Finance group directors up on charges

Four men are facing court charges connected to the failure of finance group Five Star.

The Companies Office is prosecuting directors Marcus MacDonald, Anthony Bowden and Nicholas Kirk and de facto director Neill Williams, a former bankrupt.

Registrar of Companies Neville Harris said the charges related to false and misleading statements contained in investment statements, and a registered prospectus from September 2006.

The men charged have already faced an inquiry from the National Enforcement Unit - the same branch of the Companies Office that laid the charges.

The previous inquiry saw the men banned from acting as company directors for up to five years.

They are also under investigation from the Serious Fraud Office and face a civil case for more than $50 million lodged by PriceWaterhouseCoopers.

The group collapsed in 2007 owing $150m. Subsequent inquiries raised questions about lending practices and loans made within the company.

The defendants are due to appear before Auckland District Court on November 30.