Hamish Fletcher

Business reporter for the NZ Herald

OPI Pacific directors charged over allegedly false statements

OPI Pacific Finance directors Jason Maywald, right, and Mark Lacy at a 2008 company meeting. File photo / Paul Estcourt
OPI Pacific Finance directors Jason Maywald, right, and Mark Lacy at a 2008 company meeting. File photo / Paul Estcourt

Four directors of failed finance company OPI Pacific have been charged with making allegedly untrue statements in offer documents.

The Financial Markets Authority said today it had laid Securities Act charges against OPI Finance directors Mark Lawrence Lacy, Jason Robert Duncan Maywald, David Mark Anderson and Craig Robert White.

The market watchdog has accused the four of of making untrue statements in 2007 offer documents to investors.

The charges carry a five year maximum term of imprisonment or a $300,000 fine.

According to the FMA, OPI provided finance to entities involved in commercial property investments and developments. It went into receivership in September 2009 and the FMA said more than 10,000 investors are owed approximately $247 million.

FMA head of enforcement Belinda Moffat said the alleged untrue statements related to the performance and management of the business.

"This included a failure to disclose to investors adverse changes to the financial position of the company resulting from the advance of AU$100 million to MFS Pacific Investments Pty Limited, a related party finance company based in Australia," she said.

"Where appropriate, FMA will take action against market participants who it suspects of having breached the law, even if they are based overseas," she said.

The directors are due to appear in the Auckland District Court on 3 December.

- NZ Herald

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