Public listed companies can expect rise in shareholder activism, major legal reform – report

Source: Radio New Zealand

Public listed companies can expect to see a rise in shareholder activism as the economy continues to recover. RNZ / Rebekah Parsons-King

New Zealand’s public listed companies can expect to see a rise in shareholder activism as well as major legal reforms ahead as the economy continues to recover.

Legal firm Chapman Tripp’s latest Corporate Governance Trends and Insights report indicates big changes ahead for the boards of NZX companies.

“It’s a dynamic period for bold governors. There’s quite a lot of change going on in our own business. We’re confronting what artificial intelligence means for us, as are many businesses,” Chapman Tripp corporate partner Roger Wallis said.

“There’s a lot coming up. We’re coming out of a deep recession, so with that comes quite a few opportunities for boards to have a fresh think about how they can get the best outcomes for their shareholders and other stakeholders.”

He said there were likely to “some quite profound changes in the way that companies are managed” over the next two or three years.

“Some of that will come out of law reform. Some of that will come out of the needs of investors at the time, as the marketplace changes.”

Among the changes would be an increase in shareholder activism from large and small shareholders, which was expected to gather further speed over the next 10 to 15 years.

“The world in which boards operate has become more difficult and the statutory framework has struggled to keep up,” he said.

“Obvious examples of this are the emergence of social media and the intrusion of privacy that it allows, and the pendulum swing away from prescription and toward simplicity.”

Contributing factors for increased activism

  • Larger shareholders with deep pockets seeking to increase their stake and influence
  • A continuing flow of small shareholders to the share market, and their ability to mobilise through Sharesies and the New Zealand Shareholders’ Association
  • A complex mesh of challenges that businesses will have to negotiate – the AI revolution
  • environmental, economic and regulatory impacts of climate change, the changing geopolitical environment and what to expect as developed economies, including New Zealand, confront stubborn fiscal constraints and the social pressures they will generate.

The law reforms coming

“Reform of the governance statutory framework is very much on the agenda for 2026,” Wallis said, adding change had been coming for some years.

The Law Commission was expected to advance a review of directors’ duties, with the final report due before the end of 2027.

Wallis said the reforms would also include modernisation, simplification and digitisation changes to the Companies Act, including the long-awaited director role-holder identification number.

“There’s some things NZX can do to make things simpler for high growth companies — to make the settings more attractive, more flexible,” Wallis said.

“There’s a role to make it easier to convey information to investors using more modern technologies, but for the governors of those companies, that puts a special onus on them to make sure that investors are getting high quality information.

“And so there are some useful things that the government is working on with NZX to try and make the rules more useful for investors and less costly for issuing companies.”

Changes in board compensation

Wallis said there had also been a welcomed shift in board composition of the NZX Top 75 over the past nine years:

  • The proportion of women directors as of 31 March 2025 was 35 percent, compared with 29 percent in 2017 and 24 percent in 2015
  • Women comprised 25 percent of board chairs compared with 8 percent in 2017
  • Heavier preponderance of independent directors to 78 percent from 68 percent in 2017.

“I think it’s just recognition of the benefits of greater diversity of thought,” he said, adding the length of time directors sat on boards had also changed.

“On average it’s only six years. . . that’s a healthy thing, that there is turnover and change over time, so that people bring fresh perspectives.”

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Ardie Savea reigns supreme at New Zealand Rugby Awards

Source: Radio New Zealand

Ardie Savea. Kerry Marshall / www.photosport.nz

Ardie Savea’s performances across the year, in which he brought up his 100th Test, has seen him named the Kelvin R Tremain Memorial Player of the Year and All Blacks Player of the Year at the New Zealand Rugby Awards.

On the back of his superb season with Moana Pasifika, he was also named Super Rugby Pacific Player of the Year.

NZR CEO Mark Robinson said Savea had a level of consistency that is unmatched.

“He keeps raising the bar for what’s possible on an individual level, and brings his inspirational leadership to every environment. He is massively respected domestically and internationally.”

Meanwhile, superstar Braxton Sorensen-McGee added two more awards to her outstanding debut year.

After winning World Rugby’s Women’s 15s Breakthrough Player of the Year, the 19-year-old was named Black Ferns Player of the Year and New Zealand Age Grade Player of the Year.

