News Round Up

Former Tower employee guilty of fraud, Deposit Rates Briefs including the latest Bridgecorp news, NZX capital raising up, House prices hold.

Monday, July 9th 2007, 4:55AM

Tower has confirmed that a former employee was sentenced in court last week having previously pleaded guilty to five charges including forgery, using a forged document and obtaining by deception.

The court has granted temporary name suppression until a further hearing in three weeks' time.

Tower says its very stringent financial and audit controls identified an irregularity which was promptly investigated. The company raised its concerns with the former employee who immediately resigned. The police investigated the matter after Tower notified them and brought the prosecution proceedings. Tower says it has recovered the full amount of money involved.

Deposit Rates Briefs
PropertyfinanceSecurities issues more rated bonds, Generator says it is not exposed to US sub-prime market. [Details at depositrates.co.nz]

Also included on the site is the latest news on the Bridgecorp collapse. [CLICK HERE]

NZX capital raising up, value traded down
Sharemarket operator New Zealand Exchange Ltd (NZX) is reporting strong growth in first half capital raising but declines in the total value traded. [MORE].

House prices hold but fewer buyers and listings
QV's June statistics show growth in national property values at 12.2% over the past year; an increase from the 11.1% reported in May.

QV spokesperson Blue Hancock says, "The feedback from the market is that there is a slowdown in activity, with fewer buyers and listings in many areas". [READ ON for more information including what's happening in the main urban areas].

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Sovereign takes regulation bull by the horns »

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