27 Oct 2010

Five Star director admits theft charge

12:37 pm on 27 October 2010

A former director of failed finance company Five Star Consumer Finance has pleaded guilty to theft.

Marcus Arthur MacDonald pleaded guilty at the Auckland District Court on Wednesday following charges by the Serious Fraud Office (SFO) that he misused company funds.

Other former Five Star directors Nicholas Kirk and Anthony Bowden, and manager Neill Williams, are yet to enter a plea.

Five Star Consumer Finance collapsed in 2007, owing $54 million to about 2300 secured debenture holders.

Its stable mates, Five Star Finance, and Five Star Debenture Nominee, were later placed in liquidation.

The directors are also facing separate charges brought by the Companies Office relating to financial reporting.

Mr MacDonald will be sentenced on 22 December.