The Aotea Finance group of companies has signed a settlement agreement with the Commission and will credit or refund current and former affected borrowers. The Aotea Finance group comprised four separate companies operating across Auckland, with a common director and common shareholders, and a single general manager. Since the start of 2015 the commission said it had received 30 complaints about the Aotea Finance group of companies. Aotea Finance has updated its disclosure documents and given borrowers the correct information, and has agreed to make some payments to affected borrowers," commission chairwoman Anna Rawlings said. If borrowers cannot be found or do not contact Aotea Finance, amounts unpaid after July 1, 2022 will be paid to a charity agreed between the commission and Aotea Finance.

Source: Stuff July 16, 2019 22:45 UTC