Monday 18th April 2011 |
Text too small? |
The Serious Fraud Office (SFO) is not pursuing a criminal prosecution against Kiwi Finance, saying an administrative or civil proceeding could get a better outcome in a case of such small scale.
Kiwi was placed into receivership in April 2008 owing approximately 42 investors $1.7 million. The SFO started investigating the company last November and worked with the Securities Commission.
The SFO said today that having considered the scale and nature of the alleged conduct it believed a civil or administrative remedy provided some opportunity for compensation of depositors.
"The Securities Commission has powers and functions that enable such an outcome, and this is a case which seems best suited to application of those powers," SFO director Adam Feeley said.
The SFO's decision was conditional on the commission being able to reach a satisfactory outcome.
"If, for any reason, the commission is unable to reach a suitable resolution within a reasonable time, we will reassess our position and may re-open the investigation."
NZPA
Second St John withdrawal of labour takes effect tomorrow with further strikes likely
Sanford Appoints Independent Director
CRP ADVISES CLOSURE OF SHARE OFFER TO EXISTING INVESTOR
Devon Funds Morning Note - 14 August 2024
OCR 5.25% - Monetary restraint tempered as inflation converges on target
Consumers still need due diligence as new deposit takers emerge.
Woolworths strike: staff asked to dress up in Disney costumes for a week on their own dollar
Turners Invests in Quashed Online Insurance Platform
PGW Reports on Challenging Year
Arvida Announces Executive Team Changes