NZ Herald
  • Home
  • Latest news
  • Herald NOW
  • Video
  • New Zealand
  • Sport
  • World
  • Business
  • Entertainment
  • Podcasts
  • Quizzes
  • Opinion
  • Lifestyle
  • Travel
  • Viva
  • Weather

Subscriptions

  • Herald Premium
  • Viva Premium
  • The Listener
  • BusinessDesk

Sections

  • Latest news
  • New Zealand
    • All New Zealand
    • Crime
    • Politics
    • Education
    • Open Justice
    • Scam Update
  • Herald NOW
  • On The Up
  • World
    • All World
    • Australia
    • Asia
    • UK
    • United States
    • Middle East
    • Europe
    • Pacific
  • Business
    • All Business
    • MarketsSharesCurrencyCommoditiesStock TakesCrypto
    • Markets with Madison
    • Media Insider
    • Business analysis
    • Personal financeKiwiSaverInterest ratesTaxInvestment
    • EconomyInflationGDPOfficial cash rateEmployment
    • Small business
    • Business reportsMood of the BoardroomProject AucklandSustainable business and financeCapital markets reportAgribusiness reportInfrastructure reportDynamic business
    • Deloitte Top 200 Awards
    • CompaniesAged CareAgribusinessAirlinesBanking and financeConstructionEnergyFreight and logisticsHealthcareManufacturingMedia and MarketingRetailTelecommunicationsTourism
  • Opinion
    • All Opinion
    • Analysis
    • Editorials
    • Business analysis
    • Premium opinion
    • Letters to the editor
  • Politics
  • Sport
    • All Sport
    • OlympicsParalympics
    • RugbySuper RugbyNPCAll BlacksBlack FernsRugby sevensSchool rugby
    • CricketBlack CapsWhite Ferns
    • Racing
    • NetballSilver Ferns
    • LeagueWarriorsNRL
    • FootballWellington PhoenixAuckland FCAll WhitesFootball FernsEnglish Premier League
    • GolfNZ Open
    • MotorsportFormula 1
    • Boxing
    • UFC
    • BasketballNBABreakersTall BlacksTall Ferns
    • Tennis
    • Cycling
    • Athletics
    • SailingAmerica's CupSailGP
    • Rowing
  • Lifestyle
    • All Lifestyle
    • Viva - Food, fashion & beauty
    • Society Insider
    • Royals
    • Sex & relationships
    • Food & drinkRecipesRecipe collectionsRestaurant reviewsRestaurant bookings
    • Health & wellbeing
    • Fashion & beauty
    • Pets & animals
    • The Selection - Shop the trendsShop fashionShop beautyShop entertainmentShop giftsShop home & living
    • Milford's Investing Place
  • Entertainment
    • All Entertainment
    • TV
    • MoviesMovie reviews
    • MusicMusic reviews
    • BooksBook reviews
    • Culture
    • ReviewsBook reviewsMovie reviewsMusic reviewsRestaurant reviews
  • Travel
    • All Travel
    • News
    • New ZealandNorthlandAucklandWellingtonCanterburyOtago / QueenstownNelson-TasmanBest NZ beaches
    • International travelAustraliaPacific IslandsEuropeUKUSAAfricaAsia
    • Rail holidays
    • Cruise holidays
    • Ski holidays
    • Luxury travel
    • Adventure travel
  • Kāhu Māori news
  • Environment
    • All Environment
    • Our Green Future
  • Talanoa Pacific news
  • Property
    • All Property
    • Property Insider
    • Interest rates tracker
    • Residential property listings
    • Commercial property listings
  • Health
  • Technology
    • All Technology
    • AI
    • Social media
  • Rural
    • All Rural
    • Dairy farming
    • Sheep & beef farming
    • Horticulture
    • Animal health
    • Rural business
    • Rural life
    • Rural technology
    • Opinion
    • Audio & podcasts
  • Weather forecasts
    • All Weather forecasts
    • Kaitaia
    • Whangārei
    • Dargaville
    • Auckland
    • Thames
    • Tauranga
    • Hamilton
    • Whakatāne
    • Rotorua
    • Tokoroa
    • Te Kuiti
    • Taumaranui
    • Taupō
    • Gisborne
    • New Plymouth
    • Napier
    • Hastings
    • Dannevirke
    • Whanganui
    • Palmerston North
    • Levin
    • Paraparaumu
    • Masterton
    • Wellington
    • Motueka
    • Nelson
    • Blenheim
    • Westport
    • Reefton
    • Kaikōura
    • Greymouth
    • Hokitika
    • Christchurch
    • Ashburton
    • Timaru
    • Wānaka
    • Oamaru
    • Queenstown
    • Dunedin
    • Gore
    • Invercargill
  • Meet the journalists
  • Promotions & competitions
  • OneRoof property listings
  • Driven car news

Puzzles & Quizzes

  • Puzzles
    • All Puzzles
    • Sudoku
    • Code Cracker
    • Crosswords
    • Cryptic crossword
    • Wordsearch
  • Quizzes
    • All Quizzes
    • Morning quiz
    • Afternoon quiz
    • Sports quiz

