value (which could have been reflected in dividends paid). Thats one of their main responsibilities and thats why its useful to check links between shareholding and directorships.

They may not be bad, as in "rotten" but their judgement should be looked at and in many cases it is probably arguable that their judgement was poor. Was that just a one-off, or is it a question of competence or dedication.

Ditto that


Individual investors can make their own call on competence but dedication can be easily measured by the number of Directorships a person holds - the more held, the more likely those skills, IMO, are likely to be dilluted.

Second that as well.

Your earlier post was brilliantly put as well. Good to see aware intelligent investors, who do their homework. Life is still a bitch, and some of these are rotten eggs that do us ...

[minimoke]

And today I think Ill put SCF Alan Hubard.

Its a Directors job to hire and manage the CEO. Loosing a CEO on 2 days notice, with no apparent sucession plan (a CA who is a Director of 43 other companies as an interim CEO??) when your company has gone into negative credit watch, is trying to raise money and is wanting to float in a few months time is something, IMO that should be raising a flag of concern.

[Dr_Who]

The management of DNZ should be included in this list.

[percy]

minimoke keep up your list.
i feel sure if one named comes up in future we can ask why they are listed.
scf alan hubard.
a few years ago i had shares in scales corp a company where hubard was chairman and major shareholder.it was a shocker,with related party
transactions and illegal deals with russians.it would have made your list,
and maybe we would have had an early warning.
i believe scales is now a very well run company.

[paul29]

Angry investors rough up Bridgecorp boss

Poor old Rod Petricevic. The bankrupt former boss of failed finance company Bridgecorp not only faces a raft of legal woes, but he just can't get any respect from his peers.

When Petricevic visited Auckland's Moreton's Bar and Restaurant in s****y St Heliers recently, his presence went down like a dodgy prawn with the locals.

According to a witness, Petricevic wandered in "dressed up to the nines", with his wife and golfing buddies.

He was soon approached by an elderly man, who appeared to be the friend of someone who had lost money when Bridgecorp collapsed, owing investors the small matter of $450m.

"The old guy said 'I don't think you should be down here'," the witness said.

Things only got worse for Petricevic when he entered the al fresco dining area. The witness looked over to see the former financier sprawled in the gutter with another punter on top of him. A bouncer had to step in, he said, while another customer pinned Petricevic against a wall and said: "F--- off, you're not wanted here."

The witness said: "He's arrogant, he kept driving his Porsche up and down Remuera Rd, past all the people who'd lost money, it's ridiculous."

A manager at Moreton's, who gave his name as Dave, confirmed Petricevic was roughed up.

"He's certainly not popular. It was basically a bit of rough treatment from the guys; they told him in no uncertain terms he's not welcome here, that he's really arrogant, [and] has cost people a lot of money. He left pretty quick; it wouldn't have been a very comfortable environment for him."

This has not been a good year for Petricevic, who has been vilified since the collapse of Bridgecorp left thousands of investors badly out of pocket. In March Petricevic's beloved Porsche 911, which he had transferred to a family trust to avoid creditors, was sold at auction for $150,000 after a court ordered it be seized.

He has spent the year in and out of courtrooms, facing charges laid against him and fellow director Robert Roest under the Companies Act and Securities Act, including making false statements, which carries a maximum penalty of $200,000 or five years' jail.

In June he was banned from directing or managing a company in New Zealand for five years, and the Official Assignee is probing the transfer of wealth from his estate to a family trust. Petricevic and Roest and three other directors face a jury trial next year.

Petricevic did not return the Sunday Star-Times' calls




paul29 is a Director of a finance company..

[Dr_Who]

WOW... what a rough neighbourhood. :eek:

Abit of old fashion justice is good for the community. :D

[whatsup]

WOW... what a rough neighbourhood. :eek:

Abit of old fashion justice is good for the community. :D

When does the Anti smacking legislation apply to Rod Petrofied

[troyvdh]

...did anyone else notice that Mr Sheppard was on radio nz early this Am stating that the likes of muir and pryke have no place on boards in nz....I haven t heard that report again....not paranoid...well a wee bit perhaps...

