HOLEPROOF INQUIRY INSPECTOR CHOSEN

Press, Volume CVI, Issue 31098, 29 June 1966, Page 21

HOLEPROOF INQUIRY INSPECTOR CHOSEN

(New Zealand Press Association) AUCKLAND, June 28. The Supreme Court today made an order by consent appointing Mr C. P. Hutchinson, Q.C., to act as an inspector in an investigation into the affairs of Holeproof Industries, Ltd., of Auckland. He is to make a final report of his findings to the Court.

The order was made under section 169 of the Companies’ Act giving the Court power to appoint one or more inspectors to look into a company’s affairs if fraud or misconduct is suggested. Holeproof Industries is owned by Factors, Ltd., of Melbourne, of which Mr Stanley Korman is chairman. Mr M. F. Chilwell, Q.C., with him Mr S. G. Lockhart, ‘appeared for the company. Mr Chilwell said he was instructed by the company to consent to the making of the order as moved. The directors had unanimously resolved that the application be consented to. ' “The affairs of Factors, an Australian company which owns all the ordinary shares in Holeproof Industries, have received such adverse publicity recently that the directors of Holeproof Industries, including Messrs H. S. Korman, welcome this proposed inquiry and hope that the inspector will complete it as speedily as possible,” he said. The order was applied for

by the Crown Law Office before Mr Justice Gresson. Mr E. R. Winkel of the Crown Law Office appeared for the Attorney-General.