Yesterday, media reported Sir Doug read from a prepared statement, telling the court that Lombard's board had no role in day-to-day decisions regarding matters such as loan approvals and monitoring the organisation's loan book.
Former Justice Minister Sir Doug Graham will take the stand in his own defence again today in the High Court in Wellington.
The former chairman of failed finance company Lombard is on trial, along with two fellow Lombard directors and the firm’s ex-ceo, facing Securities Act charges of making false statements to investors relating to the financial position of the company. The men have all pleaded not guilty.
Yesterday, media reported Sir Doug read from a prepared statement, telling the court that Lombard's board had no role in day-to-day decisions regarding matters such as loan approvals and monitoring the organisation's loan book.
Sir Douglas said it was appropriate for the board to rely on Lombard's management to run the loan book in appropriate commercial manner and to raise with the board any non-compliance, Radio NZ reported.
Lombard Finance collapsed in April 2008 owing $127 million to more than 4,000 investors – or almost $32,000 each.
On trial with Sir Doug are Lawrence (Lawrie) Roland Valpy Bryant, assistant press officer to the Queen between 1970 and 1974, director William (Bill) Patrick Jeffries, a Wellington barrister, who was a former Labour justice and transport minister and former Lombard chief executive Michael Reeves.
The trial, which is set down for six weeks, is proceeding.
