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.
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.
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.
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.
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.
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.
A further extension agreed with the Directors until 16 October 2015 for repayment of the remaining balance owing.
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.
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.
$60,000 was paid to SPI Property investors on a pro rata basis.
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