Portia Woodman-Wickliffe (Ngāpuhi/Ngāti Kahu ki Whaingaroa/Ngāti Porou) also took home multiple awards, winning Super Rugby Aupiki Player of the Year and the Tom French Memorial Māori Player of the Year, acknowledging her on-field performance as well as being a role model for Māori within rugby.

The Black Ferns Sevens took out both Team of the Year and Coach of the Year, Cory Sweeney claiming the latter for a sixth time.

Rob Penney and Willie Walker were acknowledged as men’s and women’s Coach of the Year respectively, while Maggie Cogger-Orr was named Referee of the Year for the first time.

Full list of awards:

Fans Try of the Year –

Matt Fleming (Westlake Boys High School)

Super Rugby Pacific Player of the Year –

Ardie Savea (Moana Pasifika)

Super Rugby Aupiki Player of the Year –

Portia Woodman-Wickliffe (Blues)

Richard Crawshaw Memorial All Blacks Sevens Player of the Year –

Tone Ng Shiu

Black Ferns Sevens Player of the Year –

Jorja Miller

New Zealand Rugby Age Grade Player of the Year –

Braxton Sorensen-McGee (Auckland)

Rugby Club of the Year –

Waimate Rugby Football Club (South Canterbury)

Charles Monro Volunteer of the Year –

Jodi Taylor (Strath Taieri Rugby Club, Otago)

Community Impact Award –

Peter Hastings (Bay of Plenty)

Duane Monkley Medal (Bunnings Warehouse NPC Player of the Year) –

Josh Jacomb (Taranaki)

Fiao’o Faamausili Medal (Farah Palmer Cup presented by Bunnings Warehouse Player of the Year) –

Taufa Bason (Auckland)

Ian Kirkpatrick Medal (Bunnings Warehouse Heartland Championship Player of the Year) –

Keanu Taumata (Poverty Bay)

New Zealand Rugby Referee of the Year –

Maggie Cogger-Orr (Auckland)

Men’s Coach of the Year –

Rob Penney (Crusaders)

Men’s Team of the Year –

Crusaders

Women’s Coach of the Year –

Willie Walker

Women’s Team of the Year –

Blues

New Zealand Coach of the Year –

Cory Sweeney

Team of the Year –

Black Ferns Sevens

Māori Player of the Year –

Portia Woodman-Wickliffe (Ngāpuhi/Ngāti Kahu ki Whaingaroa/Ngāti Porou)

All Blacks Player of the Year –

Ardie Savea

Black Ferns Player of the Year –

Braxton Sorensen-McGee

Kelvin R Tremain Memorial Player of the Year –

Ardie Savea

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University of Auckland team uses umbilical stem cells to treat eye disease

Source: Radio New Zealand

If things went wrong, the stem cells could turn into other cells – like for hair or teeth – instead of eyes. 123RF

A University of Auckland team has made a breakthrough in using umbilical stem cells to treat an eye condition that can lead to blindness.

Professor Trevor Sherwin and his team have been using the cells to try to treat keratoconus, a disease of the cornea, the thin, clear dome on the front of the eye.

To be successful the stem cells had to be able to integrate into existing tissue before morphing into the right kind of cell. If things went wrong, they could turn into other cells – like for hair or teeth.

Sherwin told Nine to Noon that on Wednesday his team informed him of promising results – in lab tests on a donated, diseased cornea, the cells had started to create the right type of proteins.

For many people, corneal transplant was the only option to repair the eye if they developed keratoconus. Other treatments only slowed or stopped progress.

But there was a long wait list, and the tissue had to come from a deceased donor, he said.

The team was trying to find another way.

“Some people around the world are looking at how to grow a cornea in a dish as a replacement tissue for the lack of deceased donors etcetera. We’re taking a slightly different tack in that what we would really like to do is to be able to regenerate the cornea in situ, so, in the eye, in the person who needs the treatment.

“The way we would like to do that is to deliver some stem cells into the cornea and for those stem cells to integrate into the tissue and then regenerate that tissue in the patient themselves requiring no further surgery, hopefully.”

Keratoconus caused the cornea to become very thin and the cornea to develop a cone shape that meant the eye could not work how it was supposed to.

