Tainted Directors

[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-e...s-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.