Posted on: Tuesday, October 26, 2004

BUSINESS BRIEFS
Airline told to cease and desist

Advertiser Staff

The Securities and Exchange Commission announced details of a settlement reached last month with Hawaiian Airlines for concealing information about the airline's financial losses in 2002 while the company's chief executive officer engineered a stock buyback.

The SEC ruled that Hawaiian violated federal securities law by conducting the buyback in which a partnership controlled by then CEO John Adams received more than $17 million. The SEC ordered Hawaiian to "cease and desist from committing or causing any violations and any future violations" of SEC regulations.

Under a separate SEC settlement stemming from the same case, the partnership agreed to pay $2.46 million to Hawaiian shareholders for keeping the financial losses secret. Hawaiian was not assesed a monetary penalty.

Japanese favor Asia, Hawai'i

Nearly half of Japanese independent travelers surveyed by travel reservation Web site, Tabini.com, have visited Hawai'i, according to Tokyo-based Travel Journal International.

The poll, taken this spring of nearly 9,000 Web site members, showed 49.8 percent of Japanese independent travelers said they have traveled to Hawai'i. Hawai'i was second to Asia, which was visited by 71.2 percent of respondents.

MacFarms picks new president

Hilary Brown has been named president of MacFarms of Hawaii, the company announced today. Brown, a 33-year veteran of the macadamia industry, has worked at MacFarms for 22 years, most recently as general manager.

MacFarms of Hawaii maintains nearly 4,000 acres on the South Kona coast. It was founded in 1977 and employs 190 people.