[Neon_Spork]

What a great idea.

And NZ should also require their partners (wives mostly) and children to become slaves and servants as well.

And why stop there? There are brothels which the females should be sent to and Pike River Coal where the males can be sent to to work.

Are you saying that in China wives and children are treated as slaves or worse? I take it you have never been to China. Racist uninfomed generalisations like that serve no good.

[Anna Naum]

Names and photos

http://www.interest.co.nz/images/StrategicDirectors2.jpg

[CJ]

Names and photos

http://www.interest.co.nz/images/StrategicDirectors2.jpgWhen I saw that post by Interest, I thought they would be the ideal place for that info to be stored. They have just expanded into insurance so why not this.

The question has to be why hasn't the shareholders association started a list. Even if they kept it purely factual (on a failed company, been bankrupt) and not subjective (responsible for destroying shareholder wealth). If they wanted to do something like the latter, they could give different colour badges by their name if the shareprice has reduced say 25%, 50%, 75% when compared to the NZX. And maybe medal symbols to those directors where shareprice has increased 25%, 50%, 75% when compared to the NZX.

Then investors could decide if 3 gold medals is worth more than one black badge.

Director of the year could be awarded a crown symbol by their name. Worst director could have a smelling turd symbol by their name. Females could be given a hairdryer badge (just for filling the quota) and Men who get elected jsut because they are in the old boys network given a cigar symbol.

[GTM 3442]

Maybe we also need a thread on good directors.

Who would you throw your money after ?

[CJ]

Maybe we also need a thread on good directors.My suggestion would encompass that. A list of all directors on NZX companies plus other notable large entities should be on the list.

Beside each name would be a a few columns: years experience, # of directorships/ chairmanships, good awards column, bad awards column (using the symbols discussed above), links (to bios, linkedin, etc). maybe even a points system so directors could be ranked.

[Nevl]

I have had a policy of trying to avoid any company that involves Selwyn Cushing. He has being involved in more wealth destruction that anyone else in NZ. BIL, Air NZ, Bank NZ, and I think a couple more. The guy was a menace.

[Nevl]

Maybe we also need a thread on good directors.

Who would you throw your money after ?

Ralph Norris maybe?
Ralph Waters?

Maybe just Ralphs.

[Balance]

I have had a policy of trying to avoid any company that involves Selwyn Cushing. He has being involved in more wealth destruction that anyone else in NZ. BIL, Air NZ, Bank NZ, and I think a couple more. The guy was a menace.

Careful, mate.

You could be risking a lawsuit from him.

[percy]

nev!
he was also chairman at cabletalk.
enough said.

[Dr_Who]

I have had a policy of trying to avoid any company that involves Selwyn Cushing. He has being involved in more wealth destruction that anyone else in NZ. BIL, Air NZ, Bank NZ, and I think a couple more. The guy was a menace.

Great due diligence done on Ansett... *cough*...more tax payers money going to bail out that historical disaster. BTW.. AIRNZ is now a great company run by a team of very good top level managers.

What more can one say about BRY and BNZ! :mad:

[Nevl]

Great due diligence done on Ansett... *cough*...more tax payers money going to bail out that historical disaster. BTW.. AIRNZ is now a great company run by a team of very good top level managers.

What more can one say about BRY and BNZ! :mad:

and hes still around. He is the perfect example of what is wrong with NZ companies!! The guy should have being shot years ago.

[Nevl]

Careful, mate.

You could be risking a lawsuit from him.

I would welcome it actually. I am sure i could prove that all 3 of those companies failed miserably under his leadership.

[Steve]

I would welcome it actually. I am sure i could prove that all 3 of those companies failed miserably under his leadership.

The reality is that the numbers would support Nevl's view.

Out of interest, who can highlight a 'positive' from Selwyn being a director of a listed company? Just to balance the conversation out...

[bambi]

What about some of the VTL guys, there was a lot of shady loans going on there if I recall correctly.

[Anna Naum]

The reality is that the numbers would support Nevl's view.

