Paviour-Smith denies NZX only spent 1/10th of $100m development budget on grain exchange

Mon, 09 May 2016

By Sophie Boot May 9 (BusinessDesk) - NZX director Neil Paviour-Smith told the High Court that the company spent no more than A$10 million on developing the Clear Grain Exchange but rejected former owner Ralec's claims that amounted to just one-tenth of what it had promised to invest. Paviour-Smith, who is also managing director of brokerage Forsyth Barr, is the first witness to be called before the hearing, which is expected to last another eight weeks. He began giving evidence on Friday and will be the only NZX director to appear, altho...

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