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Securities Commission member resigns
Securities Commission member resigns
Commerce Minister Simon Power has accepted the resignation of Securities Commission member David Jackson after it was announced last night that civil proceedings were to be filed against him in his role as a director of Nuplex Industries Ltd.
The resignation is effective immediately.
The Securities Commission announced it was to file civil proceedings against Nuplex and certain current and former directors for alleged breaches of its continuous disclosure obligations.
A statement of claim was to be lodged in the High Court at Wellington this morning.
Nuplex is listed on both the New Zealand and Australian stock exchanges.
Mr Power received Mr Jackson's letter of resignation shortly after the Commission issued its statement regarding its intention to issue proceedings.
Because the matter is now before the courts, Mr Power will be making no further comment
Background
David Jackson was appointed by the previous government as a member of the Securities Commission on 8 June 2005.
The Commission is seeking declarations of contravention, pecuniary penalties and compensatory orders. The Commission alleges that Nuplex breached its continuous disclosure obligations under the NZX listing rules and Securities Market Act 1988.
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