National Finance trial delayed

Former National Finance director Trevor (Allan) Ludlow File photo

The High Court trial against three former directors of National Finance has been delayed while one of the defendants launches an appeal to overturn a decision to deny him legal aid.

Trevor Allan Ludlow, Carol Braithwaite and Anthony Banbrook were due to stand trial on alleged financial reporting breaches in the High Court at Auckland this morning.

But the Financial Markets Authority case has now been moved to a callover date later this week so a new trial date can be set.

Ludlow applied for legal aid last year, but only sought a review of the decision to deny him legal aid after he was convicted of Serious Fraud Office charges last month.

He said he didn't know he could appeal the decision until that time.

Ludlow is understood to be seeking a delay of six to eight weeks to give the Legal Services Agency time to consider his review.

Ludlow said he was a beneficiary of a trust at the time he lodged his legal aid applications, but had since renounced his interest in the trust.

"Unfortunately someone inside the Crown thinks I've got a big chunk of money stashed away. They think the trust has got substantial assets and that the trust is in my control."

Ludlow said his income for the last tax year was $4600.

Meanwhile Ludlow is also due to be sentenced on theft and false accounting charges brought by the Serious Fraud Office, in October.

He is set to appeal his conviction on the SFO charges, once he has legal representation.

Ludlow represented himself at the Serious Fraud Office trial in July, a process he has described as "absolutely exhausting".

Ludlow's co-accused former National Finance accountant John Gray pleaded guilty to theft and false accounting charges in the Auckland District Court last year and was sentenced to nine months' home detention.

National Finance collapsed in 2006 owing investors $24 million. The company's core business was providing finance for cars.