‘Unreasonable’ fees about $10k

MTF says the total amount its fees in respect of 39 Sportzone loans may be unreasonable should come about $10,000.

In a release to the NZX on October 22, MTF notes the high court’s quantification judgement in the matter brought by the Commerce Commission. It doesn’t quantify the amount by which the fees are deemed unreasonable in terms of the liability judgement.

MTF notes precise quantification needs further calculations to be made by the commission and finance company, which both parties are working on. The calculations are almost complete, but subject to court consideration.

Angus Bradshaw, managing director of MTF, says: “On the basis of the further calculations – and pending consideration by the high court – the aggregate amount by which the MTF fees in respect of the 39 Sportzone loans would be said to be unreasonable would be less than $10,000.

“The calculations are based on the liability and quantification judgements. MTF considers those judgements are incorrect. Both are subject to appeal. The hearing in Wellington is set for November 19 and 20. MTF isn’t in a position to finally quantify any ultimate liability in relation to the 39 Sportzone loans or anyothers originated by MTF shareholders.”