19 Jan 2015

NZX censures and fines Pyne Gould

2:20 pm on 19 January 2015

NZX's Disciplinary Tribunal has publicly censured and fined Pyne Gould for a second time in three months.

This time it was for filing its annual report more than a month late and for this it has been fined $50,000 plus costs of at least $1920.

NZX said it considered several aggravating factors, including its censure and $8000 fine imposed in November, after Pyne Gould failed to ensure it had at least two directors who normally live in New Zealand.

On that occasion, Pyne Gould, also had to pay at least $3200 in costs.

NZX said Pyne Gould, which is now domiciled in the tax haven of Guernsey, also failed to meet its own deadlines for filing the annual report.

When the company eventually filed its annual report on 3 November, the results of its investment in the Torchlight Fund, which accounts for almost half of Pyne Gould's income and more than half of its assets, were not audited.

That led to a fiery annual shareholders meeting last month and a vote of no confidence in the chairman, Bryan Mogridge, from the Shareholders Association because of the company's lack of transparency and accountability.