Power appoints former Capital + Merchant director to chair Public Trust, replacing Donal Curtin

State Owned Enterprises Minister Simon Power has announced the replacement of Donal Curtin as the chairman of the Public Trust with former Capital + Merchant director Trevor Janes. “Trevor Janes is an experienced company director who has served on the Public Trust Board since June 2009, and I'm delighted he has accepted this challenging role," Power said. Capital + Merchant is widely viewed as the worst of the finance company collapses, with shocking examples of related party lending and Ponzi-like activity in the final months of its collapse. Investors are expected to receive none of their money back. Other directors have been charged with criminal offences. Here's the latest KordaMentha report on the Capital + Merchant receivership. Here is the latest Grant Thornton report on Capital + Merchant's receivership. Janes has not been charged, but was one of the directors that signed off on Capital + Merchant's August 2006 prospectus that is the subject of the criminal charges over investors being misled. He resigned as a director 15 months before its November 23, 2007 receivership. Curtin has been bound up in controversy, given his role on the investment committee for Vestar, a group of financial advisers who recommended a line-up of finance companies that failed. Curtin stood down as Deputy Commissioner of the Commerce Commission in September 2008 and faces court proceedings over his role as a Vestar consultant. Here is Janes' CV from the Minister's office below:

Trevor Janes, of Auckland, is an experienced director and holds a number of board positions including Deputy Chair of Abano Healthcare, director of Salvus Strategic Investments Limited and Procare Health Ltd. He has served on the Mighty River Power Board since 2005 and was appointed as Deputy Chair in November 2009. He was appointed to the Board of Public Trust in June 2009. He is also a Member of the Investment Committee of the Board of Accident Compensation Corporation, chairs the Risk Assurance and Audit Committee of Mighty River Power and is chairman of Trinity Hill Limited. Previously, he has held directorships with Accident Compensation Corporation, Capital and Merchant Finance, Catalyst Injury Management Limited, Auckland District Health Board, Watercare Services and Housing New Zealand.