As the prosecution is still tracing one of the defendants of the failed finance company Capital + Merchant, five of the accused have been remanded till next month. The case of the charged members was scheduled to be heard in the Auckland District Court this morning, but, as the Director Owen Tallentire who lives in Australia has not yet been served a copy of summons, the case have been postponed till May.
The Securities Commission had charged the directors of Capital and Merchant namely Tallentire, Robert Sutherland, Neal Nicholls, Colin Ryan and Wayne Douglas, under criminal charges. Wayne Douglas had joined the company as the Director back in the year 2007.
The allegations are associated with party lending and loan management, which charge the directors for claiming false declarations in a registered prospectus, insurance cover and investment statements.
Accused have been granted a registrar's remand and have been asked to re-appear in the court on May 4. The finance company had collapsed or went into receivership in 23 November 2007 as it owed $167 million to 7000 investors.