Blue Chip boss pleads guilty to three charges

Blue Chip co-founder Mark Bryers, appearing in the Auckland District Court in March. Photo / Herald on Sunday

Blue Chip founder Mark Bryers is now a convicted criminal.

Bryers has pleaded guilty to three charges in relation to the collapse of his multi-million dollar empire.

An estimated 2000 investors lost around $80 million after 22 Blue Chip-related companies failed.

Bryers pleaded guilty in the Auckland District Court today to charges of failing to keep adequate records and failure to attend a watershed meeting for the Swordfish Lodge resort on the Whangaparaoa Peninsula, north of Auckland.

He also pleaded guilty to a charge of failing to attend a meeting for creditors for the Bribanc property group.

In exchange for Bryers' guilty pleas the Ministry of Economic Development dropped four charges against him.

Bryers still faces a further 69 criminal charges to do with Blue Chip-related companies laid by the Companies Office.

Bryers entered pleas of not guilty to those charges and a status hearing has been set down for October 23.

He has been remanded on bail to his home in Sydney.

Bryers was allowed to sit in the public gallery during his appearance. He stood briefly during the conviction and told waiting reporters he had no comment to make.

- with NZPA