21 Dec 2011

RIS Group censured and fined

12:22 pm on 21 December 2011

RIS Group has been publicly censured and fined $70,000 for breaching stock market rules.

Two directors resigned without notice in April, leaving the alternative-market listed company without the required two resident New Zealand directors.

The resignations also meant the company did not issue its full year results or annual report on time.

The Markets Disciplinary Tribunal says reporting requirements are fundamental to the integrity of the market, and it takes breaches of the rules very seriously.

As well as a public censure, it has ordered RIS to pay $70,000 and the costs incurred by the tribunal and the NZX.

Shares in RIS have been suspended from trading since 21 September.

The company has until 18 January to issue its annual report and until the end of January to appoint two new directors.