The embattled Pyne Gould Corporation says it has nothing to hide, and it's not concerned about the scrunity it's now under from the nation's markets regulators.
The company, which is 76% owned by businessman George Kerr and US investment firm Baker Street Capital, is being investigated by the Financial Markets Authority, after its auditor, KPMG, quit earlier this week. KPMG was reported to have resigned over "unresolved differences as to whether certain transactions should be disclosed as related party transactions, and concerns over the adequacy of governance and management of financial reporting".
Pyne Gould Corporation says KPMG had expressed concern over whether some dealings should be labelled related-party transactions, a viewpoint which Pyne Gould strongly rejects.
The FMA has separately said that information about the existence of related parties and transactions such as lending money "is likely to be relevant to a potential investor" and investors must be able to understand key information about the benefits and risks of such transactions.