Market suspends Brocker shares

By PETER GRIFFIN

Auckland-based Brocker Technology has begun an investigation into accounting irregularities at its Australian branch.

The company's trading on the Nasdaq and Toronto Stock Exchanges have been suspended until it provides Nadsaq officials with more information. Staff from the firm's New Zealand headquarters are to carry out an investigation.



Nigel Murphy, marketing communications manager at Brocker, said the company's New Zealand management discovered the irregularities.

Brocker's vice-chairman, Michael Ridgeway, will oversee the Australian operations temporarily.

"He will keep the business running while we get to the bottom of what is going on," said Mr Murphy.

Brocker, which specialises in developing business-to-business communications products, was the second New Zealand company to list on the Nasdaq.

Last year it spent $37 million buying e-business specialist, Datec.

Before the suspension yesterday, Brocker shares were trading on the Nasdaq at around 50USc, down from a high of more than $US6.