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The boat fished between June 8 and 10 off Kaikoura, when the conditions were good.
In spite of the easy sailing conditions, during its return voyage to Wellington the back deck of the overloaded vessel flooded and it began to sink.
At 11.27am the master radioed a distress call and the crew launched a life raft, however they were unable to put on life jackets because the vessel sank too quickly.
Helicopters were mobilised but the four men were rescued by a local fisherman, who had launched his boat on hearing the distress call and took them to shore.
Maritime NZ investigated the sinking, and prosecuted the company, its director, and the master.
They pleaded guilty to three charges under the Health and Safety at Work Act, and the company also pleaded guilty to two further charges under the Maritime Transport Act.
They were sentenced in the Wellington District Court today.
Basile and McCauley each pleaded guilty to one charge of exposing people to risk of death or serious injury by failing in their duty to ensure, as far as reasonably practicable, people's health and safety.
Neither of the pair were aware the vessel's capacity was five tonnes, and only Basile had seen the vessel's "stability book", which sets the limit on loading and includes other safety information.
As well as this, the investigation also revealed Nino's had stopped paying wages to two of Victory II's crew after the sinking. Employers are required to pay seafarers' wages for two months following a sinking or until they have new employment.
Nino's pleaded guilty to not paying two of its workers after the sinking - one of whom was owed 47 days' pay.
Basile said they did not want to comment on today's outcome but they would be back to business and enjoying the sunshine.