Asia-Pacific

Apr 10, 2012

Kiwi version of ASIC proves to be a watchdog with teeth

Quick tip to any budding corporate crook -- you’re far better off committing a crime in Australia than across the Tasman.

Adam Schwab — Business director and commentator

Adam Schwab

Business director and commentator

Quick tip to any budding corporate crook — you’re far better off committing a crime in Australia than across the Tasman. For while ASIC, Australia’s corporate watch puppy has been hesitant to lay any criminal charges from the many corporate follies around the time of the global financial crisis, New Zealand regulators have proved to be less of a soft touch.

Last week, a New Zealand court found two directors of failed property company Bridgecorp guilty of making untrue statements in investment prospectuses. The judge remanded the disgraced directors, Rod Petricevic and Rob Roest in prison pending their “inevitable” imprisonment. The charges related to comments made to investors in late 2006 at time when the company has missed payments of interest and principal to lenders. Bridgecorp collapsed a few months later owing creditors more than $400 million.

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3 comments

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3 thoughts on “Kiwi version of ASIC proves to be a watchdog with teeth

  1. bjb

    “It appears that it’s difficult to be too harsh on the poachers when the gamekeepers aren’t exactly without fault.”

    Exactly. Another great article Adam.

  2. Strictly Missionary

    Please don’t tell the Kiwis how slack ASIC is Adam, you know what they’ll do. Actually, is there anyone left in NZ?

  3. Gerry Hatrick, OAP

    You’ll tell you’re friends about OneTel! Unless they’re from New Zealand?

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