It was "pretty galling" former information technology manager Michael Swann, who defrauded the Otago District Health Board of $16.9 million, was allowed to sell some of his assets to help fund his legal bill, chairman Richard Thomson said.
"At the time the board made the decision to go ahead with the civil case [to recover its losses] we had the view on a good day we might get $6 million.
"Our expectation now would be slightly less than that because some has been spent on legal fees and property is not worth what it was a year ago."
Michael Swann and his friend and business associate Kerry Harford were convicted on Friday of stealing almost $17 million from the board during a six-year period starting in 2000.
The board has to wait for the outcome of any possible reparation orders which might be made at their sentencing early next year, or failing that, continue to pursue its civil claim before it can begin to recover any costs.
Once the board had filed its civil case, which originally named 19 defendants, the court froze assets which cannot be disposed of without its permission.
"Up until now, Swann has been able to periodically get court orders to have some of those assets released so they could be sold to fund some of his legal expenses," Mr Thomson said.
The board had identified numerous boats, motor vehicles and property, which could be worth anywhere between $4 million and $10 million, but determining values was difficult, Mr Thomson said.
For example, there was a boat sitting in Dunedin harbour doing nothing but being pumped out every now and again, and the question could be asked was it an asset or liability?
"The public would have it worth millions, but it may well be worth nothing more than scrap."
Harford has already reached a confidential settlement with the board for his part in the civil action.
