Tainted Directors

[peat]

Jenny Shipley was on the board of Richina Pacific when it effectively disenfranchised minority shareholders by delisting in New Zealand. The register was moved to Bermuda.

With regard to Insurance, why should the directors be protected if they were found to have traded "recklessly" ?
I believe that this was one of the terms used by the judge.

If I was in the insurance company's boots I would NOT be protecting them. Trading recklessly clearly falls outside the gambit of "reasonable" behaviour.

I didnt know Shipley was on Richina's board, thanks for sharing.

It would be a tough call by insurers to contest any claim, though I clearly see your point and it sounds reasonable.
But there simply wouldn't be any point in having insurance if it didn't cover situations like this, where it would be unreasonable to think there was intentional illegal action, or at least it could be argued so.
So it could be an interesting case if it went to Court. "You were reckless", "But I didnt mean to be"

[percy]

I didnt know Shipley was on Richina's board, thanks for sharing.

It would be a tough call by insurers to contest any claim, though I clearly see your point and it sounds reasonable.
But there simply wouldn't be any point in having insurance if it didn't cover situations like this, where it would be unreasonable to think there was intentional illegal action, or at least it could be argued so.
So it could be an interesting case if it went to Court. "You were reckless", "But I didnt mean to be"

Ignorance a defense?

[peat]

Ignorance a defense?

maybe!
lack of intent. i think they'd give it a go if insurers declined.

[minimoke]

I didnt know Shipley was on Richina's board, thanks for sharing.

It would be a tough call by insurers to contest any claim, though I clearly see your point and it sounds reasonable.
But there simply wouldn't be any point in having insurance if it didn't cover situations like this, where it would be unreasonable to think there was intentional illegal action, or at least it could be argued so.
So it could be an interesting case if it went to Court. "You were reckless", "But I didnt mean to be"

Insurers aren't going to just hand over $36m (or thereabouts) if they don't have to. They will have the fine print under a magnifying glass.

[NeverQuestion]

Jenny Shipley was on the board of Richina Pacific when it effectively disenfranchised minority shareholders by delisting in New Zealand. The register was moved to Bermuda.

As a shareholder, how do you extract your money from Bermuda ?
What were Shipley (and the NZ Stock Exchange) thinking when they approved such a move ?
She is not unintelligent so draw your own conclusions ...

As for Richard Yan, whom I have reported before was sponsored out of China by Rotary as a boy, given accommodation and support by well-meaning NZ families, and assisted all the way through his education years including at Harvard in the United States.
I will also leave you to draw your own conclusions from his story.

With regard to Insurance, why should the directors be protected if they were found to have traded "recklessly" ?
I believe that this was one of the terms used by the judge.

If I was in the insurance company's boots I would NOT be protecting them. Trading recklessly clearly falls outside the gambit of "reasonable" behaviour.

Got to love the extend of corruption with Jenny Shipley. It is clear she has her own interests at heart in everything she does. Must be rolling in it after ripping off so many people over the years. I'm sure it won't be felt. Just pay up! Your reputation is taking a hit the more you fight it.

Need to move onto your next con job. Why risk it in this?

[peat]

Insurers aren't going to just hand over $36m (or thereabouts) if they don't have to. They will have the fine print under a magnifying glass.

https://www.nzherald.co.nz/business/...ectid=12208254

"She will personally escape the fine, which her insurance will apparently pay."

But wait theres more

The herald is quoting the Dominion editorial as saying "The Chinese government was clearly using a former New Zealand Prime Minister as a propaganda mouthpiece."

[Lola]

Unfortunately very true percy.
Pays to stay away from businesses with those people as directors IMO.

Wonder how long JK will stick around with AIR now the wind has changed.?
Freebies to Hawaii must be considered a fringy too.

[Balance]

https://www.stuff.co.nz/business/117...nsider-trading

Clearly one individual/director who seemingly never learnt his lesson when he was 'pinged' decades ago in the US for his trades in McCollum Printers.

Warning from an article by Nikki Mandow of Unlimited magazine 19 years ago still resonates - "Past actions indicate Watson's modus operandi is to leverage the deals for Watson first, Watson second and Watson third".

And yet there are those like Owen Glenn who chose to ignore the warnings!

Oh well, his journey of misdeeds are now at an end with his back against a very hard and high wall :

"Bruce Sheppard, who was sued by Watson and his former Hanover Finance associate Mark Hotchin for defamation, said: "Between Owen Glenn, the Inland Revenue, and the FBI and the Securities and Exchange Commission in the US, he certainly has got his hands full.

"I'm not sure Eric has ever had his back to the wall in a pure sense of the word, so who knows how he would behave when he has his back to the wall.

"It could get really ugly. Inland Revenue is probably not a death star event, but Owen Glenn is probably a death star event."

[Balance]

https://www.nzherald.co.nz/business/...ectid=12296162

"Nine other Eric Watson-linked companies have been moved into liquidation following the collapse of Cullen Group."

Guess it will be a blue Christmas for Mr Watson - plus many many more years of being in court for this shyster.

Karma.

[CD_CHCH]

Smiths City Directors:

Alastair Gibson Kerr - Chair
Tony Donald Allison
Benjamin John Powles
Antony David Karp

$42 million of shareholders equity wiped out in a year.