Bryers admits Blue Chip book keeping offences

Mark Bryers in court last year. Photo / Herald on Sunday.

Blue Chip co-founder Mark Bryers has admitted failing to keep accounting books and records in the lead-up to the collapse of his property investment empire.

He was excused from appearing in the Auckland District Court today but entered guilty pleas to 31 breaches of the Financial Reporting Act through his lawyer Aaron Lloyd. He has previously pleaded guilty to three more charges.

The National Enforcement Unit of the Ministry of Economic Development initially laid more than 120 charges in February 2009, but half were dropped in March after missing books and records relating to the case were found in Bryers' office.

Prosecutors withdrew 38 charges today as part of the plea bargain. Bryers will be required to attend Auckland District Court for his sentencing in May, which is likely to be a fine.

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