Lombard Finance directors Sir Douglas Graham, Michael Reeves, William Jeffries ( Bill Jeffreies ) and Lawrence Bryant in the High Court at Wellington. Photo / One News
Lombard Finance directors Sir Douglas Graham, Michael Reeves, William Jeffries ( Bill Jeffreies ) and Lawrence Bryant in the High Court at Wellington. Photo / One News
Justice Robert Dobson has reserved his decision after defence counsel for the directors of Lombard Finance & Investments concluded their summing up yesterday.
In the High Court at Wellington, the judge said he will work towards reaching his decision by February 24, though that might be deferred.
Lombard Finance directorsDoug Graham, Bill Jeffries, Lawrie Bryant and Michael Reeves are accused of making untrue statements in a 2007 prospectus, investment statement and advertising material.
David Hurd, counsel for Jeffries, closed by criticising the Securities Commission's investigation, and saying lead investigator Michelle Peden's review was inadequate.
Peden, a forensic accountant, misunderstood Lombard Finance's operation, and didn't engage appropriate experts, such as valuers, auditors, and corporate governance specialists, Hurd said.
He raised the possibility that the amended prospectus was voided by the procedural delay in lodging an associated extension certificate. He urged the judge to consider the requirement for proof to be established "beyond reasonable doubt".
Prosecutor Colin Carruthers rejected criticism the Crown had changed its case through the trial, and accusations the particulars of the indictment were as narrow as the defence claimed.