Out of interest, who can highlight a 'positive' from Selwyn being a director of a listed company? Just to balance the conversation out...

I understand he has done a great job at Rural Equities.

http://www.stuff.co.nz/marlborough-express/business/3116445/Rural-Equities-eyes-listing

[minimoke]

Heres a copy of parts of my register. ......

Clegg and Co Finance 5/09/2007 Brian Clegg

.....

So its Home Detention for Mr Clegg.

From yesterdays news:
The director of a failed finance company, which went into receivership owing investors more than $15 million, was today sentenced to a year's home detention.
Brian Clegg, director of failed finance company Clegg and Co Finance Limited (In Receivership), had earlier pleaded guilty to six charges under the Companies Act and the Securities Act, and appeared in Auckland District Court for sentence.
Clegg was sentenced to home detention on five charges, and convicted and discharged on one charge.
Registrar of Companies Neville Harris said after the sentencing that a number of the charges related to false and misleading statements made in the company's 2005 and 2006 prospectuses and to the company's trustee.
"A separate charge relates to misleading or deceiving the Securities Commission," he said.
The National Enforcement Unit of the Companies Office began its investigation after the matter was referred to it by the Securities Commission.
Clegg and Co Finance Limited went into receivership on October 4, 2007. At the time the total balance owing to investors was more than $15 million.
Mr Harris said anticipated returns to investors were between 55 and 60 cents in the dollar.
The charges Clegg pleaded guilty to were:
* Two charges under section 58 of the Securities Act 1978 for providing false information in the company's 2005 and 2006 prospectuses. The company advised in these prospectuses that it had complied with the requirements of the related party requirements set out in its Trust Deed, when it had not.
* Three charges under section 377 of the Companies Act 1993 for providing false information in relation to the extent of related party lending in reports provided to the trustee, Covenant Trustee Company Ltd.
* One charge under section 59A of the Securities Act 1978 for misleading the Securities Commission about the true financial position of the company. He was convicted and discharged on this count.

[Balance]

So its Home Detention for Mr Clegg.

From yesterdays news:
The director of a failed finance company, which went into receivership owing investors more than $15 million, was today sentenced to a year's home detention.
Brian Clegg, director of failed finance company Clegg and Co Finance Limited (In Receivership), had earlier pleaded guilty to six charges under the Companies Act and the Securities Act, and appeared in Auckland District Court for sentence.
Clegg was sentenced to home detention on five charges, and convicted and discharged on one charge.
Registrar of Companies Neville Harris said after the sentencing that a number of the charges related to false and misleading statements made in the company's 2005 and 2006 prospectuses and to the company's trustee.
"A separate charge relates to misleading or deceiving the Securities Commission," he said.
The National Enforcement Unit of the Companies Office began its investigation after the matter was referred to it by the Securities Commission.
Clegg and Co Finance Limited went into receivership on October 4, 2007. At the time the total balance owing to investors was more than $15 million.
Mr Harris said anticipated returns to investors were between 55 and 60 cents in the dollar.
The charges Clegg pleaded guilty to were:
* Two charges under section 58 of the Securities Act 1978 for providing false information in the company's 2005 and 2006 prospectuses. The company advised in these prospectuses that it had complied with the requirements of the related party requirements set out in its Trust Deed, when it had not.
* Three charges under section 377 of the Companies Act 1993 for providing false information in relation to the extent of related party lending in reports provided to the trustee, Covenant Trustee Company Ltd.
* One charge under section 59A of the Securities Act 1978 for misleading the Securities Commission about the true financial position of the company. He was convicted and discharged on this count.

For living the high life with other people's money and ruining a number of lives, 1 year's home detention.

If you were a Pacific Islander or Maori and you snatch $10,000 from an old lady, you go tp jail for 5 years.

That's NZ JUSTICE. Hooray!

[whatsup]

So its Home Detention for Mr Clegg.

