South Canty Finance case back in court

The South Canterbury Finance building. File photo / Dean Purcell

Five people charged with committing New Zealand's biggest white-collar fraud return to court today.

The $1.7 billion case against the South Canterbury Finance defendants is due to be called in Timaru.

But the five are not expected to arrive in person.

They are former South Canterbury Finance chief executive Lachie McLeod, Timaru chartered accountant Terry Hutton and former chief financial officer Graeme Brown.

Interim name suppression remains in force for another two co-accused in the case.

All three who have been named have denied 21 charges brought against them by the Serious Fraud Office.

Applications have been made to the registrar at the High Court at Timaru to remand the defendants.

Once today's hearing is complete, a further definite date is expected to be announced in the case.

South Canterbury Finance went into receivership on August 31, 2010 owing about $1.8 billion.

Because the company was in the Crown retail deposit guarantee scheme, all its losses have been borne by the Crown and ultimately New Zealand taxpayers.

The 21 charges allege a variety of offences, including theft by a person in a special relationship, obtaining by deception, false statements by the promoter of a company and false accounting.

The total estimated value of allegedly fraudulent transactions is about $1.7 billion.