NZME pleads guilty to charge re sale of magnets on GrabOne
NZME Limited. 2-4 Graham Street, Private Bag 92198, Victoria Street West, Auckland.
1
MARKET ANNOUNCEMENT
7 March 2023
FOR IMMEDIATE RELEASE
NZME pleads guilty to Fair Trading Act charge about sale of magnets on GrabOne
AUCKLAND, 7 March 2023: Further to the market release dated 16 December 2022, NZME
Limited (NZX: NZM, ASX: NZM) (“NZME”) advises that its subsidiary, NZME Advisory Limited
(formerly called GrabOne Limited), has today pleaded guilty in the Auckland District Court to
one charge brought by the Commerce Commission of breaching section 31(5) of the Fair
Trading Act 1986 by supplying unsafe magnet sets via GrabOne, between October 2020 and
September 2021. NZME divested the GrabOne business and assets in October 2021.
As previously announced, NZME has fully cooperated with the Commerce Commission
investigation into the matter, including undertaking a voluntary product recall process, which
was completed in July 2022.
Penalties for the charge to which NZME Advisory Limited has pleaded guilty will be
determined in due course. As previously notified, based on the maximum penalties available
under law for the charges and the insurance policies that NZME holds, these proceedings
are not expected to have a material effect on the financial position or profitability of NZME.
ENDS
For further information please contact:
Kelly Gunn
GM Communications – NZME
+64 27 213 5625
Kelly.gunn@nzme.co.nz
Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.
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