From yesterdays news:
The director of a failed finance company, which went into receivership owing investors more than $15 million, was today sentenced to a year's home detention.
Brian Clegg, director of failed finance company Clegg and Co Finance Limited (In Receivership), had earlier pleaded guilty to six charges under the Companies Act and the Securities Act, and appeared in Auckland District Court for sentence.
Clegg was sentenced to home detention on five charges, and convicted and discharged on one charge.
Registrar of Companies Neville Harris said after the sentencing that a number of the charges related to false and misleading statements made in the company's 2005 and 2006 prospectuses and to the company's trustee.
"A separate charge relates to misleading or deceiving the Securities Commission," he said.
The National Enforcement Unit of the Companies Office began its investigation after the matter was referred to it by the Securities Commission.
Clegg and Co Finance Limited went into receivership on October 4, 2007. At the time the total balance owing to investors was more than $15 million.
Mr Harris said anticipated returns to investors were between 55 and 60 cents in the dollar.
The charges Clegg pleaded guilty to were:
* Two charges under section 58 of the Securities Act 1978 for providing false information in the company's 2005 and 2006 prospectuses. The company advised in these prospectuses that it had complied with the requirements of the related party requirements set out in its Trust Deed, when it had not.
* Three charges under section 377 of the Companies Act 1993 for providing false information in relation to the extent of related party lending in reports provided to the trustee, Covenant Trustee Company Ltd.
* One charge under section 59A of the Securities Act 1978 for misleading the Securities Commission about the true financial position of the company. He was convicted and discharged on this count.

It just goes to show that IMHO the sentenceing judges in N Z DO NOY have a real handle on the harm that has been caused by these w@@kers, the finance industry is really a failed wealth transfer industry, how else would the likes of Eric been able to access cheap money to fund the purchase the likes Power shops in the U K that failed miserably under his owner ship.
Related party loans in the N Z finance industry should be out lawed.

[GTM 3442]

The reality is that the numbers would support Nevl's view.

Out of interest, who can highlight a 'positive' from Selwyn being a director of a listed company? Just to balance the conversation out...


I seem to recall making money out of Williams & Kettle.

Rural Equities and Rural Property Trust (now happily married, I think) seem to have done well in increasing asset values, not sure about either the price history or dividends.

[percy]

where cushing family wealth has been involed his record is excellent.
only follow him if large amount of family flesh is on the line,then make sure you donot stand between him and a $

[Nevl]

where cushing family wealth has been involed his record is excellent.
only follow him if large amount of family flesh is on the line,then make sure you donot stand between him and a $

So as long as he sticks to farming then hes ok? It seems that hos problem was stepping out of farming into stuff he had no chance of understanding and then causing all sorts of stuff ups. A quick look at the companies he has run just AIrNZ and BNZ needed over $1.5bill in bail out funds!!! Not counting all the losses on his other companies!! He still owes NZ a huge amount!!

[Anna Naum]

So as long as he sticks to farming then hes ok? It seems that hos problem was stepping out of farming into stuff he had no chance of understanding and then causing all sorts of stuff ups. A quick look at the companies he has run just AIrNZ and BNZ needed over $1.5bill in bail out funds!!! Not counting all the losses on his other companies!! He still owes NZ a huge amount!!

It would appear he has done very well with his own money!

[Awamoa]

It would appear he has done very well with his own money!

Skellerup?

[Dr_Who]

Heres a copy of parts of my register. Sorry about the layout. I don't know how to paste excel in here. Use at your own risk.
Mascot Finance 3/03/2009 Brian Kreft Judith Lane Kenneth Lane David Stock

Orange Finance 18/08/2008 Doug Somers-Edgar

St Kilda Finance (All Purpose Finance) 24/08/2008 John Farry Peter Hutchison Olive Matson Stuart Perry Wendy Stein

Strategic Finance 8/08/2008 Kerry Finnigan Michael Hobbs Graham Jackson Marc Lindale Denis Thom David Wolfendon

Hanover Finance 23/07/2008 Mark Hotchin Eric Watson (Richard Long in the Ads) Greg Muir Tipene O'reagan

