The lawyer for a former director of South Canterbury Finance says the Crown's case against his client lacks merit and is without foundation.
Former directors Edward Sullivan and Robert White and former chief executive Lachie McLeod are facing 18 fraud charges in the Timaru High Court relating to the $1.7 billion collapse of the company in 2010.
The defence lawyer, Pip Hall QC, completed his closing submissions for Mr Sullivan on Saturday and told the court the Serious Fraud Office investigation was led by an inexperienced case manager and the enquiry overlooked key documents.
He said Mr Sullivan would never recover from the personal and financial toll the Crown's allegations have had on him.
Earlier, the court was told the directors believed bank loans of $150 million, that were printed in a 2008 prospectus, were correct, despite a $50 million loan no longer being available.
Defence lawyer Marc Corlett said the directors did not dishonestly mislead investors.