The Reserve Bank has welcomed a High Court decision to uphold the conviction and sentencing of Broadlands Finance Limited in relation to a breach of the Reserve Bank of New Zealand Act 1989.
Broadlands Finance pleaded guilty in the Auckland District Court to a breach of section 157L of the Reserve Bank Act, after failing to maintain the required number of independent directors on its board.
The company was convicted and fined $12,000 in August and subsequently appealed the sentence and the failure of the District Court to direct that the company be discharged without conviction. The High Court dismissed the appeal and upheld the District Court decisions on both matters.
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