Grant Thornton Resigns as Auditor of New Zealand Auto Group

Grant Thornton has resigned as auditor of a leading New Zealand used auto group, after the resignation of several company bosses and a warning that it could lose its banking lines.

NZ Automotive Investments Ltd. said in a stock exchange announcement Wednesday that the auditor had resigned “effective immediately.” Three of NZ Automotive’s independent directors had resigned in July, and the company warned earlier in August that it could lose its financial backing.

• “Grant Thornton will co-operate with the incoming auditors as appropriate to ensure a smooth transition,” NZAI said in a statement, with the search for another auditor beginning ...