Guardian Trust Cash Plus 29/07/2008

AMP Capital NZ Property Fund 1/08/2008

AXA Property 5/08/2008

Dorchester Finance Ltd 25/06/2008 Paul Byrnes Michael Fisher John Gosney Barry Graham

St Laurence Ltd 24/06/2008 Kevin Podmore Sandra Lee
Majority Shareholder: Dorchester Pacific

Dominion Finance Holdings 18/06/2008 Vance Arkinstall Richard Bettle Ann Butler Terrence Butler Rober Whale Paul Forsyth Majority Shareholder: South Canterbury Finance, ACC

IMP Diversified Income Fund 6/06/2008 Christopher Alp Ruth Richardson
Majority Shareholder: ICPL Ltd

Belgrave Finance Ltd 28/05/2008 Shane Buckley Stephen C Smith
Majority Shareholder: Investment Enterprises Ltd

OPI Pacific Finance (previous MFS Pacific Finance) 18/05/2008 Jason Maywald
Majority Shareholder: OPI Pacific Ltd

Fairview NZ (previous name Cymbis NZ) 13/05/2008 Owen Tallentire
Majority Shareholder: Sprinbook Trustees. Direcotr Wayne Douglas, Neal Nicholls)

Kiwi Finance 15/04/2008 Rodney Greenshill Barry Lambert
Majority Shareholder: Kiwi Capital / Tasman Capital - Director David Hopkins)

Lombard Finance and Investments 3/04/2008 Lawrence Bryant Sir Douglas Graham Hon William Jeffries Michael Reeves
Majority Shareholder: Lombard Group

MFS Boston (Subsidiary of Australina MFS)

Numeria Finance 17/02/2007 Neal Nicholls Owen Tallentire

Capital + Merchant Finance 29/11/2007 Neal Nicholls Colin Ryan Robert Sutherland Owen Tallentire

Capital + Merchant Investments 29/11/2007 Neal Nicholls Owen Tallentire

Geneva Finance 16/10/2007 David O'connell Peter Francis

Beneficial Finance 11/10/2007 Kane Oldham Mervyn Oldham Simon Oldham

Clegg and Co Finance 5/09/2007 Brian Clegg (edit 16/12> Got 1 year Home Detention on two charges)

LDC Finance 4/09/2007 Kevin Elliott Christopher Hardiman David Miller

Finance and Investments 5/09/2007

Five Star Consumer Finance 30/08/2007 Anthony Bowden Nicholas Kirk Marcus Macdonald

Property Finance Securites 29/08/2007 Daryll Queen Barnaby Sundstrum
Majority Shareholder: Property Finance Group Ltd

Nathans Finance 21/08/2007 Mervyn Doolan Keneth Moses Donald Young

Bridgecorp 2/07/2007 Bruce Davidson Rodney Petricevic Cornelius Roest Peter Steigrad Gary Urwin

Western Bay Finance 1/08/2006 Donald Johnston James Smylie Kaaren Smylie

Provincial Finance 1/06/2006 John Edilson Phillip Wheeler (colin Meades in the Ads)

National Financial 2000 1/05/2006 Anthoiny Bandbrook Carol Braithwaite Trevor Ludlow

Edit
Feltex Tim Saunders, Sam Magill, John Feeney, Craig Horrocks, Peter Hunter, Peter Thomas and Joan Withers

Blue Chip Mark Bryers Bob Bangerterl.

16/12. Selwyn Cushing for BIL, Air NZ, BNZ, Ansett (?) CableTalk (thanks nevl / percy)

Capital + Merchant collapses, $167m owed

Grant Thornton says debenture holders can expect only 2 cents in the dollar and that is before interest owed on the Fortress debt and the receivers' fees have been paid.

http://www.stuff.co.nz/business/3175383/Capital-Merchant-collapses-167m-owed

[minimoke]

Capital + Merchant collapses, $167m owed

Grant Thornton says debenture holders can expect only 2 cents in the dollar and that is before interest owed on the Fortress debt and the receivers' fees have been paid.

http://www.stuff.co.nz/business/3175383/Capital-Merchant-collapses-167m-owedAh, yes - the ones with $90m in related-party loans and $80m of that undisclosed.

