I hate to see people lose money and not get money that is due to them.The Securities Commission is actually earning its money in this case - I knew they were good for something!
Some 535 shareholders are still eligible for compensation from settlement of the Tranz Rail insider trading case. The names of these shareholders are listed on the Commission's website at www.seccom.govt.nz. They are invited to contact the Commission by 24 July 2009 for information about how to claim their compensation. Entitled shareholders will need to verify their identity and shareholding details. Full Press Release
The claim relates to the Fay Richwhite Trans Rail insider trading case where the aforementioned made a $27 million payment to the Securities Commission, without admitting guilt, to insider trading.
The case was unable to be proven by the Commission but there is clear evidence of the insider trading and most of us are aware of information that points to Messrs Richwhite's guilt.
The claim for those 535 shareholders with money outstanding is time limited, so get off your butt and contact the Securities Commisssion before the State gets it.
Just as an aside, funny that last year the same company was bought on behalf of the taxpayer under similar fraudulent circumstances by one Michael Cullen.
I wonder if the SEC COM will be chasing Mr Cullen?
Related Links
Securities Commission - Make your claim here
List of eligible shareholders
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