Mob awaits Bryers' sentencing

Mark Bryers. Photo / Herald on Sunday

Blue Chip investors are vowing an angry mob will turn up to court for the sentencing of property company co-founder Mark Bryers after he admitted a raft of charges.

The bankrupt businessman was a no-show in the Auckland District Court yesterday, where his lawyer Aaron Lloyd entered guilty pleas to 31 charges laid by the Ministry of Economic Development.

He had previously pleaded guilty to three other charges, one of which carries a maximum penalty of two years in prison or a $50,000 fine.

A further 38 charges relating to breaches of the Financial Reporting Act and Companies Act were withdrawn by prosecutor Sam Wimslett as part of the plea bargain.

Bryers' attendance was excused by Judge Patrick Treston, but he ordered that Bryers return to New Zealand to be interviewed before sentencing on May 20.

It is likely Bryers will escape with just a fine, as Mr Lloyd told the court there "was no suggestion imprisonment will be sought" by the prosecution. The maximum penalty for the charges is a $100,000 fine.

Judge Treston ordered Bryers be interviewed for a pre-sentence report to determine whether he has the ability to pay a fine.

Bryers was bankrupted in October but is allowed to travel between New Zealand and Australia, where he lives in a luxury Sydney apartment. He estimates he owes $173 million and says his only assets are clothes, furniture and golf clubs.

Yesterday, only three Blue Chip investors turned up to the hearing. Tony Collingwood and Maree Aitkenhead - the partner of Blue Chip co-founder Bob Bangerter - were disappointed by an empty dock and promised a huge crowd for his next appearance.

"This is an offence where he could go to jail for two years so why doesn't he even turn up," asked Ms Aitkenhead. "Who's paying his legal fees and why does he still have a passport?"

Mr Collingwood, who has been surviving on food parcels, said he had lost $150,000 in the collapse but he knew of others who were worse off.

Mr Lloyd said Bryers was excused from attending because the hearing was initially scheduled last week. As a bankrupt, Bryers can only travel with the permission of the Official Assignee.

The Serious Fraud Office and Commerce Commission are also investigating Blue Chip. More than 2000 investors are out of pocket after 22 Blue Chip-related companies owing more than $80 million were put into liquidation in 2008.