Article – BusinessDesk
June 26 (BusinessDesk) Former Dominion Finance and North South Finance directors Rick Bettle, Vance Arkinstall and Paul Forsyth have pleaded guilty to charges of making untrue statements in relation to the failed finance companies.
Bettle, Arkinstall, Forsyth plead guilty in Dominion Finance, North South Finance case
June 26 (BusinessDesk) – Former Dominion Finance and North South Finance directors Rick Bettle, Vance Arkinstall and Paul Forsyth have pleaded guilty to charges of making untrue statements in relation to the failed finance companies.
Bettle and Arkinstall pleaded guilty in the Auckland High Court today to five Securities Act charges including making untrue statements in a Dominion Finance investment statement and extension certificate, and making an untrue statement in a North South Finance extension certificate. Forsyth pleaded guilty to seven charges of making untrue statements.
The trio had been scheduled to go to trial next month. They will be sentenced on August 16. Earlier this month former Dominion directors Ann Butler and Robert Whale were sentenced to home detention, having pleaded guilty to Securities Act charges.
Dominion Finance Group had 5,937 debenture holders with $176.9 million invested at the time of receivership in 2008. North South Finance was put in receivership in 2010. Both were subsidiaries of NZX-listed Dominion Finance Holdings, which was placed in liquidation in 2009.
“Vance Arkinstall, Richard Bettle and Paul Forsyth failed to perform their roles as directors,” said Financial Markets Authority acting manager of litigation Rachael Manttan. “They did not disclose material information and this left investors in the dark as to the true position of the companies.”
Arkinstall was chief executive of the group Investment Savings and Insurance Association before resigning in 2010. Bettle stepped down from the boards of Diligent Board member Services and as chairman of Powerco ahead of the court hearing.