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Ann: GENERAL: FMA: Directors fined for not filing financial statements

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    • Release Date: 11/09/14 15:55
    • Summary: GENERAL: FMA: Directors fined for not filing financial statements
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    11/09/2014 15:55
    REL: 1555 HRS Financial Markets Authority
    GENERAL: FMA: Directors fined for not filing financial statements
    Media release
    MR No. 2014 - 029
    11 September 2014
    Directors fined for not filing financial statements
    Directors Hayden George Jones and Thomas Alexander George Jones have been
    fined $35,000 each for breaches of the Financial Reporting Act 1993 (the
    FRA). The Financial Markets Authority (FMA) brought charges on four counts
    against both directors for failing to file financial statements. Sentencing
    was heard at the Christchurch District Court today.
    The directors did not file financial statements for two companies, Heritage
    Park Taupo Limited and Prudential Real Estate Investment Limited (PREIL), for
    the years ending 31 March 2012 and 2013. PREIL is also the offeror and
    manager of two proportionate ownership schemes: Kaipara Harbour Proportionate
    Scheme and Investment 179 Proportionate Scheme, which also failed to file
    financial statements. Failure to file statements for these two schemes is the
    basis for the charges against PREIL. The directors pleaded guilty to breaches
    of sections 18 and 38 of the FRA.
    Belinda Moffat, FMA Director of Enforcement and Investigations said, "This
    sentence sends a strong signal to companies raising funds from the public
    that the FMA will take strong action when companies persistently fail to meet
    their obligations.  We expect issuers of securities to file their financial
    statements in an accurate and timely way."
    "The information provided in these statements helps investors assess the
    financial health of a company. Investors also need this information to make
    decisions about the balance of assets in their entire investment portfolio.
    The regulators require the information to oversee and monitor firms that
    issue securities to the public," said Ms Moffat.
    Hayden and Thomas Jones were also parties in the FMA case against Prudential
    Mortgage Limited. They are directors of the companies convicted and fined
    $2,000 in March 2014 for failing to file an annual report for the
    contributory mortgage broking firm.
    There are two further cases now remaining before the courts following the
    FMA's review of compliance with the Financial Reporting Act 1993.
    For more information about FMA's review into non-filing of financial
    statements visit
    Andrew Park
    09 967 1215
    021 220 6770
    [email protected]
    End CA:00255142 For:FMA    Type:GENERAL    Time:2014-09-11 15:55:05
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