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#41 User is offline   hukildaspida 

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Posted 11 February 2013 - 01:27 PM

Dominion Finance trial begins today
By Hamish Fletcher hamishfletcher
7:30 AM Monday Feb 11, 2013


http://www.nzherald....jectid=10864637

The Serious Fraud Office trial of three men associated with the collapsed firm Dominion Finance is due to begin in Auckland this morning.

Dominion Finance Group and North South Finance were operating subsidiaries of the NZX-listed Dominion Finance Holdings. Both offered property and commercial loans.

DFG went into receivership in September 2008, and NSF went into receivership in July 2010. DFH entered voluntary administration in October 2008 and was placed in liquidation in February 2009. It is estimated the group owes creditors $400 million.

In a case brought by the SFO, former Dominion Finance director Robert Barry Whale and former chief executive Paul William Cropp and an accused with name suppression face charges of theft by a person in a special relationship.

The trio's judge-alone trial, in the High Court at Auckland, is expected to last around four weeks.

Former Dominion director Terence Butler was facing court action with the other defendants, but was excused in late November because he has cancer.

By Hamish Fletcher hamishfletcher Email Hamish

___________________________________________________

Looks like having cancer may be latest trend internationally for been excused to appear in Court on criminal charges.


http://www.news.com....9-1226575698179

Rock guitarist trial dumped due to illness

AAP
February 11, 2013 7:52PM


Read more: http://www.news.com....9#ixzz2KgdHdD00

FRAUD charges against a former rock guitarist have been dropped due to his ailing health.

Kevin James Peek, a guitarist in the 1970s group Sky, was charged in 2011 with more than 200 offences of gaining benefit by fraud.

He was alleged to have been involved in activities that related to the collapse of a West Australian company.

Peek was due to stand trial in the Perth District Court in April, but is being treated for cancer.

Chief Judge Peter Martino agreed with lawyers on Monday that Peek was not fit to stand trial and vacated the matter.

Read more: http://www.news.com....9#ixzz2KgdPMaYZ
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#42 User is offline   hukildaspida 

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Posted 11 February 2013 - 01:31 PM

http://www.nzherald....jectid=10864679

Dominion Finance: Ridge to be called as witness

By Hamish Fletcher hamishfletcher
1:12 PM Monday Feb 11, 2013

Evidence from former All Black and Warriors' captain Matthew Ridge will be presented in the trial of three men associated with the collapsed firm Dominion Finance.

In a case brought by the Serious Fraud Office, former Dominion Finance director Robert Barry Whale, former chief executive Paul William Cropp and an accused with name suppression face charges of theft by a person in a special relationship.

Whale faces five counts for theft by a person in a special relationship while Cropp faces four, and the man with name suppression faces three.

The trio pleaded not guilty as the proceedings began in the High Court at Auckland this morning.

"All counts allege that the accused knowingly and deliberately breached requirements of one or other of the debenture trust deeds,'' Crown lawyer Brian Dickey said in his opening statements this morning.

A debenture trust deed dictates the terms and conditions between debenture holders (investors) and the company accepting the funds.

Some charges in the case relate to an alleged related-party loans made by Dominion totalling almost $14 million to a luxury Remuera construction project.

"Both of these loans were made to fund related parties involved a in problematic luxury apartment development located at 2 Bassett Road in the Auckland suburb of Remuera,'' Mr Dickey said in his opening statements.

Mr Dickey said in court this morning that the history of this development began in 2002 when Matthew Ridge's company, then named M3 Developers Ltd, purchased the land for the project with a $2.58 million loan from Dominion.

"The idea was to develop 11 luxury apartments on the land,'' Mr Dickey said.

"By late 2003 and early 2004, Mr Ridge was having major problems with the development. By 2004, the development was literally a big hole in the ground filled with water. By June 30, Bassett Road Ltd (another Ridge company) owed Dominion more than $6,000,000,'' the lawyer said.

Mr Ridge was looking to sell the development and approached Terry Butler and Brendon Wilson from Dominion inquiring about anyone who could buy it, Mr Dickey said.

Mr Butler, a Dominion director, then contacted another man, John Williams, to see if he wanted to purchase the development from Mr Ridge, the lawyer said.

Mr Williams did not have the money to purchase it himself but was prepared to take on the project because it was agreed it would be financed by Dominion, Mr Dickey said.

