In breaking news the Crown says it will not appeal against the acquittal of Feltex directors charged under the Financial Reporting Act.Five directors of the once NZX-listed Feltex carpets – Peter Hunter, Peter Thomas, Michael Feeney, John Hagen and
In breaking news the Crown says it will not appeal against the acquittal of Feltex directors charged under the Financial Reporting Act.
Five directors of the once NZX-listed Feltex carpets – Peter Hunter, Peter Thomas, Michael Feeney, John Hagen and former chairman Tim Saunders – were found not guilty two weeks ago.
They were charged with failing to publish a breach of Feltex’s banking covenants and not properly classifying an $A119.5 million ($NZ157 m) debt facility with the ANZ Bank in the company’s December 2005 half-year accounts.
Queen’s counsel Alan Galbraith and Paul Davison managed to convince district court judge Jan Marie Doogue the blame or any breaches lay not with the directors but with specialist accounting firm Ernst & Young.
A statement confirming the decision not to appeal the decision was due out later today.
