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Receivers called in to North South Finance

Fuseworks Media
Fuseworks Media

Wellington, July 8 NZPA - Grant Graham and Brendon Gibson of KordaMentha were today appointed as receivers for North South Finance Ltd.

The move comes a day after the Securities Commission said it has laid criminal charges and issued civil proceedings against Dominion Finance Group and North South Finance directors Vance Arkinstall, Richard Bettle, Terence Butler, Ann Butler, Paul Forsyth and Robert Barry Whale.

North South Finance independent directors Mr Bettle and Mr Arkinstall said in a statement that following discussions with the Covenant Trustee Company today they invited Covenant to appoint receivers. Covenant appointed Mr Graham and Mr Gibson.

North South Finance is currently operating under a moratorium. It has repaid 55.5 cents in the dollar to date.

Bettle, who is chairman, said that continuing the moratorium under the direction of the directors in the light of the Securities Commission charges was inappropriate.

Covenant managing director Graham Miller acknowledged the constructive role that Mr Bettle and Mr Arkinstall had played in the conduct of the moratorium.

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