A hearing has begun in the Court of Appeal for two former directors and the former chief executive of Capital + Merchant, a failed finance company.
Wayne Douglas, Neil Nicholls and Owen Tallentire were all sentenced to prison earlier this year after being found guilty of fraud charges brought by the Serious Fraud Office.
Capital + Merchant went into receivership in in November 2007 owing $167 million to debenture holders.
The charges were related to transactions between 2004 - 2006 which were said to breach the company's trust deed.
The appeal hearing is set down for two days and the Court is expected to reserve its decision.