Capital + Merchant director yet to be served summons

Photo / Jason Dorday

The five directors of failed finance company Capital + Merchant have been remanded until next month because the prosecution is still trying to track down one of the defendants.

They were due to appear in the Auckland District Court this morning.

But director Owen Tallentire has yet to be served a summons copy of the charges because he is residing in Australia.

Capital and Merchant directors Tallentire, Neal Nicholls, Colin Ryan and Robert Sutherland, together with Wayne Douglas, who was registered as a director in February 2007, face criminal charges laid against them by the Securities Commission.

The charges relate mainly to related party lending and loan management.

The allegations include they made untrue statements in a registered prospectus and investment statements.

The five were granted a registrar's remand to appear on May 4.

Capital and Merchant collapsed in July 2007 owning 7000 investors about $167 million.

- NZ HERALD STAFF