Feltex (FTX) - All over for shareholders

[kura]

Saga update ...

"It was the accountants fault" : http://www.nzherald.co.nz/business/n...ectid=10637893 (yesterday)
[/url] (today)

Belg, this is the same John Hagen that was once the president of the NZ Accountants Society ? (Institute of Chartered Accountants of NZ) (ICANZ)

To me it seems a bit rich for the president of such an esteemed society, to say "don't blame me, I just followed what our dumb advisors told us, without applying any independant thought process of my own" ,particularly given his experience is in the area of "Corporate Finance"

Extract from something I found on John Hagen (Though most recent info has his directorship of Feltex deleted, Hmm funny how that can happen )

20 October 2005:

Hagen joins Feltex board

Recently retired Deloitte NZ chairman John Hagen was appointed to the Feltex Carpets Ltd board today.

Mr Hagen spent 24 years at Deloitte, 10 as chairman. He was a partner in the corporate finance area. He’s been president of the Institute of Chartered Accountants and was the inaugural chairman of the Accounting Standards Review Board. Other directorships include Datacom Group Ltd, Trustee Executors Ltd & the Auckland Regional Chambr of Commere & Industry Ltd, and formerly Gough Gough & Hamer Ltd. He’s a fellow of the Institute of Chartered Accountants, the Institute of Directors & the Arbitrators & Mediators Institute.

Mr Hagen fills a vacancy left by Joan Withers, who resigned when she was appointed chief executive of Fairfax NZ Ltd. The Feltex board will seek confirmation of Mr Hagen's appointment at the annual meeting on 1 December.

Please also note that this criminal prosecution has a "mere" maximum fine of $100,000 However a successful criminal prosecution will make it a lot simpler for liquidators/creditors to make a claim against these guys for a far larger civil type claim (ie reckless trading)