Court date for former director of Huljich fund

By Kelly Gregor

Peter Huljich. Photo / Supplied
Peter Huljich. Photo / Supplied

Former Huljich Wealth Management director Peter Huljich is expected to be in court tomorrow to face allegations the company misled investors by misrepresenting the performance of its KiwiSaver scheme in offer documents.

The Securities Commission laid charges against Huljich and the company in November last year.

The criminal charges relate to the Huljich KiwiSaver Scheme for which Huljich Wealth Management and Peter Huljich were promoters.

Huljich has not yet entered a plea.

The commission alleges the company's offer documents contained graphs that compared the Huljich KiwiSaver Funds' performance to other competitor funds but failed to disclose that the Huljich performance figures included related party payments made at the direction of Huljich.

The registered prospectuses stated the financial statements were prepared in accordance with the New Zealand Generally Accepted Accounting Practice (GAAP), and complied with the New Zealand equivalent to International Financial Reporting Standards (IFRS) and other applicable standards.

The commission says the statements did not comply with related party disclosure under New Zealand International Accounting Standards.

The commission claims those payments had a significant impact on the Huljich KiwiSaver Funds' performance figures.

The commission also alleges Huljich made untrue statements in the scheme's registered prospectuses and investment statements.

According to the Companies Office, Huljich Wealth Management is owned by Huljich (New Zealand), which is owned by Huljich Ltd, of which the Huljich Family Trust Nominees owns 75.5 per cent.

Huljich resigned as a director of Huljich Wealth Management on March 4, 2010.

If convicted he faces a maximum of three months imprisonment or a $300,000 fine.

- NZ Herald

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