The Commission considered that CMI, CMN, Mr Martin and Mr van Nieuwkoop have failed to meet the standards of care and good governance that it expects from those who seek to raise funds from the public. Enforceable undertakings were offered to remedy the issues.
The Commission continued to investigate the situation and had further concerns about a number of aspects of the parties' compliance with the law and conduct in the offer and management of contributory mortgages.
As a solution CMI, CMN and directors offered undertakings to the Commission.
Securities Commission inquiry resulted in some concerns which were resolved with undertakings from CMI, Mr Martin and Mr van Nieuwkoop.
CMI is registered and carries on business as a contributory mortgage broker. CMN is its nominee company. John Martin is a director of both companies and Ron Jamieson is his alternate director.