Professor Trevor Sherwin. Supplied / 123rf

The team was also developing potentially groundbreaking eye drops for the condition.

Sherwin said they were a combination of a growth factor and a steroid, and had shown in the lab they could force cells to create a protein not usually made after birth.

It was hoped that, when used with a special type of contact lens, the eyedrops could treat and reshape the cornea.

Again, it would mean people would not need a transplant.

The next step in the work was to go to clinical trials on people.

There were other treatments for keratoconus, but they only stopped or slowed the damage. They could not repair it.

The new methods were known as regenerative medicine.

“What we hope is by regenerative medicine we can restore the tissue and restore the function back that the patient lost as part of whatever event they suffered,” Sherwin said.

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House badly damaged by fire in Wellington’s Karori

Source: Radio New Zealand

The Hildreth Street house has been severely damaged. Bill Hickman / RNZ

A home in the Wellington suburb of Karori has been heavily damaged by fire on Thursday evening.

A woman is being treated for smoke inhalation but a firefighter at the scene on Hildreth Street said all other occupants had been accounted for.

Eight fire trucks responded to the fire. Bill Hickman / RNZ

Central Fire Communications shift manager Chris Dalton said the fire was well involved when firefighters arrived and work to extinguish it was well underway.

Fire and Emergency (FENZ) responded to the fire quickly and there was a truck already in Karori at the time, he said.

Eight vehicles in total responded to the fire, he said.

RNZ understands three people were in the building when it caught fire and were alerted by locals. A neighbour said the fire grew to a huge blaze in under 10 minutes and she rushed outside fearing the flames would spread to her home.

A member of the family who lived at the address said they were trying to get in touch with other family members to find a place to spend the night but their cellphones were still in the smouldering structure. However locals in area were also checking on the family to ensure they had a place to stay.

The firefighters were beginning to leave the scene at about 6.50pm but Hildreth Street remained closed to traffic.

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Black Caps v West Indies second test – day two

Source: Radio New Zealand

Justin Greaves celebrates with Roston Chase after his wicket of Devon Conway on Day 2 of the 2nd cricket test match between New Zealand and West Indies at the Basin Reserve. Andrew Cornaga / www.photosport.nz

The Black Caps and West Indies are locked in a tight tussle in the second cricket test in Wellington.

Having bowled the West Indies out for 205, the Black Caps lost 10 wickets on day two and managed a lead of just 73.

Surviving until stumps on day one, Tom Latham didn’t last long on the second morning, castled by Kemar Roach for 11.

It could have been further success for the Windies, but dropped on 29. Devon Conway went on to bring up a half century from 87 balls.

Kane Williamson joined Conway in the middle and the pair took the total past 100 from, 30 overs before Williamson lost his offstump on 37 to the bowling of Anderson Phillip.

Rachin Ravindra was removed by Kemar Roach for five, with Devon Conway’s luck running out shortly after as Justin Greaves had him strangled down the leg side for 60.

Phillip snagged his second when Daryl Mitchell edged one to Tevin Imlach while Mitch Hay passed 50 in his first test just before the tea break.

However, Hay did not last long after the resumption, caught on the deep square leg boundary by Roach for 61.

Glenn Phillips threw his wicket away with a wild slog off Roston Chase, offering an easy catch for Phillip with Jacob Duffy coming and going for 11.

After Blair Tickner dislocated his shoulder trying to stop a boundary late on Wednesday, the pace bowler was unable to take part on day two as the final pair of Zak Foulkes and Michael Rae chipped in a 16-run partnership before the Black Caps were dismissed for 278 for nine.

In reply, the West Indies lost both John Campbell and Anderson Phillip to find themselves 32 for 2 at stumps, still 41 runs behind.

The series is all square at 0-0 after the dramatic draw in Christchurch.

Play is set to resume at 11am.

Follow the action as it happened on day two:

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Newmarket Business Association calls for government help to deal with crime

Source: Radio New Zealand

Westfield Newmarket in Auckland. File picture. RNZ / Katie Doyle

Two years on from setting up its own security service a popular Auckland shopping precinct says it has slashed crime in its area, but it is appealing to the government for help with some people who are still falling through the cracks.

In the past year the Newmarket security team has recovered more than $170,000 of stolen product, dealt with 88 breaches of tresspass orders and 416 repeat offenders.