This happened through an entity Mr Williams fronted - Norfolk Manor Ltd. Norfolk was to be a joint venture in which Mr Butler would underwrite six units of the apartment project, Mr Williams would be responsible for two units and the other three units would be pre-sold.

In 2004, Dominion received an application for finance from Norfolk Manor for $6.6m and this was later accepted.

"The application does not contain any reference to a joint venture agreement,'' Mr Dickey said.

Mr Ridge then signed a sale and purchase agreement to sell the Development to Norfolk for $5m and the property title was transferred in August 26 on that year.

"Mr Williams did not negotiate the purchase price of $5 million with Mr Ridge prior to the purchase. The price was suggested by Terry Butler and he accepted it as part of the deal. Mr Williams did not even meet Mr Ridge until just prior to the sale and purchase agreement being signed,'' the lawyer said.

Ridge's evidence will be called during the proceedings, Mr Dickey said.

Because of difficulties the development ran into, Dominion made further advances to the Bassett Rd apartment project until it was completed.

By early 2008, Norfolk owed Dominion $8.7m, the court heard.

"Because of the joint venture agreement, this was clearly a related party loan in breach of the Dominion Trust Deed,'' Mr Dickey said.

"Whale was involved in preparing and reviewing some of the key documentation, approving the loan and witnessing the signing of the joint venture agreement,'' the lawyer said.

The trial continues.
By Hamish Fletcher hamishfletcher Email Hamish
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#43 User is offline   hukildaspida 

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Posted 14 February 2013 - 01:42 PM

http://www.stuff.co....on-Finance-case

Judge steps down in Dominion Finance case

WILLIAM MACE
Last updated 18:54 13/02/2013


A perceived bias towards Dominion Finance director Robert Barry Whale has caused High Court Justice Pamela Andrews to step down from hearing the trial of the defendant and two others accused of theft.

In her published decision just released Justice Andrews said she was a partner and consultant for law firm Kensington Swan before she became a judge, but only yesterday did she discover that Whale had also been a partner between 1996 and 2001.

The judge raised the issue with lawyers involved in the case and while Whale’s counsel Paul Davison QC and the Crown prosecutor did not object to Andrews continuing with the case, lawyers for both the second defendant Paul Cropp and another defendant, who cannot be named, applied for the judge to recuse herself.

Justice Andrews said she had no recollection of Whale being a partner of the law firm and did not recall having had any personal dealings with him.

She said that none of the lawyers had previously brought the matter up with her, however the judge revealed that a potential issue had been raised over another link to one of the witnesses due to testify in the case.

Lawyers on both sides agreed before the trial that Justice Andrews’ past link to the witness would not pose a conflict of interest.

"‘Notwithstanding that the legal partnership with Mr Whale ceased in 2001, any legal partnership requires, as between the partners, trust and good faith," said Justice Andrews.

"‘For that reason I have concluded that I must not continue to try this case.

"A fair-minded lay observer might well have concerns as to whether a judge could bring an impartial mind to resolving issues of credibility in respect of a former legal partner of the judge.

"I have no doubt that, had I recalled the partnership when I was assigned to this trial, I would have declined to try the case for the reasons I have set out above.

"I am satisfied that my approach should not differ, now that the trial has begun."

A new trial has been set in the High Court at Auckland for next Monday to be heard by Justice Graham Lang, who was confident he had no conflicts.

Former Dominion Finance director Robert Barry Whale faces five Crimes Act charges, former chief executive Paul William Cropp faces four charges, and another person who has name suppression faces two charges in the trial which began on Monday.

Dominion Finance collapsed into receivership on September 9, 2008, owing more than 5900 public debenture investors $176.9 million, and a further $56m to ASB and Bank of Scotland International.


Receivers estimate investors could receive between 10 cents and 25c in each dollar they invested, but with no prospect of recovery of any interest owed.

--

- © Fairfax NZ News
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#44 User is offline   Rosey 

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Posted 14 February 2013 - 02:27 PM

Do ACC invest in Infratil?
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#45 User is offline   hukildaspida 

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Posted 21 April 2013 - 03:44 PM

Former Dominion director Terence Butler has since passed away.

http://notices.nzher...335#fbLoggedOut


Terence Maxwell BUTLER
Obituary


BUTLER, Terence Maxwell (Terry). Ann, Jo and Hayden together with their extended family are deeply saddened to announce Terry's death on Thursday 28 March 2013, at the Mercy Hospice, Ponsonby, Auckland.
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#46 User is offline   hukildaspida 

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Posted 14 June 2013 - 05:54 PM

In our opinion these sentences are not very long taking into consideration they stole funds belong to injured persons.

