Pyne Gould wins court tussle over A$33.6 mln Torchlight loan penalties

Mon, 19 Oct 2015

By Paul McBeth Oct. 20 (BusinessDesk) - Pyne Gould Corp, the financial services firm controlled by George Kerr, has won a court battle with Australian businessman John Grill, whose Wilaci investment unit was seeking A$33.6 million from the financial services firm in late payment fees over a short-term loan. In the High Court in Auckland, Justice Matthew Muir yesterday ruled Pyne Gould subsidiary Torchlight Fund No.1 LP didn't have to pay a late penalty fee on a A$37 million loan from Wilaci, which "so significantly exceeds the loss likely...

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