One person was involved in dozens of separate incidents.

The most stolen items in order are groceries, followed by clothing and then alcohol.

Newmarket Business Association chief executive Mark Knoff Thomas told Checkpoint there had been some very positive results.

The association initially had one security guard and one part-time camera operator when it started in 2023, but there are now five full-time security guards and one camera operator who are operating 24/7.

Knoff Thomas said they work very closely with the police which had helped considerably.

Three years ago crime in Newmarket was at another level with smash and grabs and ram raids, he said.

Nationally it seemed that a lid had been put on those types of crimes, he said.

“But retail theft is still bubbling away and I mean it’s costing New Zealand $2.6 billion a year.”

The Newmarket Security Team had dealt with 416 repeat offenders in the last year and Knoff Thomas said that was for a range of things including retail theft and anti-social behaviour.

There are about 30 schools in the surrounding area and many students use public transport and pass through Newmarket, he said.

But sometimes young people do make dumb decisions and offend, he said.

A different approach was taken to juvenile offending and the association did what it could to try and get them back on track, he said.

“With kids we try and intervene where we possibly can, try and get parents involved, try and get schools involved and see if we can kind of head them off in a different, in a more positive trajectory with some success.

“And there are some kids who you know they also go down the bad pathway and then we see them back years later as adults and they’re still reoffending.”

Some adults seemed to be falling through the cracks and not getting the support they needed despite some very good work by some agencies such as the New Zealand police, he said.

His group had been working with a range of other business associations to try and address the problem, he said.

“Trying to say ‘hey let’s fix this because this has been a problem for a very long time across multiple governments and we need to find a sustainable solution which is going to deliver some better lifestyles for these people who aren’t getting the help that they need.'”

One person who Knoff Thomas believed was falling through the cracks had been involved in 33 incidents.

Most of the time they were a lovely person but there were times when they behaved inappropriately in public when under the influence of alcohol or drugs, he said.

The person was in a cycle of being trespassed, arrested, processed and then released, he said.

“There really doesn’t seem to be a solution for someone like this person to give that person the help that they actually need in a sustainable way so they can actually have a better quality of life.”

A number of people were in that position and unable to access services they needed, he said.

Knoff Thomas said it was understandable that businesses would want to move on someone who was creating problems and potentially detering customers.

But the other side was where that person should go.

“These are questions which we’re looking at. There needs to be a linked together multi agency approach where services work in step and they’re not working in silos which they have done historically, they’re working together in unison and linking, holding hands, pulling this person through the steps that they need into a solution.”

Major issues include housing, mental health, health and may need to involve Ministry of Social Development and police, he said.

Long term solutions are needed when dealing with this type of reoffending and it needed bi-partisan agreement in government, he said.

“It needs to be coordinated and agreed upon, a multi agency approach which goes through time and not just through one political cycle.”

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High meth levels in water lead to Mongrel Mob arrests

Source: Radio New Zealand

RNZ / Nate McKinnon

Two gang members and an associate have been arrested in Hawke’s Bay following a six- month investigation into high levels of methamphetamine in wastewater.

Police executed five search warrants across the region and Hastings on Wednesday as part of Operation Tukutuki.

They found a quantity of methamphetamine, cash, a 3D-printed firearm and stolen property.

Detective Inspector James Keene said wastewater testing showed meth had an increasingly strong grip on parts of Hawke’s Bay.

“The element of surprise is vital, especially when organised crime networks are involved, so we went hard and early.

“Several warrants were executed simultaneously to reduce the people in this network tipping others off.

“We’re continuing to investigate, and we expect to lay more charges against the people who have been arrested.”

Three men, aged 39, 42 and 57 – two of which were patched Mongrel Mob members and the other an associate – appeared in the Hastings District Court on Wednesday, facing multiple charges of possession for supply, supply and conspiracy to supply methamphetamine and cannabis.

Keene said it was believed local gangs were pumping the drug into the area and were not worried about the damage they were inflicting.

The operation took six months, police said, not ruling out further arrests.

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Positive Ageing mobilises after council scraps aged working party

Source: Radio New Zealand

Mayor Max Brough. LDR /Te Korimako o Taranaki

New Plymouth’s Positive Ageing group has issued a call to arms over the council’s decision to scrap its Aged and Accessibility Working Party.

