A banned company director who has gained notoriety for his dishonesty, multiple legal threats and whimpish behaviour has again come under the spotlight today.
Bernard Terence Whimp, a convicted burgler and former bankrupt, was banned for five years from managing, promoting or directing any company: the ban commenced on 19 April 2007 and ends on 19 April 2012 according to the Companies Office website. And yet despite this disqualification (the maximum ban that can be imposed under the Companies Act 1993), he has seen fit, as a controller in a number of limited partnerships, including Energy Securities LP and NZ Investment Secirities LP, to target thousands of shareholders in at least six NZX-listed companies; sending them unsolicted letters offering to buy their secutities: letters that contain “misleading” and/or defective documentation.
The Secuties Commission has issued an order against Mr Whimp, as serious questions hang over the level of honesty and transparency involved in these communications with shareholders. [Read more…]