Wed, 19 May 2010 9:20 p.m. By Jono Hutchison
Kiwi porn businessman Steve Crow has been banned from holding the position of company director for the next four years. He has been served with a notice by the Ministry of Economic Development, but says it’s unfair. Crow is vowing to fight the ban.
“I got served at home on Friday night,” he told Nightline.
“I am banned for four years and it covers not just New Zealand – but New Zealand and Australia.”
The ban is under a section of the Companies Act [s. 385], which is designed to protect the public from directors with a history of unsuccessful ventures. It has been used previously against directors from failed finance companies Five Star Finance and Bridgecorp.
“Personally I don’t believe if I wasn’t Steve Crow and it wasn’t the adult industry, that it would have even raised a flag to anybody.”
The notice refers to four of Crow’s companies – two of which were struck off the Companies Register. The other two were placed in liquidation.
“It was really merging two companies back into one,” he says.
“We got caught by the downturn, there is no doubt about that. Worldwide it is acknowledged that this is the first recession that has actually ever affected the adult industry.”
If Crow doesn’t comply with the ban, he faces penalty of up to five years imprisonment or a fine of up to $200,000.
But he says his resignations won’t affect business much.
“I’m not really involved in the day-to-day management of the companies anyway,” he says.
“I’m more a business development sort of consultant-type person. Got staff running it, got very capable management people in place, so yeah – it is what it is.”
The Companies Office didn’t return a call from 3 News this afternoon, but it can expect to be hearing much more from Crow.
He says he hasn’t broken any laws and will be challenging the ban in the High Court.
See Video 3News Nightline 19 May 2010: Steve Crow interviewed on his our year ban as company director. Go to:
http://www.3news.co.nz/ (Available on Homepage or from there click “TV Shows”. Then Click “Nightline”).