The former director of a prominent Hawke's Bay vineyard has had 18 charges laid against him by the Serious Fraud Office (SFO), alleging he overstated the value of his company's wine inventory to secure funding.
Richard Foddy, former director of Sacred Hill Vineyards group, appeared in the Hastings District Court Tuesday facing 18 charges of false accounting — with six of those carrying an alternative charge of obtaining by deception.
The SFO alleged Foddy artificially inflated the value of his company's wine inventory through quarterly stock valuation spreadsheets and compliance documents provided to lender Westpac.
The alleged offending is said to have occurred the financial years ending June 2017 to June 2019.
Sacred Hill Vineyards and Sacred Hill Marlborough Vineyards later went into receivership in May 2021, with the case referred to the SFO by receiver BDO Auckland.
The company's Hawke's Bay business interests were sold in 2021, with the brand now trading under new ownership.
In July 2025, Foddy was banned from managing companies for nine years under the Companies Act 1993.
The Companies Office said he was prohibited from being a director, promoter, or otherwise taking part in the management of any company, following breaches under section 385 of the Act.
SFO Director Karen Chang said corporate fraud in key export sectors was treated as a priority.
“New Zealand’s economic strength relies heavily on its trade industries. Corporate fraud that undermines key sectors, such as viticulture, poses a direct risk to our economy, our productivity, and our international standing,” she said.
Foddy is next due to appear in court on June 23.
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