The sentences are, in our opinion, disproportionate in comparison with the sentences some injured persons have received for lessor alleged offending against http://www.acc.co.nz, of note those whom endeavored to rightfully return to work through wrongfully not having `abated earnings compensation' taken into account firstly to reduce their independence on http://www.acc.co.nz


Home detention for Dominion Finance collapse
LAURA WALTERS
Last updated 10:37 14/06/2013


http://www.stuff.co....inance-collapse
Ann Butler

John Selkirk
Former Dominion Finance director Barry Whale at his sentencing in the Auckland High Court


Two former Dominion Finance directors have been sentenced to home detention for their part in causing investor losses totalling $176.9 million.


At the High Court in Auckland this morning Justice Robert Dobson sentenced commercial lawyer and former Dominion director Robert Barry Whale to 12 months' home detention, 250 hours of community service, and ordered him to pay $75,000 in reparations to the company's receivers.

Whale originally pleaded not guilty to seven charges brought by the Financial Market Authority (FMA) under the Securities Act, but changed his plea at the end of last month.

Whale was acquitted on five charges of theft brought by the Serious Fraud Office (SFO) last month.

Former Dominion director Ann Butler was sentenced to nine months' home detention, 80 hours of community service, and ordered to pay reparations of $300,000 to the company's receivers on seven FMA charges of misleading investors under the Securities Act.

The charges included making untrue statements in a Dominion Finance Group prospectus and investment statement, and making untrue statements in a North South Finance prospectus and investment statement.

Butler also pleaded guilty to the charges last month.

Justice Dobson said letters and prospectuses issued to shareholders included untrue statements that were in the market for nine months, which made the level of offending "relatively serious".

The charges were laid by the FMA against all directors of Dominion Finance after it collapsed into receivership in 2008, owing more than 5900 public debenture investors $176.9 million.

North South Finance, a subsidiary company that operated under the same directors, was placed in receivership in 2010 owing $31m to 3900 investors.

The maximum possible sentence was five years' jail or a fine of up to $300,000 on each charge, but finance company directors in similar circumstances have been sentenced to home detention.

Justice Dobson said both former directors had been grossly negligent but Whale's offending was more serious due to the close involvement he had in the issuing of documents to shareholders.

However he had taken into account Whale's good character and remorse, Justice Dobson said.

Whale's lawyer Paul Davidson QC said his client was "severely and significantly remorseful".


He had an unblemished record, but had "fallen from grace", Davidson said.

Justice Dobson said he had also taken into account Butler's previous good character, and the effect a jail sentence would have on the 64-year-old.

Butler had been a director of Dominion and North South Finance, and was formerly an executive director until 2005 when she stepped down as chief financial officer.

Property records show the Butlers still own a 487-square-metre home in Remuera with a rateable value of $6.8m.

The mortgaged property was advertised for sale last year for more than $7m.


Last month Justice Dobson asked for a report on Butler's financial position.

Butler's husband, Terry, was due to face the same charges but died of cancer this year.

Terry Butler also faced charges laid by the SFO, which Dominion Finance chief executive Paul Cropp was found guilty of in April.

In that hearing, Justice Graham Lang found Cropp guilty of knowingly breaching the trust deed of Dominion Finance and its subsidiary North South Finance, which said the company was not able to make loans to related parties.

Last month Cropp was sentenced to two years and seven months' jail on the four Crimes Act charges of theft.

Another director, Paul Winstone Forsyth, also faces the FMA charges.

Speaking outside the Auckland High Court Davidson said Whale was relieved by the outcome, and added that the sentence was appropriate.

The FMA case illustrated how far the effects of directors' decisions reached, even when there was no intention of wrong-doing, he said.

- © Fairfax NZ News


View PostSpacecadet, on 06 July 2008 - 02:10 PM, said:

ACC's shares in struggling finance companies
5:00AM Sunday July 06, 2008
By Jane Phare and Jared Savage
Finance companies in freefall

The Accident Compensation Corporation is a shareholder in struggling finance companies Dominion Finance and Dorchester Finance, but the corporation says it won't be affected by their troubles.

