Finance directors get 200 hours' community work

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 Australian-based failed finance company directors will commute to and from New Zealand to serve sentences of community work.

OPI Pacific Finance directors Mar Lacy and Jason Maywald last month admitted making untrue statements in the offer documents of the company which collapsed owing $247 million.

The pair were back in Auckland for a very brief sentencing this morning, where they both received 200 hours of community work and were each ordered to pay A$100,000 to the company's receivers.

Lacy and Maywald both knew the sentences they were in for, having attended indication hearing in August before Justice Pamela Andrews.

Andrews, at that hearing, concluded that the pair's offending was more than just mere carelessness or misjudgement but not at the level of gross negligence.

They must now commute to perform unspecified community work in blocks of no-less than five days a time.

Lacy will start his in November and must complete his 200 hours by May while Maywald will start his in January and finish it by July.

Both men pleaded guilty to one charge relating to an OPI prospectus and one charge relating to an investment statement.

Prior to their admissions, 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 thousands of investors were owed $247 million.