A 66-year-old Christchurch businessman has admitted four representative fraud charges involving about $118 million related to the collapse of textile manufacturer LWR, which was placed in receivership in April 2009.
The charges against Kenneth James Anderson, who had been company director, were brought by the Serious Fraud Office. He had originally faced about 80 charges, but pleaded guilty on the morning when his judge-alone trial in the Christchurch District Court had been scheduled to start, when the list of charges was reduced to four.
The money was lost by Westpac in the LWR collapse. The SFO alleged that Anderson fabricated financial documents to obtain and continue loans with Westpac.
Judge Jane Farish remanded him on bail for sentencing on November 25.
The trial is going ahead before Judge Farish for another person, who has name suppression, who has pleaded not guilty to eight charges relating to a Westpac letter of credit.