New Image fined $1.5m in first Takeovers Code penalty
Court order follows Panel investigation six years after takeover took place.
New Image group founder Graeme Clegg.
Tim Hunter
Wed, 29 Jun 2022
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The High Court has approved a penalty of $1.5 million on former listed multi-level marketing company New Image Group for breaches of the Takeovers Code during a takeover by founder Graeme Clegg in 2013.
It is the first time a pecuniary penalty has been imposed under the Takeovers Act.
The Takeovers
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Tim Hunter
Wed, 29 Jun 2022
Contact the Writer: thunter@nbr.co.nz
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