FELTEX. former directors Tim Saunders, Sam Magill, John Feeney, Craig Horrocks, Peter Hunter, Peter Thomas and Joan Withers,
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FELTEX. former directors Tim Saunders, Sam Magill, John Feeney, Craig Horrocks, Peter Hunter, Peter Thomas and Joan Withers,
Would it be a lot easier to compile a list of Sqeaky Clean directors?
:D
LOL... I just spat out my beer throu my nose.
Funny how NZ is such a small market, yet we have so many useless top level management that are either incompetent and/or act in their own best interest instead of the shareholders best interest. No wonder NZers will continue to love properties and not equities.
Blame the investors? Dont think so. The whole financial advisor sector and the whole system needs an overhaul badly. How much wealth have the investment bankers and stockbrokers destroy in this financial crisis?
Dont forget Andrew Walker from DPC.
Re-posted.
mimi
What you are doing here is very dangerous. NOt all of these directors will feel that they failed and some will feel they are not to blame. Publically exposing them in such a list may lead to litigation if you cannot prove wrongdoing on their part.
That said, I agree a list or something needs to be compiled by an independant body of the securities comission or such like (something with teeth) to warn investors of potential traps.
Good on you Mimi but do be careful....
Most miscreants appear in Brian Gaynor's column in the Herald, sooner or later.
Compiling a list of those who have received dishonorable mention, together with the date of publication, would appear to be fairly safe. You don't need to say anything else, and the Herald would be first in the firing line if anyone cut up rough.
Hanover should have other directors like Greg Muir, Tipene O-Regan? In my view, they were even worse as they lent their names to the likes of Hanover, collect big fees and did bugger-all to protect investors.
You should also put in the directors of Feltex, MFS, Blue Chip etc?
Indeed, NZers love properties and the losses in NZ this time round are just about all related to PROPERTIES!
Notice just about all the companies listed are finance companies? All got into trouble because of property lending, fraudulent activities and/or related party lending.
Property syndicates have also lost hundreds of millions. Ask those who invested into holiday resorts, Queenstown, beach-front properties, Fiji etc.
Where do the investment bankers and stockbrokers come into the equation?
Hope you guys do not have rental properties. Changes to tax rules on the way will see their values drop - like a stone as those who are geared run for the hills.
http://www.stuff.co.nz/business/indu...es-tax-options
Thank you for your concern Blackcap.
Perhaps I should point out that this information is freely available in the public domain. The "date" in my list is the date the individual company's "troubles" were announced. The Directors are those that were directors at the date of the Troubles (though some have escaped my list as they resigned their directorships prior to me making my list), where as these firms have New Directors since the Troubles that I haven't listed. If they are incorrectly listed I'm more than happy to remove - and also more than happy to add anyone who I have missed out.
Individuals can make what they like from the list. They can do their own investigation on how many face civil or criminal proceedings; how many directorships each holds, how many inter-party transactions each firm was involved in etc etc. If they choose to Google a name to see what they can find out then so be it - there is so much in the public domain
This is also not a complete list by any means. I could for example put Equiticorp / Alan Hawkins at the top since, as I recall, he is, perhaps the most high profile NZ Director to have been imprisoned for his corporate shenanigans. Except I owe Alan a vote of thanks since it was he that enabled me to get into property.
We could also have the likes of Keran Unka who got 21 months for PAYE fraud. What about Bill Conway - he doesn't have much respect for the environment. He was the first to be jailed for his type of crime and I missed if he got jailed for his second lot of offences. And we can't even get started on the likes of Kelly Thompson who was done for DIC. Youre' perhaps not likely to invest in thier compnaies but you get a sense of what some Directors are up to.
Of course the Directors of Feltex (Tim Saunders, Sam Magill, John Feeney, Craig Horrocks, Peter Hunter, Peter Thomas and Joan Withers,) should be on the list. They are facing court action by disgruntled investors.
We should probably also have Mark Bryers (he's facing/faced 1,000 fraud charges) and Bob Bangerter (how many times has he been bankrupt?) of Blue Chip fame in there as well.
Blackcap, you're dreaming if you think the Securities Commission will do anything. Of all the dodgy dealings people have had with NZ companies how many have faced prosecution? How many people have been fingered for insider trading; how many have been done for creative prospectuses. Remember when Finance Companies were burning literally by the day, where was the Minister of Commerce - Dalziel was nowhere to be seen. We clearly can't rely on NZX - naming and shaming probably runs contrary to Mark Weldons bonus aspirations.
TA and FA will only take your share trading analysis so far. One of the other things that needs to be looked at is the background of the Directors (have they grasped their governance responsibilities) and senior management with their operational experience. Its a bear pit out there and I think investors are well served by exploring just who has a proven track record of looking after their interests.