Staff at New Zealand's market watchdog have spent nearly 13,000 hours so far working on the Viaduct Capital and Mutual Finance case. The Financial Markets Authority has also paid more than $1.65 million to external lawyers, investigators and other support services for the case. The FMA, under the Official Information Act (OIA), last month released a breakdown of external costs in the case so far. In response to a further OIA request, the FMA calculated it had spent $1.93m internally on the case up to the middle of June. Davis-Calvert said the FMA did record how much staff time had been spent on litigation matters and that 12,721 hours had been spent on the Viaduct and Mutual case since 2011.

Source: New Zealand Herald July 02, 2017 03:45 UTC