Nathans Finance Loan Wouldn’t Have Been Paid

Stuff.co.nz:

A $12.5 million loan from Nathans Finance to its parent, VTL Group, to establish a master franchise for a vending business in Australia was never likely to be repaid, the High Court at Auckland heard today.

Australian master franchisee Rob Seymour is giving evidence in the trial of three directors of Nathans Finance which went into receivership in August 2007 owing $174 million to around 7000 investors.

Mervyn Doolan, Roger Moses and Don Young have all denied the 18 criminal charges relating to distributing prospectuses, advertisements and investment statements which included “untrue statements”. Read on…

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