[percy]

independant 17th dec 2007.
The Dead Hand Director award.
the 2009 award goes in chalkie,s opinion to ruth richardson.
as chair of the IMP diversified income fund she headed one of the many financial type of syft she presided over a board companies that had to tell investors in moratorium that they wouldn,t be getting all their money back as previously promised.
as chairwoman of syft she presided over a board where you have to question if self-interest fractions effectively handicapped the chances of a successful refinancing of the business in late 2008,
as a synlait director she has seen the IPO pulled.the board must take some blame for the issue,s unrealistic pricing.

[minimoke]

Heres a copy of parts of my register. Sorry about the layout. I don't know how to paste excel in here. Use at your own risk.
Mascot Finance 3/03/2009 Brian Kreft Judith Lane Kenneth Lane David Stock

Orange Finance 18/08/2008 Doug Somers-Edgar

St Kilda Finance (All Purpose Finance) 24/08/2008 John Farry Peter Hutchison Olive Matson Stuart Perry Wendy Stein

Strategic Finance 8/08/2008 Kerry Finnigan Michael Hobbs Graham Jackson Marc Lindale Denis Thom David Wolfendon

Hanover Finance 23/07/2008 Mark Hotchin Eric Watson (Richard Long in the Ads) Greg Muir Tipene O'reagan

Guardian Trust Cash Plus 29/07/2008

AMP Capital NZ Property Fund 1/08/2008

AXA Property 5/08/2008

Dorchester Finance Ltd 25/06/2008 Paul Byrnes Michael Fisher John Gosney Barry Graham

St Laurence Ltd 24/06/2008 Kevin Podmore Sandra Lee
Majority Shareholder: Dorchester Pacific

Dominion Finance Holdings 18/06/2008 Vance Arkinstall Richard Bettle Ann Butler Terrence Butler Rober Whale Paul Forsyth Majority Shareholder: South Canterbury Finance, ACC

IMP Diversified Income Fund 6/06/2008 Christopher Alp Ruth Richardson
Majority Shareholder: ICPL Ltd

Belgrave Finance Ltd 28/05/2008 Shane Buckley Stephen C Smith
Majority Shareholder: Investment Enterprises Ltd

OPI Pacific Finance (previous MFS Pacific Finance) 18/05/2008 Jason Maywald
Majority Shareholder: OPI Pacific Ltd

Fairview NZ (previous name Cymbis NZ) 13/05/2008 Owen Tallentire
Majority Shareholder: Sprinbook Trustees. Direcotr Wayne Douglas, Neal Nicholls)

Kiwi Finance 15/04/2008 Rodney Greenshill Barry Lambert
Majority Shareholder: Kiwi Capital / Tasman Capital - Director David Hopkins)

Lombard Finance and Investments 3/04/2008 Lawrence Bryant Sir Douglas Graham Hon William Jeffries Michael Reeves
Majority Shareholder: Lombard Group

MFS Boston (Subsidiary of Australina MFS)

Numeria Finance 17/02/2007 Neal Nicholls Owen Tallentire

Capital + Merchant Finance 29/11/2007 Neal Nicholls Colin Ryan Robert Sutherland Owen Tallentire

Capital + Merchant Investments 29/11/2007 Neal Nicholls Owen Tallentire

Geneva Finance 16/10/2007 David O'connell Peter Francis

Beneficial Finance 11/10/2007 Kane Oldham Mervyn Oldham Simon Oldham

Clegg and Co Finance 5/09/2007 Brian Clegg (edit 16/12> Got 1 year Home Detention on two charges)

LDC Finance 4/09/2007 Kevin Elliott Christopher Hardiman David Miller

Finance and Investments 5/09/2007

Five Star Consumer Finance 30/08/2007 Anthony Bowden Nicholas Kirk Marcus Macdonald

Property Finance Securites 29/08/2007 Daryll Queen Barnaby Sundstrum
Majority Shareholder: Property Finance Group Ltd

