Rates Round Up

Clegg & Co directors facing charges
Failed finance company Clegg & Co.'s directors Brian Clegg and Pamela Nicholson-Clegg have been charged over statements in their 2005 and 2006 prospectuses, and face up to five years in prison.

They each face two charges over statements in the documents and five further charges of providing false information to a trustee over the extent of their lending. Clegg faces another charge relating to misleading the Securities Commission.

The company fell into receivership in October 2007, owing 500 investors some $15 million. The receivers handling the company said members of the public are still owed $8 million, and any remaining payouts aren't likely to exceed 10 cents in the dollar.

BNZ says tax bill won't impact on any debt or equity obligations
Bank of New Zealand has stressed it will not default on any debt or equity obligations following the High Court's ruling in favour of the Inland Revenue Department that could cost the bank some $654 million.