Regions

  • Northland
    • All Northland
    • Far North
    • Kaitaia
    • Kerikeri
    • Kaikohe
    • Bay of Islands
    • Whangarei
    • Dargaville
    • Kaipara
    • Mangawhai
  • Auckland
  • Waikato
    • All Waikato
    • Hamilton
    • Coromandel & Hauraki
    • Matamata & Piako
    • Cambridge
    • Te Awamutu
    • Tokoroa & South Waikato
    • Taupō & Tūrangi
  • Bay of Plenty
    • All Bay of Plenty
    • Katikati
    • Tauranga
    • Mount Maunganui
    • Pāpāmoa
    • Te Puke
    • Whakatāne
  • Rotorua
  • Hawke's Bay
    • All Hawke's Bay
    • Napier
    • Hastings
    • Havelock North
    • Central Hawke's Bay
    • Wairoa
  • Taranaki
    • All Taranaki
    • Stratford
    • New Plymouth
    • Hāwera
  • Manawatū - Whanganui
    • All Manawatū - Whanganui
    • Whanganui
    • Palmerston North
    • Manawatū
    • Tararua
    • Horowhenua
  • Wellington
    • All Wellington
    • Kapiti
    • Wairarapa
    • Upper Hutt
    • Lower Hutt
  • Nelson & Tasman
    • All Nelson & Tasman
    • Motueka
    • Nelson
    • Tasman
  • Marlborough
  • West Coast
  • Canterbury
    • All Canterbury
    • Kaikōura
    • Christchurch
    • Ashburton
    • Timaru
  • Otago
    • All Otago
    • Oamaru
    • Dunedin
    • Balclutha
    • Alexandra
    • Queenstown
    • Wanaka
  • Southland
    • All Southland
    • Invercargill
    • Gore
    • Stewart Island
  • Gisborne

Media

  • Video
    • All Video
    • NZ news video
    • Herald NOW
    • Business news video
    • Politics news video
    • Sport video
    • World news video
    • Lifestyle video
    • Entertainment video
    • Travel video
    • Markets with Madison
    • Kea Kids news
  • Podcasts
    • All Podcasts
    • The Front Page
    • On the Tiles
    • Ask me Anything
    • The Little Things
  • Cartoons
  • Photo galleries
  • Today's Paper - E-editions
  • Photo sales
  • Classifieds

NZME Network

  • Advertise with NZME
  • OneRoof
  • Driven Car Guide
  • BusinessDesk
  • Newstalk ZB
  • Sunlive
  • ZM
  • The Hits
  • Coast
  • Radio Hauraki
  • The Alternative Commentary Collective
  • Gold
  • Flava
  • iHeart Radio
  • Hokonui
  • Radio Wanaka
  • iHeartCountry New Zealand
  • Restaurant Hub
  • NZME Events

SubscribeSign In
Advertisement
Advertise with NZME.
Home / Business

Decision reserved on Nathans Finance appeal

APNZ
27 Sep, 2011 03:48 AM4 mins to read

Subscribe to listen

Access to Herald Premium articles require a Premium subscription. Subscribe now to listen.
Already a subscriber?  Sign in here

Listening to articles is free for open-access content—explore other articles or learn more about text-to-speech.
‌
Save

    Share this article

Former Nathans Finance director Roger Moses Photo / Dean Purcell.

Former Nathans Finance director Roger Moses Photo / Dean Purcell.

Two of the disgraced former Nathans Finance directors have appealed their prison sentences.

Roger Moses, Nathans' former chairman, and Mervyn Ian Doolan were convicted on five charges each of breaching the Securities Act after a three-month trial in Auckland earlier this year.

Following a hearing in the Court of Appeal at Wellington this afternoon, Justices Mark O'Regan, Tony Randerson and Lynton Stevens reserved their decision.

Moses was jailed for two years and two months, and ordered to pay $425,000 reparation.

Doolan got two years and four months behind bars and must repay $150,000.

Advertisement
Advertise with NZME.
Advertisement
Advertise with NZME.

Their lawyers had sought home detention - the punishment handed down to the other two directors - citing a disparity in penalties.

Donald Young, 68, who was tried alongside Moses and Doolan, was sentenced to nine months home detention, 300 hours' community work and $310,000 reparation.

The fourth director, John Hotchin - younger brother of Hanover co-founder Mark Hotchin - had earlier entered a guilty plea and testified against his former colleagues.

He received 11 months on home detention, 200 hours community service and was ordered to pay reparation of $200,000.

The offending involved publishing untrue statements in the company's prospectus and in letters to investors between 2006 and 2007.

Discover more

Companies

Jail for two Nathans directors sends a 'clear message'

02 Sep 05:30 PM
Personal Finance

Nathans Finance bail plea rejected by court

05 Sep 02:45 AM
Crime

Nathans director's bid for bail declined

05 Sep 05:30 PM
Business

BBQ Factory placed into receivership

29 Sep 06:08 AM

According to the Crown, the prospectus and other mail-outs failed to disclose the true financial position of Nathans Finance and its significant lending to parent company Vending Technologies Ltd (VTL).

