The Serious Fraud Office is seeking to appeal the not guilty verdicts against two of the directors of the failed finance company Capital and Merchant.
Neal Nicholls and Wayne Douglas were found not guilty in July on charges of making a misleading statement relating to $14.4 million worth of alleged related party lending to a Palmerston North development.
The SFO says it has not taken the decision to appeal the verdict lightly.
The two men, and another director, Owen Tallentire, were found guilty in a separate trial on charges of fraud.
Capital and Merchant was placed into receivership in November 2007, owing $167 million to 7500 debenture holders.