7 Jul 2011

Prospectus withdrawn by finance company

12:18 pm on 7 July 2011

The finance company formerly known as Geneva Finance has withdrawn its prospectus to raise money from the public.

The Financial Markets Authority stopped GFNZ from raising money last month, because it did not pass key information to investors about breaching its banking commitments in March.

Since then, GFNZ's bankers, the Bank of Scotland, has waived the breach.

The FMA had a stop order in place on the prospectus until Wednesday, when the authority was to review its position.

But GFNZ has decided to pull the prospectus.

The FMA says any new prospectus will need to comply with the rules.