The working party is being disestablished under new Mayor Max Brough’s committee structure.

Positive Ageing is calling on members of Age Concern, Grey Power, Enable Taranaki and the Taranaki Disability Information Centre to join it at a council meeting 18 December to support a motion to retain the working party.

Spokesperson Gordon Hudson said a slim majority of the newly-elected councillors are keen to see this long-standing council committee scrapped.

“Not to save the minimal cost of having such a committee, but simply put, because the older adults and all those with disabilities in our community do not warrant the hassle of being recognised, respected and treated as people whose voice is important to them.

“Let’s rein in the ageist attitude of a little more than half the city councillors – good people that they are – they somehow cannot see the value of inclusion over exclusion, of respect over disrespect.”

Aged and Accessibility Working Party chair in the previous term and councillor Sam Bennett tried to get the new committee structure deferred at an extraordinary council meeting this week, but was voted down.

He was now expected to move a motion to retain the working at next week’s meeting.

At the meeting, Brough suggested the new Public Engagement Committee would set aside 30 minutes during its meetings to listen to issues related to age and accessibility concerns along with other interest groups.

“They will have an opportunity to have input into the decision-making process rather than reviewing decisions that have already been made.

“And there are internal working groups that work with outside interests and the intent has always been that there would be space for the aged and disability community in this area.”

Brough said this would be explained at next week’s meeting and he was happy to listen to deputations on the subject.

But that was cold comfort to Hudson.

“Let’s support the idealism and the realism of those councillors who do support the reinstatement of this committee.

“One thing is for sure, if this committee continues to be disestablished – it will be a very long process to re-establish it. It may be even gone forever.

It will be a decision that the current council will regret for a long time to come.”

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Local councils need to be doing more to prepare for flooding, report shows

Source: Radio New Zealand

Tasman weather – Riwaka, Motueka RNZ/Mark Papalii

A government report has found local councils need to be doing more to prepare for flooding and to mitigate the risks it poses to communities.

In a report tabled in parliament today, the Auditor-General found flood risk was not consistently understood nationwide.

It looked at how two councils, Tasman District Council and Waikato Regional Council, mitigate flood risks from rivers and other waterways and found both need to carry out more work to make better-informed decisions about intended levels of service for mitigating those risks.

Auditor-General Grant Taylor said appropriate planning, investment, and monitoring could reduce the impact of flooding.

“Communities need confidence that council flood defences are in the right places, built to the right standards, and properly maintained.”

The report made four recommendations, that the Tasman District Council prepare a framework to prioritise the maintenance and capital work needed for its flood protection infrastructure and prioritise improvements to its asset management processes.

It also recommended that both councils improve their understanding of flood risk, including by assessing the full impact of potential flooding for a range of flooding scenarios and improve their engagement with the public to ensure that their communities understand flood risk and the extent of flood protection in their regions.

The report said flooding was New Zealand’s most frequent natural hazard and its impact could be significant, disrupting critical services like roads and hospitals and energy and wastewater infrastructure.

It also caused disruption to livelihoods and in worst cases, loss of life.

Tasman weather – Riwaka, Motueka RNZ/Mark Papalii

The report said the recommendations in the report were relevant to all councils that were responsible for flood protection infrastructure, in order to mitigate flood risks effectively.

Report comes of the back of Tasman’s worst flooding in decades

The Tasman District experienced back to back storms in June and July, described as the worst in 150 years, that caused damage to farms and rural properties, with land lost to swollen rivers, crops inundated with silt and fences washed away.

More than 60 roads were closed due to flooding, landslips and fallen trees and hundreds of homes were assessed for damage with a small number deemed unliveable.

The repair bill after the floods is estimated at $48 million, with around three quarters of that covered by insurance payouts or government contributions, leaving just over $11m in costs to the council.

Of the total costs, an estimated $20m will be spent on the river network.

Office of the Auditor-General manager of performance audits Evaan Aramakutu said one of the weaknesses identified in Tasman was the council’s understanding of the condition of its flood protection infrastructure and the lack of a regular schedule of inspections.