ACC has 1.2 million shares in Dominion and 1 million in Dorchester, finance companies which last month stopped repaying deposit investors. Dominion and North and South Finance, subsidiaries of Dominion Finance Holdings, owe $276 million to 13,000 investors and Dorchester's investors are owed $176m.

Last week ACC declined to answer questions from the Herald on Sunday, saying in a statement that comments about specific shareholdings could affect the market and "influence the decisions of others". The ACC's investment in Dominion Finance represented less than 0.1 per cent of its New Zealand equity portfolio and "will not therefore have an impact on total returns".

Meanwhile, the chairman of another finance company wrote to investors assuring them "it was business as usual" weeks before the firm collapsed. Nathans Finance director Roger Moses contacted investors after last July's Bridgecorp collapse and said the firm was "proud to provide peace of mind". Five weeks later, Nathans went into receivership owing $166m.

The latest report by PricewaterhouseCoopers receivers John Waller and Colin McCloy says Nathans provided $171m of debt to parent company Vending Technologies Ltd (VTL), associated parties and VTL franchises.

The receivers also commented on VTL's reported loss of $133m for the 14 months to the end of August 2007. "The magnitude of the loss is of serious concern and is the subject of a thorough investigation by the receivers," the April report said.

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#47 User is offline   hukildaspida 

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Posted 04 September 2013 - 10:24 AM

Unclaimed Monies

http://www.npf.co.nz...40a2e64fa3.html

The Board of Trustees of the National Provident Fund (NPF) holds money for a number of members with whom contact has been lost. This money was contributed to an NPF superannuation account and contact was lost as a result of members changing their employment and/or address and not keeping the NPF Scheme administrator informed.

If you think some of this money may be yours please complete, in full, the form below and return to the NPF Scheme Administrator at the address noted below. Datacom will compare the information provided with the NPF records and respond to you within 6 weeks.

Please be aware that many members contributed only small amounts over a short period of time and, for these members, any money held may not be significant (less than $10).



View Postflowers, on 04 December 2005 - 08:46 AM, said:

Crown Funds Shown to Invest in Tobacco
Friday, 2 December 2005, 11:16 am
Press Release: Council for Socially Responsible Investment
Friday 2 December 2006
New Zealand Pension and Crown Funds Shown to Invest in Tobacco Companies

Research undertaken by the Council for Socially Responsible Investment around May 2005 has shown that all five of New Zealand�s Crown Financial Institutions invested in tobacco companies and/or companies with arguably questionable human rights behaviour or environmental impacts.

Earlier this year, the Chairman of the Council for Socially Responsible Investment Dr Robert Howell wrote to all the Crown Financial Institutions asking them for a list of the companies they invested in, a list of any companies they had excluded from investment, their policies for investment and how they implemented these.

The information the Crown Financial Institutes returned showed:
- all of the Crown Financial Institutes (New Zealand Superannuation, Earthquake Commission, Government Superannuation, National Provident Fund and Accident Compensation Corporation) invested in major tobacco companies (see table following). The companies invested in included: British American Tobacco, Imperial Tobacco, Reynolds American.


Dr Howell said:
�As a country we have made a considerable effort and committed resources over decades to reduce cigarette smoking. Yet our public investment funds are still investing in tobacco companies. These investments would not be acceptable to a very large number of New Zealanders� .


Further information returned showed:

- the National Provident Funds invested in BJ Services, a company which is working in Myanmar (Burma). �Myanmar is known for its appalling human rights record,� says Dr Howell.

- Many Crown Financial Institutes invested in companies about which the New York based pressure group ICCR (Interfaith Centre for Corporate Responsibility) holds concerns. The ICCR is a group of 275 faith-based organisations with US$110 billion under management. ICCR have concerns about the human rights protection afforded by the following companies (all invested in by one or some of New Zealand�s Crown Financial Institutes):

- Boeing [ICCR particularly concerned about Boeing�s behaviour in China]

- Burlington Resources [ICCR particularly concerned about indigenous rights in the company�s forests in Peru]

- Delphi Automotive [ICCR concerned about the company�s policies to protect human rights, using underage or forced labour, and workers� health and safety]

- Exxon Mobil [ICCR concerned about Exxon Mobil�s operations in Angola, Cameroon, Chad, China, Equatorial Guinea, Indonesia and Nigeria.]

