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Two NZ finance companies fined $700k for misleading borrowers

May 30, 2018
Spreadsheet bank accounts accounting finance forensics with magnifying glass and pen. Concept for financial fraud investigation, audit and analysis.

Financial data (file picture). (Source: istock.com)

Companies run by former 1980s corporate high flyer Allan Hawkins have been fined $700,000 for misleading borrowers in breach of the Fair Trading Act.

Budget Loans and Evolution Finance have also been ordered to pay $53,000 in emotional reparations and there will be financial reparations.

The companies unlawfully added interest and costs to loan balances after property had been repossessed and sold.

Allan Hawkins, the former Equiticorp boss, was jailed in 1992 for six years for fraud.

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