Nathans was placed into receivership by its trustee, Perpetual Trust, in August 2007, owing some $174 million to about 7000 investors.

Advertisement
Advertise with NZME.

At the heart of Moses' appeal against his jail term was that he was honest in his dealings as a director, Paul Davison QC told the Appeal Court.

"Any failing he was responsible for was not the result of dishonestly in any way.''

The lawyer disputed sentencing judge Justice Paul Heath's description of "gross negligence.''

Any risks were very well understood.

"They (the directors) were effectively looking at the detail and not the big picture,'' said Mr Davison.

"Yes, they got it wrong - how they got it wrong! It wasn't a case of not trying to get it right.''

Advertisement
Advertise with NZME.

But Justice O'Regan said today that ``gross negligence'' was hard to contest.

The public thought they were investing in a finance company, he said. In fact their money was being "gambled'' on loans to VTL.

For Doolan, Chris Tennet said: "Doing what he was doing and falling short (as a director) is a big difference from being dishonest or reckless.''

Mr Tennet denied that his client had shown no remorse.

Both appellants had already served a period of their prison sentences as "older white men'' with all the difficulties that came with that, he said, arguing that they - like their two fellow former directors - should have got home detention.

Justice O'Regan said if the appeals were granted and that was the right sentence, Moses and Doolan would get a home detention adjustment that would take into account how long they had served behind bars.

Advertisement
Advertise with NZME.

Representing the Crown, Brian Dickey submitted that the prison sentences were deserved and were "at the light end.''

The offences were committed in the boardroom and should attract sufficient deterrent.

He said offenders "in this area'' tended very much to be people of good character, which was why they were on boards and why investors handed over money "in faith.''

Addressing the sentence disparity, Mr Dickey said the trial judge commented that Young was the least culpable and the only one who appeared to show any real empathy or remorse for the victims.

Young was also the least involved in the business, which he had joined much later than the other directors.

By pleading guilty to three charges - two counts fewer than the others faced - Hotchin was sentenced on what information was before the judge, not what evolved at trial, said Mr Dickey.

Advertisement
Advertise with NZME.

That made him eligible for a discount in sentence.

Save

    Share this article

Latest from Business

Premium
RetailUpdated

Winter chill boosts spending as Kiwis go clothes shopping

14 Jul 12:32 AM
Premium
BusinessUpdated

Butlers Chocolate Cafe closes: What went wrong, who’s owed money?

13 Jul 11:10 PM
Premium
Analysis

American allies want to redraw the world’s trade map, minus the US

13 Jul 11:04 PM

Audi offers a sporty spin on city driving with the A3 Sportback and S3 Sportback

sponsored
Advertisement
Advertise with NZME.

Latest from Business

Premium
Winter chill boosts spending as Kiwis go clothes shopping

Winter chill boosts spending as Kiwis go clothes shopping

14 Jul 12:32 AM

Consumers splashed out on winter apparel in June, but hospitality spending fell.

Premium
Butlers Chocolate Cafe closes: What went wrong, who’s owed money?

Butlers Chocolate Cafe closes: What went wrong, who’s owed money?

13 Jul 11:10 PM
Premium
American allies want to redraw the world’s trade map, minus the US

American allies want to redraw the world’s trade map, minus the US

13 Jul 11:04 PM
Premium
'Extremely rare move' – consultant has developer put into receivership

'Extremely rare move' – consultant has developer put into receivership

13 Jul 11:00 PM
Gold demand soars amid global turmoil
sponsored

Gold demand soars amid global turmoil

NZ Herald
  • About NZ Herald
  • Meet the journalists
  • Newsletters
  • Classifieds
  • Help & support
  • Contact us
  • House rules
  • Privacy Policy
  • Terms of use
  • Competition terms & conditions
  • Our use of AI
Subscriber Services
  • NZ Herald e-editions
  • Daily puzzles & quizzes
  • Manage your digital subscription
  • Manage your print subscription
  • Subscribe to the NZ Herald newspaper
  • Subscribe to Herald Premium
  • Gift a subscription
  • Subscriber FAQs
  • Subscription terms & conditions
  • Promotions and subscriber benefits
NZME Network
  • The New Zealand Herald
  • The Northland Age
  • The Northern Advocate
  • Waikato Herald
  • Bay of Plenty Times
  • Rotorua Daily Post
  • Hawke's Bay Today
  • Whanganui Chronicle
  • Viva
  • NZ Listener
  • Newstalk ZB
  • BusinessDesk
  • OneRoof
  • Driven Car Guide
  • iHeart Radio
  • Restaurant Hub
NZME
  • About NZME
  • NZME careers
  • Advertise with NZME
  • Digital self-service advertising
  • Book your classified ad
  • Photo sales
  • NZME Events
  • © Copyright 2025 NZME Publishing Limited
TOP