Suncorp has upsized to "at least A$700 million" its issue of Basel III compliant tier-two capital. The group said it had set the margin at 2.85 per cent over the 90-day bank bill rate. Suncorp said the final size of the offer would depend on the volume of applications accepted under the offer to shareholders. Stephen Smith, former director of failed New Zealand finance company Belgrave Finance, has pleaded guilty to 25 charges of fraud related to the collapse of the company in 2008. Smith pleaded guilty in the High Court in Auckland to all charges, including 19 under the Crimes Act of theft by a person in a special relationship; four charges of a false statement by promoter; one Securities Act charge of making an untrue statement; and one Companies Act charge of making a false statement to a trustee. The charges relate to more than NZ$18 million of loans made by Belgrave Finance to various related entities between June 2005 and March 2008. Reprinted from Business Desk