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  1. #1
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    Default Tainted Directors

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

    http://www.stuff.co.nz/business/3085...ors-not-wanted

  2. #2
    Senior Member kizame's Avatar
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    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.

  3. #3
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    Quote Originally Posted by Anna Naum View Post
    Pity the NZX does not have the strength of character that one of its committee members has.

    http://www.stuff.co.nz/business/3085...ors-not-wanted
    It is a pity that the Shareholders Association is not as passionate about this as it is about other things.

  4. #4
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    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.
    Having got ourselves into a debt-induced economic crisis, the only permanent way out is to reduce the debt either directly by abolishing large slabs of it, or indirectly by inflating it away.

  5. #5
    Senior Member kizame's Avatar
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    Quote Originally Posted by Dr_Who View Post
    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?

  6. #6
    Legend Balance's Avatar
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    Default Why bother?

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

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

  7. #7
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    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.

  8. #8
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    Quote Originally Posted by Anna Naum View Post
    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.

  9. #9
    percy
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    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.

  10. #10
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    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...

  11. #11
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    Quote Originally Posted by beacon View Post
    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.

  12. #12
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    Quote Originally Posted by Balance View Post
    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...

  13. #13
    Legend minimoke's Avatar
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    Quote Originally Posted by beacon View Post
    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."

  14. #14
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    Quote Originally Posted by minimoke View Post
    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.

  15. #15
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    Default

    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 ???

  16. #16
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    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...

  17. #17
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    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?

  18. #18
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    Quote Originally Posted by Anna Naum View Post

    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
    Last edited by minimoke; 13-04-2010 at 03:47 PM. Reason: fix lines Add Hanover, Feltex, Blue chip directors

  19. #19
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    Default Bravo

    Quote Originally Posted by minimoke View Post
    Heres a copy of parts of my register. Sorry about the layout.
    Much appreciate your effort minimoke.

  20. #20
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    Quote Originally Posted by Balance View Post
    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?

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