- Newmont Mining [ICCR recommended a review of social and environmental liabilities, especially in Peru, Indonesia, Ghana and USA]

- Occidental Petroleum [ICCR particularly concerned about operations in Columbia]

- Time Warner [ICCR recommended about China operations]

All Crown Financial Institutions are subject to an �international criterion� which states that Crown investors must �avoid prejudice to New Zealand�s reputation as a responsible member of the world community�.

Yet Dr Howell said that the New Zealand Superannuation, Government Superannuation and the National Provident Funds showed from the information they returned, �they have never excluded any companies from their investment choices on the �international reputation� criterion.�

�This is meant to be the main non-financial criterion for our Crown Financial Institutions, and is meant to guide and inform their investments. It is clearly not strong enough as a criterion. There is no difference from an organisation that invests purely for short-term financial gain.

The international reputation criterion is inadequate and should be replaced. Their ethical guidelines need to be strengthened,� he said. �Moreover all the Crown Financial Institutions need to include more information about how they are implementing criteria for investment. �

The Council for Socially Responsible Investment is a charitable trust that was set up in 2003 to provide practical guidelines and methodologies for ethical investment by religious groups (e.g. churches), business organisations, Government organisations and individuals. As part of this, the Council advises organisations on workable ways of assessing, identifying and measuring their own investments to ensure they have invested well and ethically.

ENDS

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#48 User is offline   MINI 

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Posted 04 September 2013 - 10:58 AM

View Posthukildaspida, on 31 October 2012 - 10:58 PM, said:

Apologies for the quality of copy - is best to read The Sky City Annual Report in full.

This information is from pages 56 & 57.


http://thomson.mobul...ancials_V3b.pdf

56
SKYCITY Entertainment Group Limited
annual report 2012

Shareholder information
TWENTY LARGEST SHAREHOLDERS AS AT 15 AUGUST 2012 number of shares %of shares


1. HSBC Nominees New Zealand Limited A/C State Street 38,424,447 6.66%
2. JP Morgan Chase Bank NA 35,262,840 6.11%
3. Accident Compensation Corporation 32,650,213 5.66%
4. National omineesN ed Limit 27,683,960 4.80%
5. HSBC omineesN ew eal(aNnd) Z ed Limit 27,522,161 4.77%
6. National omineesN ew ealaNnd Z ed Limit 27,412,465 4.75%
7. JP organ oMmineesN ustralia A ed Limit 24,645,190 4.27%
8. Citibank omineesN ew eal(aNnd) Z ed Limit 21,729,736 3.77%
9. RBC nvestor I es Suesrtvraiclia AomineesN ePdt y Limit 18,680,198 3.24%
10. New ealand uZperannuSation und omFineesN ed Limit 17,726,279 3.07%
11. HSBC tody CoumsineesN ustralia)( A ed Limit 16,964,551 2.94%
12. Premier omineesN ed Linmeitpath– WOhuosltersaalalesi an unAd Shr F 11,253,730 1.95%
13. BNP aribas oPmineesN (eNdZ ) Limit 9,728,928 1.69%
14. AMP nvestmenIts trategic Squity oEwth uGnrd F 7,088,705 1.23%
15. NZGT omineesN ed Limitqui–t y und AFIF E 6,920,608 1.20%
16. Private omineesN ed Limit 6,463,208 1.12%
17. TEA todianCs us ed Limit 5,796,988 1.00%
18. Westpac esN Z 20S0h2a r rust Wholesale T 5,561,753 0.96%
19. FNZ todianCs us ed Limit 5,303,093 0.92%
20. BNP aribas oPms Ntd Pty L 5,269,253 0.91%
Total 352,088,306 61.02%
Total shares on issue as at 15 August 2012 were 576,958,340 of which 4,517,313 were held by Public Trust on behalf of eligible and
future participants pursuant to the Chief Executive Officer Long Term Incentive Plan 2009 and the Executive Long Term Incentive
Plan 2009. No shares were held by the company directly as treasury stock.



pg 57
Shareholder information
CONTINUED

SKYCITY Entertainment Group Limited
annual report 2012


DISTRIBUTION OF ORDINARY SHARES AND REGISTERED SHAREHOLDINGS AS AT 15 AUGUST 2012
Number of shareholders Number of shares
1 – 1,000 3,562 1,397,126
1,001 – 5,000 9,381 25,981,893
5,001 – 10,000 3,603 25,556,641
10,001 – 100,000 3,235 72,809,489
> 100,000 179 451,213,191
Total 19,960 576,958,340

As at 15 August 2012, there were 1,259 shareholders (with a total of 88,440 shares) holding less than a marketable parcel of shares
under the ASX Listing Rules, based on the closing share price of A$2.74. The ASX Listing Rules define a marketable parcel of shares as
a parcel of shares of not less than A$500.