“Waikato had a pretty systematic approach to inspecting all of their assets and updating their asset information around the condition. If they got a bit of wear and tear, would that affect their performance? Tasman didn’t have that, or not to the same extent as Waikato, so they tended to rely on the age of their assets or observations they’ve made when they’re out in the field to make decisions about renewals or maintenance work.”

Tasman weather – Riwaka, Motueka RNZ/Mark Papalii

Aramakutu said both councils had a good understanding of where flooding was likely to occur in their regions, but more work was needed to quantify the damage and the potential costs associated with it, to inform the spend on providing protection.

He said there would always be a trade off between the cost of flood protection and the risks it protected against, so councils needed good understanding of the community’s priorities and individuals needed clear information about what was protected and what wasn’t, so they could be prepared.

The Office of the Auditor-General would check back in with both councils around a year after tabling the report, to see what progress had been made on its recommendations.

Recommendations welcomed by councils

Both Tasman District and Waikato Regional councils welcomed the reports findings.

Tasman District Council said since the audit began last October and following the flooding in June and July of this year, it had begun a comprehensive overhaul of its asset information on data and information collection/management processes.

Flooding was the most common natural hazard the district had to deal with.

Tasman weather – Riwaka, Motueka RNZ/Mark Papalii

“While our current intended levels of service for our flood protection infrastructure are largely based on the design standard that the stopbanks were initially built to, we remain focused on ensuring long – term resilience and protection for our river and floodplains to continue benefiting those who live and rely on them.”

The council had taken steps to further inform the community, including release of a natural hazards map viewer and updated natural hazards information about flooding on its website.

It undertook community engagement on a natural hazards issues and options report earlier in the year to seek community views to inform work on the review of the Tasman Resource Management Plan’s natural hazards provisions.

Since 2024, it had reinstated annual community Rivercare meetings across the district to discuss river management activities, including flood protection. The most recent meetings were held in mid-November.

“At the core of our future objectives is a safe and resilient river network, delivered sustainably and in close collaboration with landowners.”

Waikato Regional Council chair Warren Maher said it had already progressed projects that addressed several of the report’s recommendations.

“We could do more,” he said. “The question is how much more can be done at a time when the central government has imposed rates capping, affordability is an issue for our communities, and significant changes are proposed to the structure of regional government.”

The council’s flood protection and land drainage assets include floodgates, pump stations, spillways and channels, as well as 620 kilometres of stopbanks, most of which are in the Waihou-Piako and Lower Waikato, some of which were developed in the 1960s. They are all supported by a network of automated rain gauges and river level/flow recorders.

The council estimates it will cost $2.9 billion over the next 50 years to operate, maintain and renew its flood infrastructure.

Maher said the report should give communities comfort the council was doing a good job when it comes to the management of flood protection assets, while at the same time providing direction for the ongoing understanding of flood risk.

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Christchurch couple jailed for operating a $4 million Ponzi scheme

Source: Radio New Zealand

Alexander Kokouri Tuira and his former partner Aroha Awhinanui Tuira were sentenced at the High Court at Christchurch on Thursday. RNZ / Nate McKinnon

A Christchurch couple have been jailed for operating a Ponzi scheme that defrauded 55 investors of nearly $4 million.

At the High Court at Christchurch on Thursday, Thomas Alexander Kokouri Tuira was was sentenced to six years, four months and the court ordered he must serve 45 percent of his sentence before being eligible for parole.

His former partner Aroha Awhinanui Tuira was sentenced to five years, two months imprisonment.

The couple had earlier pleaded guilty to two representative charges of obtaining by deception.

The pair targeted Māori communities over seven years between 2014 and 2021, paying some investors with funds raised from others, and spending the rest on themselves.

Thomas Alexander Kokouri Tuira, known as Alex. File picture. LINKEDIN

Between May 2014 and May 2021, the pair deceptively obtained $3.9 million through 106 transactions.

“They presented themselves as experienced, well-connected investors who could deliver returns for clients, when in reality they did not invest funds or operate an investment business,” the Serious Fraud Office said in a statement.

Many of the victims of their offending had limited prior experience in investing and the pair developed close personal relationships with investors before exploiting them.

SFO director Karen Chang said Ponzi schemes caused lasting harm to victims who lost not just their money but potentially their trust in others.

“The guilty pleas meant those affected were spared the stress of a trial, and today’s sentences hold the offenders to account for the significant harm they caused.”

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