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SPI Directors - Enforceable Undertaking

Page last updated: 21 Sep 2015

This criminal proceeding relates to allegations that Murray Alcock and Allister Knight, as Directors of SPI Capital Limited and SPI Property Limited, failed to deliver financial statements to the Registrar of Companies under ss 18(1) & 38(b) Financial Reporting Act 1993.

30 April 2015

The directors, Murray Alcock and Allister Knight, were each fined $25,312 for failing to deliver audited financial statements for SPI Property Fund Limited to the Registrar of Companies for the years ending 2011, 2012 and 2013. See media release.

5 March 2015

Messrs Alcock and Knight appeared in the District Court for sentencing. The Judge’s decision has been reserved and will be released on 30 April 2015.

31 October 2014

Messrs Alcock and Knight appeared in the Auckland District Court and each entered guilty pleas to 3 charges under the Financial Reporting Act relating to a failure to deliver financial statements for SPI Property Limited. 

Repayment to investors

FMA completed its investigation into the conduct of the Directors, and reached the view that it was likely that the Directors had breached financial markets legislation.

21 September 2015

Mr Knight and Mr Alcock completed the repayment in full of the outstanding principal of $601,394.12 owed to investors of SPI Property Fund Limited.

17 August 2015

A further extension agreed with the Directors until 16 October 2015 for repayment of the remaining balance owing.

29 July 2015

The Directors sought a further extension until 14 August 2014 for repayment of the remaining balance. The FMA considered it in the best interests of investors to allow this extension whilst continuing to reserve its right to take such action that it considers appropriate if payment is not made.

3 July 2015

A further $300,000 repaid to SPI Property investors by the Directors. 

The FMA agreed to the extension to 31 July 2015 for outstanding payment of $241,394.12 but reserved its right to take such action that it considers appropriate if payment is not made.

30 November 2014

$60,000 was paid to SPI Property investors on a pro rata basis.

31 October 2014

Enforceable Undertaking 

The directors undertook not to participate in seeking or holding investment funds from the public for five years and to repay SPI Property Fund Limited investors. See media release.