SUBSTANTIAL SECURITY HOLDERS
In accordance with section 26(1) of the Securities Markets Act 1988, the following persons had given notice as at 15 August 2012 that
they were substantial security holders in the company and held a relevant interest in the number of ordinary shares shown below.


Date of substantial security notice Relevant interest in number of shares % of shares held at date of notice
Accident Compensation Corporation 2 July 2012 34,673,549 6.01%
Investors Muutal Limited 8 August 2012 28,927,533 5.01%


No further substantial security holder notices had been received as at 10 September 2012.


http://ir.skycityent...l-reportsAnnual
Financial Reports and Presentations

2012 | 2011-2002
FY12 Full Year Result

2012 Shareholder Review
2012 Annual Report
FY12 Annual Result Presentation
ASX Announcement
NZX Announcement


Can you get the same for Pike mine (list of shareholders) pre- date of disaster??

I read ACC had holdings in the mine. Of course one would presume they took a massive loss when sold by reciever. Would be interesting to see a if a Health invester had NO thought for the safty of the people in the mine by making sure their investment was protected by the Labour Dept under Health and Safty rules etc.

Mini
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#49 User is offline   hukildaspida 

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Posted 04 September 2013 - 11:03 AM

Put the words Pike River Mine in top right hand corner & related information that is already posted on this forum will come come on here, alternatively you may have to go onto Google etc.
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#50 User is offline   hukildaspida 

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Posted 20 November 2014 - 01:15 PM

Please click on the link to read the full article.

FX Manipulation, Swaps Trading Rules, Customer Funds, Failure to Supervise, Pay to Play - Bridging the Week: November 10 to 14 and 17, 2014
posted on: Monday, November 17, 2014


http://www.natlawrev...se-pay-to-play-

Long anticipated enforcement actions and fines against a number of financial institutions involving allegations of attempted manipulation of foreign exchange benchmark rates were finally brought by the Commodity Futures Trading Commission, the UK Financial Conduct Authority and other international regulators. However, the insight of one new CFTC commissioner regarding the efficacy of the agency’s approach to the execution of swaps—presented in a prepared speech he was not permitted to deliver—also was notable this past week.

As a result, the following matters are covered in this week’s Bridging the Week:

Five Banks Penalized US $3.1 Billion by CFTC and UK FCA for Attempted Manipulation of FX Benchmark Rates; OCC Fines Two of the Banks and One More an Additional US $950 Million;

Speech Not Given by CFTC Commissioner J. Christopher Giancarlo Roundly Criticizes Swaps Trading Rules;

CFTC Staff Grants Relief and Issues Clarifications Related to Customer Funds Held by FCMs for Foreign Futures and Options Trading;

Non-US Swap Dealers With Certain Functions in the United States Granted Further Delay in Applying US Transaction Level Requirements; Additional Delays Provided by CFTC Staff in Connection With Package Transactions;

Rosenthal Collins Sanctioned by CFTC for Failing to Supervise Dual-Registered Salesperson Working From Other FCM’s Offices;

Broker-Dealer Penalized US $325,000 by FINRA for Misconduct Related to the Sale of Unregistered Shares;

FINRA Seeks Comments on Pay to Play Proposal; and more.

Article Version:

Five Banks Penalized US $3.1 Billion by CFTC and UK FCA for Attempted Manipulation of FX Benchmark Rates; OCC Fines Two of the Banks and One More an Additional US $950 Million

The Commodity Futures Trading Commission and the UK Financial Conduct Authority brought enforcement actions against five financial institutions for attempted manipulation of foreign exchange benchmark rates. The alleged wrongful conduct occurred from 2008 to 2013, according to the FCA, although the CFTC's allegations principally centered around conduct from 2009 to 2012.

The five firms were Citibank, NA, HSBC Bank plc, JPMorgan Chase Bank, NA, Royal Bank of Scotland plc, and UBS AG. Collectively, the banks paid over US $3.1 billion to resolve these complaints—US $1.4 billion to the CFTC, and GBP 1.1 billion (approximately US $1.7 billion) to the FCA.

