11 Dec 2010

CMF directors to defend charges

4:45 pm on 11 December 2010

Two former directors of finance company Capital + Merchant Finance say they will vigorously defend charges laid against them by the Serious Fraud Office.

The charges relate to $14.5 million worth of related-party loans made on a Palmerston North property in 2002.

But Wayne Douglas and Neal Nicholls say the loan met normal business lending criteria, and the SFO charges are baseless.