21 Mar 2013

Crown gives closing statement in Dominion Finance case

1:43 pm on 21 March 2013

A Crown lawyer has told a court related party loan transactions completed at the now defunct Dominion Finance Group were orchestrated and managed to mislead.

Dominion Finance Group collapsed in 2008 owing $400 million to about 6000 investors.

The firm's former chief executive Paul Cropp, former director Robert Whale and another person who has name suppression deny charges of theft by a person in a special relationship.

Former director Terence Butler is also charged but has terminal cancer and is not standing trial at this time.

In his closing address, Crown lawyer Brian Dickey told the court related party loans breached the terms of the former finance company's own trust deed.

He said the accused misused investor funds by entering into several unauthorised and highly imprudent transactions.

Mr Dickey said the loans remained hidden for years from most of the directors, trustees, auditors and the investing public.

He said this allowed the company to present a loan book that looked better than it really was.