12 Jun 2010

Five-year ban on investment company founder

7:56 pm on 12 June 2010

The founder of the failed property investment company Blue Chip, Mark Bryers, has been banned from directing or managing a company in New Zealand for five years.

Deputy Registrar of Companies Peter Barker imposed the ban, after a report from the Ministry of Economic Development.

Mr Bryers did not attempt to oppose the ban, and was unable to satisfy the registrar that his management of the companies was not, at least partly, responsible for their failure.

Earlier this year Mr Bryers was fined $37,500 and sentenced to 75 hours' community service for inadequate financial reporting.