Nathans Finance 21/08/2007 Mervyn Doolan Keneth Moses Donald Young

Bridgecorp 2/07/2007 Bruce Davidson Rodney Petricevic Cornelius Roest Peter Steigrad Gary Urwin

Western Bay Finance 1/08/2006 Donald Johnston James Smylie Kaaren Smylie

Provincial Finance 1/06/2006 John Edilson Phillip Wheeler (colin Meades in the Ads)

National Financial 2000 1/05/2006 Anthoiny Bandbrook Carol Braithwaite Trevor Ludlow

Edit
Feltex Tim Saunders, Sam Magill, John Feeney, Craig Horrocks, Peter Hunter, Peter Thomas and Joan Withers

Blue Chip Mark Bryers Bob Bangerterl.

16/12. Selwyn Cushing for BIL, Air NZ, BNZ, Ansett (?) CableTalk (thanks nevl / percy)

So, in todays news:
The Securities Commission has laid criminal charges and issued civil proceedings against Capital + Merchant Finance directors Neal Nicholls, Owen Tallentire, Colin Ryan and Robert Sutherland.



Criminal charges have also been laid against Wayne Douglas, who resigned as a director in February 2007.
These proceedings follow extensive investigations by the Commission since Capital + Merchant Finance went into receivership on 23 November 2007 owing approximately $167 million to some 7,000 investors. According to the receivers it is likely that none of this will be recovered."

[Voltaire]

Pity the NZX does not have the strength of character that one of its committee members has.

http://www.stuff.co.nz/business/3085268/Tainted-directors-not-wanted

I just reread this article and had cause to reflect on the striking number of former National Party cabinet ministers who have been, or still are, directors of failed or failing companies. It seems that the oft repeated dogma about government's inability to run businesses is something of a red-herring; the real problem, and one that ought to cause all involved acute embarrassment, seems to be the lack of business competence of those who make their way to the top of the National Party.

[minimoke]

And in todays news;
" A former National Cabinet minister is to be charged for misleading investors during his directorship of failed finance company Lombard Finance.
The Securities Commission announced today that it would launch civil proceedings against four Lombard directors, Sir Douglas Graham, Michael Reeves, William Jeffries and Lawrence Bryant.
Mr Graham was Minister of Justice and Attorney-General for a National Party-led Government during the 1990s."

[J R Ewing]

And in todays news;
" A former National Cabinet minister is to be charged for misleading investors during his directorship of failed finance company Lombard Finance.
The Securities Commission announced today that it would launch civil proceedings against four Lombard directors, Sir Douglas Graham, Michael Reeves, William Jeffries and Lawrence Bryant.
Mr Graham was Minister of Justice and Attorney-General for a National Party-led Government during the 1990s."

Perhaps one should also note that another director (Bill Jeffries) was a former Labour Cabinet Minister...

[minimoke]

Perhaps one should also note that another director (Bill Jeffries) was a former Labour Cabinet Minister...
Perhasp yes - but charges against him (and another National Minister Hugh Templeton) were dropped

[sharer]

Perhasp yes - but charges against him [Bill Jeffries] (and another National Minister Hugh Templeton) were dropped

That's right, but that was a quite different matter, years ago. This new charge by the Commission sounds more serious.

(Disc: several years ago, on advice from self-described expert financial & investment advisers, which our Trust lawyers had told us we basically had to follow to avoid being personally responsible if things went wrong, our board of a charitable trust fund put some money into Lombard & several other "non-bank deposit takers". Fortunately i read very carefully the small print footnotes in the Prospectus, giving their side of the detailed story about that matter, & though Lombard emphasised nobody lost any money, & it seemed to be just a paperwork oversight picked up by the Registrar etc, i was worried that their application to some court to have it all struck out had failed (especially with such well-connected lawyers involved) & couldn't help feeling the Court had found reasons for doubts that were not apparent from the Prospectus itself. Eventually i was able to persuade our trust board to withdraw their investments in Lombard & several other similar funds, & to record in our minutes that we felt unable to follow the Advisers "advice" without further independent confirmation. This was my only significant "win" as a trustee, but it did save our Fund a lot of money, as things started going wrong for all those non-bank borrowers during the next few years.
I think the true role & actual effect of selfserving & incompetent so-called Professional Financial Advisers in actively misleading intelligent and cautious investors and unpaid non-professional trustees, who feel they may be legally obliged to follow advice given by such people (for a fee), has still not been adequately recognised. Avoid them all, i say! )

