Blair Bryant finally stepped down on Friday, more than two weeks after he was found to have lied about a previous bankruptcy.
A director on the board of a leading Christchurch technology firm has finally stepped down from his role, more than two weeks after it was revealed he had lied about a previous bankruptcy.
Blair Bryant filed for bankruptcy in the US in 2007 before being discharged the following year – however, he failed to disclose the incident to Powerhouse Ventures, despite being explicitly asked during his application.
Powerhouse spokesperson Greg Slade insisted the bankruptcy wouldn’t necessarily have excluded Bryant from the joining the board but said the deception was too great to overcome.
“People have their ups and downs, but the fact he didn't make that declaration made his position untenable to lead the company,” said Slade.
As a result, Bryant was immediately ousted from his role as chairman but he remained on the board because directors can only be removed by a shareholder vote – unless they resign voluntarily.
On Friday afternoon, the firm – which is listed on the Australian Stock Exchange – confirmed Bryant had finally stepped down amid mounting pressure.
"Today Mr Bryant resigned from his position of Director at Powerhouse,” newly-appointed chairman Russel Yardley wrote in a statement.
“This came after the Powerhouse Board called a shareholders meeting to discuss his removal,” he continued. “We can now advise shareholders that that meeting has been cancelled."
The news is likely to take some of the spotlight away from Powerhouse, which faced questions from investors over the efficacy of its background checks.
"It doesn't reflect well on anyone. We feel misled and some shareholders are asking why we didn't do our due diligence,” Slade told Fairfax, soon after Bryant’s deceit was uncovered.
“Well we did, but we didn't go back 12 years ago. We took it as read. It's not a good situation all round.”