Separately, the Office of the Comptroller of the Currency also levied aggregate fines of US $950 million against Bank of America, NA, Citibank and JPMorgan Chase for foreign exchange trading improprieties from 2008 to 2013, while the Swiss Financial Market Supervisory Authority required UBS to disgorge Swiss Francs 134 million (approximately US $139 million) for its misconduct.

According to the CFTC, the accused firms—through certain of their traders—endeavored to benefit their own trading positions and trading positions at other firms by attempting to manipulate and aid and abet other firms’ attempts to manipulate certain FX benchmark rates.

The firms’ traders coordinated their attempts to manipulate the FX benchmark rates using private electronic chat rooms, charged the CFTC and FCA. According to the CFTC, in these chat rooms, FX traders at times:

disclosed confidential customer order information and trading positions, altered trading positions to accommodate the interests of the collective group, and agreed on trading strategies as part of an effort by the group to attempt to manipulate certain FX benchmark rates, in some cases downward and in some cases upward.

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View Posthukildaspida, on 04 October 2012 - 12:53 AM, said:

https://www.nzx.com/...ncements/227867


2012 Annual Report
10:21am, 28 Sep 2012 | ANNREP

Precinct Properties New Zealand Limited (formerly known as AMP NZ Office Limited) is pleased to announce the release of its Annual Report for 2012.

The 2012 Annual Report is being mailed today to investors.

About Precinct


Precinct is New Zealand’s only specialist listed owner of premium office buildings. Listed on the New Zealand Exchange, Precinct is owned by more than 7,500 investors, has a property portfolio worth $1.32 billion and provides office space to over 245 businesses. Precinct currently owns 15 office buildings. In Auckland it owns the PricewaterhouseCoopers Tower, ANZ Centre, SAP Tower, AMP Centre and Zurich House. In Wellington Precinct owns the State Insurance Tower, Vodafone on the Quay, 171 Featherston Street, 125 The Terrace, No. 1 and 3 The Terrace, Pastoral House, Mayfair House, AXA Centre, Deloitte House and Bowen Campus.

For further information, contact:

Scott Pritchard
Chief Executive Officer
Precinct Properties New Zealand Limited
Office: +64 9 927 1640
Mobile: +64 21 431 581

George Crawford
Chief Financial Officer
Precinct Properties New Zealand Limited
Office: +64 9 927 1641
Mobile: +64 21 384 014
Attachments

2012 Announcement Annual Report Precinct
2012 Annual Report Precinct

Attachments are available on nzx.com for six months from the date of release. NZX offers professional products for searching historic company announcements. Please email [email protected] for a free trial.

https://www.nzx.com/...ents/164127.pdf

https://www.nzx.com/...ents/164126.pdf

http://www.precinct....b5ccb4c037c.pdf
Excerpt from page #28/ 44

Shareholder information
Twenty largest Precinct shareholders as at 31 August 2012
Rank Shareholder No. of shares % of shares
1. National Nominees New Zealand Limited 201,955,040 20.25
2. Accident Compensation Corporation 88,370,026 8.86
3. Fnz Custodians Limited 46,076,766 4.62
4. Investment Custodial Services Limited 39,618,587 3.97
5. Bt Nz Unit Trust Nominees Limited 33,065,114 3.32
6. Bnp Paribas Nominees (Nz) Limited 27,424,004 2.75
7. Custodial Services Limited 26,335,367 2.64
8. Private Nominees Limited 26,048,182 2.61
9. Premier Nominees Ltd 24,247,718 2.43
10. Hsbc Nominees (New Zealand) Limited 23,373,425 2.34
11. Jp morgan Chase Bank 19,737,546 1.98
12. Premier Nominees Limited – Onepath Wholesale Property Securities 15,533,454 1.56
13. Forsyth Barr Custodians Limited 14,164,698 1.42
14. Mfl Mutual Fund Limited – Nzcsd 12,991,049 1.30
15. New Zealand Superannuation Fund Nominees Limited 12,327,875 1.24
16. Custodial Services Limited 10,452,391 1.05
17. Citibank Nominees (New Zealand) Limited 9,624,700 0.97
18. Forsyth Barr Custodians Limited 9,228,373 0.93
19. Mint Nominees Limited 8,055,041 0.81
20. Custodial Services Limited 7,445,926 0.75
Total 656,075,282 65.80
Source: Computershare

