SFO drops probe into NZF Money, leaves file open

Thu, 28 Nov 2013

Nov. 28 (BusinessDesk) – The Serious Fraud Office has dropped its probe into failed finance company NZF Money, which was placed in receivership in July 2011 owing debenture holders some $16.4 million, citing insufficient evidence. The investigation included the adequacy of NZF Money’s prospectuses, the sale of NZF Homeloans to NZF Group, and the accuracy of the valuation of NZF Money’s assets in 2010 and 2011 financial statements. But the SFO “determined that a Crimes Act prosecution could not be supported.” “We will be referring the matter...

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