The Securities Commission's announcement yesterday that it had laid criminal charges against the directors of Lombard Finance & Investments was no surprise.

The proceedings against Nuplex will end up "wasting a lot of taxpayers' money and shareholders' money", says the firm's managing director.

Mark Weldon says the resignation of Securities Commission director David Jackson highlights the need for an independent market regulator.

New Zealanders often respond with dismay when news breaks of another local manufacturer moving overseas.