Judge critical of bank

Press, 15 November 1984, Page 24

Judge critical of bank

PAAuckland/r An Auckland High Court judge has criticised Broadbank’s handling of a. $467,582 loan to a Taupo helicopter company. Mr Justice Thorp said Broadbank was "more than usually casual” in its dealings with Ronald Albert Connell, aged 45, who he sentenced to three months jail on charges of theft by failing to account and false pretence. Defence counsel, Mr David Baragwanath, Q. C., said Connell had left school at 12 to support his mother, brother, and sister. "He was plainly a man with a burning ambition to better himself,” he said. He had no assets at age 30 but, within ■ nine years, owned a company employing 70 people and a fleet of 13 helicopters. His Honour described Connell as a “constructive, energetic, innovative businessman,” but said the offences were a “substantial and serious fraud” because unsecured creditors would bear a major part of the loss. The offences were a clear .and intentional misleading of Broadbank and were not simply “cutting comers or jumping the gun,” his Honour said.