2868

NEW ZEALAND GAZETTE, No. 97

17 AUGUST 2006

The tribunal also acknowledges that other parties were also
participants but are not before the tribunal but it is no
defence to ethical breaches that the employer was not bound
by such a code.

Although the tribunal noted that the member admitted in
particular 3.1, to participating in determining the sale price,
it was as a representative of the purchaser as opposed to the
vendor.

The member has obligations in respect of the fundamental
principles of the Code of Ethics but the tribunal finds that
the member’s belief was genuine and given the member’s
role, also reasonable except for the fact that the member
had a professional obligation to make reasonable inquiries
as to the validity of the transaction, which the member
was actively selling to clients who the member knew were
relying on their professional judgment.

The member also continued to support and champion the
investment opportunity without such inquiry long after
the member was alerted by the Inland Revenue investigation
that it might be defective. Against that, the member appears
to have borne the brunt of the investor interface and
management of the investigation without any obvious
economic benefit or incentive as the investors seem to have
mainly been the member’s clients.

Orders of the Tribunal

(a) Pursuant to Rule 21.31 (k) of the Rules of the
Institute of Chartered Accountants of New Zealand,
the disciplinary tribunal ordered that the member be
censured.

(b) Pursuant to Rule 21.33 of the Rules of the Institute
of Chartered Accountants of New Zealand, the
disciplinary tribunal ordered that the member pay
to the institute the sum of $17,196.85 (inclusive
of GST) in respect of the costs and expenses of
the hearing before the disciplinary tribunal and the
investigation by the professional conduct committee.

(c) Pursuant to Rule 21.52 (b) of the Rules of the
Institute of Chartered Accountants of New Zealand,
the disciplinary tribunal ordered that the briefs of
evidence and the financial details of the complainants
be suppressed.

In accordance with Rule 21.35 of the Rules of the Institute
of Chartered Accountants of New Zealand, the disciplinary
tribunal directed that the decision of the tribunal be published
in the Chartered Accountants Journal and the New Zealand
Gazette without mention of the member’s name or locality.

Right of Appeal

Pursuant to Rule 21.41 of the Rules of the Institute of
Chartered Accountants of New Zealand which were in force
at the time of the original notice of complaint, the member
may, not later than 14 days after the notification of this
tribunal to the member of the exercise of its powers, appeal
in writing to the appeals council of the institute against the
decision.

No decision other than the direction as to publicity shall
take effect while the member remains entitled to appeal or
while any such appeal by the member awaits determination
by the appeals council.

Dated this 10th day of July 2006.

R. J. O. HOARE, Tribunal Chairman.

gn5469

Departmental Notices

Agriculture and Forestry

Agricultural Compounds and Veterinary Medicines Act 1997

Notice of Application to Register a Trade Name Product (Notice No. 1545)

Pursuant to section 14 (1) of the Agricultural Compounds and Veterinary Medicines Act 1997, the Director-General of the
Ministry of Agriculture and Forestry hereby gives notice that the following application has been made to register a trade name
product under section 9 (1) of the Agricultural Compounds and Veterinary Medicines Act 1997:

Trade Name: Neptune EnCaps

Reference: P007530

Active Ingredient and Concentration: Bupirimate – 250g/L

General Use Claim: Fungicide for use on powdery mildew on apples. This product has a formulation type (capsule
suspension) that has not previously been registered in New Zealand for this active ingredient.

Any person may make a written submission to the director-general, under section 17 of the Agricultural Compounds and
Veterinary Medicines Act 1997, concerning any application notified above.

Such submissions:

(a) must state in full the reasons for making the submission;

(b) may state any decision sought on that application;

(c) must be received by the director-general no later than 30 working days after the date of notification in the New Zealand
Gazette; and

(d) should be forwarded to the address given below.

A copy of every submission will be forwarded to the applicant for their information.