Commerce Minister Simon Power shared that, questions have been raised about the auditors' advice to the Board pertaining to the court's decision to exonerate unsuccessful carpet Company Feltex's five Directors of Financial Reporting Act charges.
Though, the names of the five Directors have now been cleared of criminal charges, but other deters will face obstacles from seeking public directorships after their fight of the two-year court battle.
Yesterday, when all five of them were found not guilty of Financial Reporting Act breaches, they shared that they will get back to their normal life. But the Company's former Chief Executive, Peter Thomas was annoyed that such a case was brought against them, after each of the prosecution's arguments were rejected by the Auckland District Court Judge Jan Doogue.
He said, "If you were a director sitting out there contemplating public director life and you see the way this case has been conducted - would you"?
They had to face fines of up to $100,000 each, if they had been found guilty.
Peter Hunter, Peter Thomas, Michael Feeney, John Hagen and former Chairman Tim Saunders held a press conference at the Auckland offices of their law firm Bell Gully, yesterday afternoon.
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