SFO files charges against former Sacred Hill Vineyards executive and director
The Serious Fraud Office has filed charges against a former Sacred Hill Vineyards group executive and director alleging that he overstated the value of the company’s inventory in order to secure funding.
Richard Foddy faces 18 charges of false accounting (six false accounting charges have an alternate charge of obtaining by deception). He appeared in Hasting District Court today.
Mr Foddy is alleged to have 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.
Sacred Hill Vineyards and Sacred Hill Marlborough Vineyards went into receivership in May 2021. This case was referred to the SFO by receiver BDO Auckland.
The Sacred Hill brand continues to trade in the wine industry under new ownership, after Sacred Hill’s Hawkes Bay business interests were sold in November 2021.
“New Zealand’s economic strength relies heavily on its trade industries. Corporate fraud that undermines key sectors, such as viticulture, poses a direct risk to our economy, our productivity, and our international standing. The SFO will continue to treat these cases as a priority,” says SFO Director Karen Chang.
Mr Foddy is next scheduled to appear on 23 June 2026.
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