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Missing Doolan May Be In Ireland

Contributor:
Fuseworks Media
Fuseworks Media

Wellington, Jan 28 NZPA - Missing Nathans Finance director Mervyn Doolan may be in Ireland as authorities try to bring him before the New Zealand courts on criminal charges.

The New Zealand Herald reported today that it understood he was in Ireland -- apparently a surprise to authorities who had believed he was in Australia.

Doolan and three co-directors of the failed finance company have been charged under the Securities Act for allegedly misleading investors by making false statements in company prospectuses.

John Hotchin, Donald Young and Kenneth Moses appeared in Auckland District Court on Friday when they denied the charges.

However, Doolan has yet to be found.

Meanwhile, the Ministry of Economic Development is understood to be considering whether to take action banning directors of Nathans Finance and its parent company VTL Group Limited from acting as directors of other companies for up to five years.

VTL was set up in 1997 as a vending machine operator and technology development company, and had operations in New Zealand, Australia, North America and Europe.

Various investigations are looking into the activities of VTL companies.

The Serious Fraud Office is investigating Nathans Finance.

Receivers are about to begin civil actions against several parties associated with Nathans and VTL with the aim of recovering funds.

Nathans collapsed in August 2007 owing $174 million to 7000 investors. So far just 2.5c in the dollar has been repaid.

It sourced funds from the New Zealand public and lent mostly to VTL and its subsidiaries.

NZPA WGT dw gt

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