14 May 2016

Vivier & Co removal from register ruled valid

5:00 pm on 14 May 2016

A financial services company headed by controversial businessman Luigi Wewege will be removed from the Financial Service Providers Register after losing a case before the Court of Appeal.

Luigi Wewege.

Luigi Wewege. Photo: RNZ

In June last year, Vivier & Co was struck off the register by the Financial Markets Authority following an investigation, but the High Court overturned the decision.

The FMA appealed the High Court's decision and has now won after the Court of Appeal ruled it had every right to decide if the company's registration was misleading or damaging.

The investigation related to a news article that accused the company of tax fraud and linked it to dodgy sub-prime mortgages in Ireland.

The article also said the company provided no services in New Zealand.

At the time, Mr Wewege said the article was inaccurate.

The High Court found the FMA failed to provide the company with critical information, including the news article.

Mr Wewege, who was involved in the revelation of an affair by Auckland mayor Len Brown, is listed as a director of the boutique financial services company.

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