News Round Up: July 11
Nathans verdict a clear signal it's safer to enter the markets; Stevens lurking in the background: Judge says; Insuring the insurers; Latest Harbour Asset Management commentary.
Monday, July 11th 2011, 7:52AM
Nathans verdict ‘a clear signal it's safer to enter the markets'
The sentencing of three former Nathans Finance directors sends a "clear signal that it's safer to enter the markets," according to Financial Markets Authority (FMA) chief Sean Hughes.
Hughes was speaking after directors Donald Young, Kenneth Moses and Mervyn Doolan were found guilty of offences under the Securities Act on the basis of untrue statements made in Nathan's 2006 prospectus and investment statement.
"(The) decision has reinforced the responsibility that every director of an issuer has to provide truthful and complete information to investors," Hughes said.
Sentencing is scheduled for September 2.
Extra Story: Gary Stevens "lurking in the background" of Nathans debacle: judge
Insuring the insurers
Tower has finalised the purchase of reinsurance cover in the event of another catastrophe occurring in the current financial year.
The company, New Zealand's only listed insurer, now has cover in place for two further events in the year to September 30 and has already paid an excess of $5 million before tax for each of the two Christchurch earthquakes this year.
The excess on a third event will be $2 million and $7 million for a fourth.
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