'Under pressure' Weldon froze funding for Grain Exchange that led to losses, court hears

Thu, 05 May 2016

By Sophie Boot May 5 (BusinessDesk) - Former NZX chief executive Mark Weldon was under pressure from his board over the performance of acquisitions and over his own performance when he stopped funding for Clear Grain Exchange, Wellington's High Court has heard. Tim North QC, counsel for Ralec, which sold the grain exchange to NZX in 2009, today set out his client's counter-suit against NZX for A$14 million plus bonuses. Weldon had hoped to turn the marginally profitable business into an 'Agri-Bloomberg' valued at between A$750 million and...

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