[belgarion]

http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=10638198&pnum=0

Very scary to see what ex-govt ministers got up to in Iceland ... seems they have a penchant for stretching/hiding the truth which I guess is why they were successfully elected..

[minimoke]

Tiime to put Nuplex on the Thread. Commerce Commsion now suing The directors involved are David Jackson (non-executive director, Auckland AND Securities Commision Member), John Hirst (managing director, Sydney), Robert Aitken (chairman and non-executive director, Sydney), Barbara Gibson (non-executive director, Melbourne), Bryan Kensington (former non-executive director, Auckland) and Michael Wynter (non-executive director, Sydney).

[J R Ewing]

Perhasp yes - but charges against him (and another National Minister Hugh Templeton) were dropped

Is that correct? Your earlier post refer's to civil proceedings against four directors including Sir Douglas Graham AND William Jeffries??

[macduffy]

Tiime to put Nuplex on the Thread. Commerce Commsion now suing The directors involved are David Jackson (non-executive director, Auckland AND Securities Commision Member), John Hirst (managing director, Sydney), Robert Aitken (chairman and non-executive director, Sydney), Barbara Gibson (non-executive director, Melbourne), Bryan Kensington (former non-executive director, Auckland) and Michael Wynter (non-executive director, Sydney).

Careful now!

We don't want to end up with a situation where it's easier to keep a list of "squeaky clean" directors instead!

Besides, we're still only talking "charges" here, not convictions - and it's the Securities Commission laying charges, not the Commerce Commission.

[minimoke]

Careful now!

We don't want to end up with a situation where it's easier to keep a list of "squeaky clean" directors instead!

Besides, we're still only talking "charges" here, not convictions - and it's the Securities Commission laying charges, not the Commerce Commission.
"Sqeaky clean" directors. Now there's an idea to save bandwith on a shartrade forum. And yes they are "charges" - but if there is enough evidence to get to this stage the public should know - the courts can make the final decision.

[minimoke]

Is that correct? Your earlier post refer's to civil proceedings against four directors including Sir Douglas Graham AND William Jeffries??
Yes - its a bit hard to keep up with them all. Back in 2003 charges were brought against Jeffries and Templeton (along with Alan Beddie as executive and Michael Reeves as CEo) and they were both civil and criminal charges relating to misleading investors in a new plymouth retirement home offer. There were also charges in relation to a golf retirement village. Apparently the value of the Villages was inflated - but it dragged on for a while (including going to the high court) until 2006 when charges were dropped.

And if you want to follow a trail in 2006 - then check out how lombard goes to SCF in a bid to rescue Provincial Finance.

Fast forward a year to 2007 and what do we have: Remember: Templeton left Lombard; Hanover got a new CEO; Allied Farmers wer reviweing their notes issue; Bridgecorp got problem loans off their balance sheet; SCF is nominated Outstanding Compnay of the Year

[minimoke]

And in todays news;
The Securities Commission announced today that it would launch civil proceedings against four Lombard directors, Sir Douglas Graham, Michael Reeves, William Jeffries and Lawrence Bryant.
Mr Graham was Minister of Justice and Attorney-General for a National Party-led Government during the 1990s."
And today they are now facing criminal charges

[belgarion]

Shame it takes an ebbing tide to expose the shenigans. Is the rule that you are allowed to break the law just so long as nobody looses any money?

[J R Ewing]

Shame it takes an ebbing tide to expose the shenigans. Is the rule that you are allowed to break the law just so long as nobody looses any money?

I guess so. Any Ponzi scheme worth it's salt should be able look respectable while the $$'s are still rolling in and everyone is making money!