Former Sacred Hill Vineyards executive and director Richard Foddy is facing 18 charges of false accounting after allegedly overstating the value of the company’s inventory in order to secure funding.
The Serious Fraud Office (SFO) alleges Foddy artificially increased the value of Sacred Hill Vineyards’ wine inventory in quarterly stock valuation spreadsheets and on compliance certificates provided to lender Westpac.
The alleged offending is charged as happening in the financial years ending June 2017 to June 2019.
The case was referred to the SFO after Sacred Hill Vineyards and Sacred Hill Marlborough Vineyards went into receivership in May 2021.
“Corporate fraud that undermines key sectors, such as viticulture, poses a direct risk to our economy, our productivity, and our international standing,” SFO director Karen Chang said.
“The SFO will continue to treat these cases as a priority.”
Foddy is next scheduled to appear in court on June 23.
The Sacred Hill brand continues to trade in the wine industry under new ownership, after Sacred Hill’s Hawke’s Bay business interests were sold in November 2021.
Take your Radio, Podcasts and Music with you
Get the iHeart App
Get more of the radio, music and podcasts you love with the FREE iHeart app. Scan the QR code to download now.
Download from the app stores
Stream unlimited music, thousands of radio stations and podcasts all in one app. iHeart is easy to use and all FREE
