At a hearing of the Disciplinary Tribunal of the Institute of Chartered Accountants of New Zealand held on the 24th day of December 2002, the tribunal considered an application from the professional conduct committee of the institute
for interim suspension from membership of Philip Roger Young, chartered accountant of Hamilton, on the grounds that the member had improperly operated associated
finance entities in breach of Ethical Provisions 53 and 54 of the Institute's Code of Ethics. Evidence was presented to the tribunal to show that:
? as a director and shareholder of Omega Finance
Limited and Omega Group (NZ) Limited, the member had borrowed monies from these companies in his own name or through his practising company, Progressive Business Centre Limited, and had failed to have the financial statements of the associated finance entities audited.
? as a director and shareholder of Baywater Finance Limited (now in receivership), the member permitted the company as an issuer to receive funds from members of the public without a current prospectus.
The tribunal resolved unanimously, pursuant to Rule 21.20 of the Rules of the Institute of Chartered Accountants of New Zealand issued under the Institute of Chartered Accountants of New Zealand Act 1996, to suspend Philip Roger Young from membership on the following terms:
(a) The tribunal is satisfied that it is necessary and desirable, having regard to the interests of the
public, that Philip Roger Young be suspended
from membership of the Institute of Chartered Accountants of New Zealand pending the further order of the tribunal.
(b) Following the expiration of 21 days from the giving of notice of this decision to Philip Roger Young, notice of the suspension be published in the Waikato Times, the New Zealand Herald, the New Zealand Gazette and the Chartered Accountants Journal of New Zealand.
Dated this 3rd day of March 2003.
ANTHONY N. FRANKHAM, Chairman, Disciplinary Tribunal.