All five men charged with corporate fraud following the collapse of South Canterbury Finance have been publicly named.
The
remaining two accused men did not seek to continue their name
suppression following a hearing at Timaru District Court on Monday.
They
are Timaru lawyer Ed Sullivan, 70, and retired accountant Bob White,
68, both former SCF directors. Both men issued statements through their
lawyers, denying the charges and saying they will be defended.
The
other three accused are former company chief executive Lachie McLeod,
Terry Hutton and former company finance officer Graeme Brown.
The
five are charged with 21 offences relating to $1.7 billion worth of
transactions, brought by the Serious Fraud Office following the collapse
of SCF in 2010.
It is the largest case of alleged corporate fraud
in New Zealand, and the charges include theft by a person in a special
relationship, obtaining by deception, false statements by the promoter
of a company and false accounting. They carry maximum penalties of
between seven and 10 years' imprisonment on conviction.
The company's collapse triggered a government payout to investors under the Crown Retail Deposit Guarantee Scheme.
Company founder Alan Hubbard died in a road accident last year.
NZN