National Finance trio head to High Court

Allan Ludlow, Managing Director of National Finance. Photo / Supplied

The hearing for the National Finance directors has been rescheduled until next month at the High Court at Auckland.

The hearing was originally set to be heard today at the Auckland
District Court.

Directors Anthony Banbrook, Carol Braithwaite and Trevor
(Allan) Ludlow face criminal charges for alleged financial
reporting breaches.

The charges relate to their alleged failure to disclose material transactions between the company and related parties such as the Payless Cars companies and Great North Management.

The charges also relate to allegedly untrue statements in National Finance's registered prospectus.

The charges were laid by the Ministry of Economic Development's National Enforcement Unit in 2008.

The directors have not yet entered a plea.

National Finance was placed into receivership in 2006 owing investors $24 million. The company's core business was providing
finance for cars.