Collapsed finance co. directors enter guilty pleas

Australian residents Mark Lacy and Jason Maywald this afternoon admitted making untrue statements in two OPI Pacific Finance offer documents from 2007. Photo / Nick Reed

Two company directors have pleaded guilty to making untrue statements in the offer documents of OPI Pacific Finance, which collapsed owing $247 million.

Australian residents Mark Lacy and Jason Maywald this afternoon admitted making untrue statements in two OPI Pacific Finance offer documents from 2007.

They each admitted one charge relating to a prospectus and one charge relating to an investment statement.

They were convicted by Justice Pamela Andrews in the High Court at Auckland this afternoon and are due to be sentenced next month.

The pair were due to go to trial with co-accused David Anderson and Craig White in October. That trial is expected to still start on time.

The Financial Markets Authority alleged 2007 OPI offer documents contained untrue statements relating to the performance and management of the business.

OPI provided finance to entities involved in commercial property investments and developments.

It went into receivership in September 2009 and was put into liquidation in November 2011. At the time 10,000 were owed $247 million.