The former Capital + Merchant directors are fighting to have criminal charges against them annulled because the Crown failed to file the summary of facts on the case within the specific time period, a court heard today.
Directors Owen Tallentire, Neal Nicholls, Colin Ryan, Robert Sutherland and Wayne Douglas facecriminal charges for alleged breaches of the Securities Act, which mainly concern related party lending and loan management.
Directors Nicholls and Douglas, represented by Bruce Gray, QC, were in court today.
They together with other directors Ryan and Sutherland have filed applications to have the charges against them annulled because the summary of facts on the offences was filed 23 days after the charges were laid.
The maximum time frame is 21 days.
The case, being run by the Securities Commission, hit a few hurdles as directors such as Tallentire are based in Australia and filing criminal charges in foreign jurisdictions is challenging, Crown prosecutor Nick Williams said.
Williams said the Securities Commission took disclosure "very seriously" and the fact the information on the charges had not been properly disclosed was law firm Meredith Connell's error and not the commission's.
Judge Phil Gittos reserved his decision until November 8 when he is expected to deliver an oral judgment on whether or not the charges against all five directors will be thrown out of court.
Until that judgment is delivered the case against the directors is on hold.
