National Finance verdict shows directors cannot rely on executive advice

Fri, 27 Jul 2012

July 27 (BusinessDesk) - The guilty verdict against National Finance 2000 director Carol Anne Braithwaite is a warning to company directors not to rely on anyone's judgment but their own, says the Institute of Directors chief executive Ralph Chivers. Braithwaite was found guilty by a majority jury verdict in the Auckland High Court today in relation to 10 misleading statements in the failed finance company's 2005 prospectus. National Finance went into receivership in 2006, owing investors $21 million. Crown prosecutors alleged Braithwaite had...

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