Distribution of Precinct shares and shareholders as at 31 August 2012
Size of shareholding No. of shareholders % Number of shares %
1 to 1,000 89 1.2 53,061 0.0
1,001 to 5,000 778 10.1 2,294,964 0.2
5,001 to 10,000 1,212 15.7 8,423,844 0.8
10,001 to 100,000 5,183 67.1 154,435,248 15.5
100,001 and over 463 6.0 831,862,677 83.4
Total 7,725 100 997,069,794 100
Source: Computershare

Substantial security holders as at 31 August 2012
Security holder No. of ordinary shares % Date of notice

AMP Capital Investors (New Zealand) Limited1 216,915,710 21.755 23.07.2012
Haumi Company Limited 189,443,261 19 23.07.2012
Accident Compensation Corporation 97,834,812 9.812 16.05.2012
OnePath (NZ) Limited 59,133,280 5.931 06.08.2012
Source: NZX substantial shareholder notice’s
1. AMP Capital Investors (New Zealand) Limited’s substantial security holder notice includes the 189,443,261 (19.0%) Precinct shares of Haumi Company
Limited.
The total number of ordinary shares on issue as at 31 August 2012 was 997,069,794. Precinct has only ordinary shares on issue.
Precinct’s website (www.precinct.co.nz) contains a summary of all NZX waivers granted and published by NZX within or
relied on by Precinct within the 12 month period preceding the date 2 months before the date of publication of this
annual report.
Neither Precinct nor any of its subsidiaries made any donations during the year to 30 June 2012.

From page #29/ 45
Details of directors’ interests in Precinct shares as at 31 August 2012 are as follows;
2012 2011
Director No. of shares No. of shares
Graeme Horsley 310,000 310,000
Don Huse 250,000 50,000
Graeme Wong 50,000 50,000

The following interest register entries were recorded for Precinct and its subsidiaries for the year.
Mohamed Alhay Hamad Khamis Alhameli
Director of AMP Haumi Management Limited
Director of Haumi Company Limited
Director of Haumi Development Auckland Limited

Anthony Beverley

Director of & Shareholder in Ant Beverley Limited
Director of & Shareholder in Dryland Carbon Limited
Director of AMP Haumi LTI Trustee Limited
Shareholder in Carbon Systems (NZ) Limited
Director of Harbour Quays A1 Limited
Director of Harbour Quays D4 Limited
Director of Harbour Quays F1F2 Limited

Rob Campbell
Chairman of Guinness Peat Group plc
Chairman of Summerset Group Holdings Limited
Chairman of King Tide Asset Management Limited
Director of Turners & Growers Limited
Director of Coats Plc
Advisory Board Member of Trafalgar Copley Multi-Strategy Fund
Advisory Board Member of Serica Balanced Credit Fund
Investment Committee Member of Silverfern Co-Investment Partners
Advisory Board Member of CPE Partners
Advisory Board Member of VGI Partners
Director of Murray and Co Limited
Director of Truescape Lmited
Director of CallPlus Limited
Director of Lake Taupo Forest Management Trust Limited
Director and shareholder of Tutanekai Investments Limited
Director and shareholder of Aotearoa Financial Investments Limited
Trustee of Auckland City Mission Foundation
Investment Committee Chairman and director of Accident Compensation Corporation
Appointment expired as Investment Committee Chairman and director of Accident Compensation Corporation


Graeme Horsley
Director of Vital Healthcare Management Limited

Don Huse
Resigned as a director of Cavalier Corporation Limited
Appointment expired as a Trustee of Karori Sanctuary Trust (Inc)
Appointment expired as a Trustee of South Auckland Health Foundation

Craig Stobo
Resigned as a director of AH Stobo Limited
Director of New Zealand Local Government Funding Agency Limited

Graeme Wong
Resigned as a director of NZ Farming Systems Uruguay Limited

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#51 User is offline   hukildaspida 

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Posted 11 May 2015 - 03:12 PM

http://www.acc.co.nz have staff and shares in JPMorgan to the best of our recollection.

Did they have there data privacy breached?


JPMorgan Goes to War
The bank is building a new facility near the NSA’s headquarters to attract new talent


http://www.bloomberg...-foreign-powers



In the days following the massive breach of JPMorgan Chase’s computers last summer, the bank’s security chief, James Cummings, rarely left his operations center in its Manhattan headquarters. He directed a select group of colleagues to search for links to the Russian government. There was little evidence of a government tie, especially so early in the investigation, but Cummings, a former head of the U.S. Air Force’s cybercombat unit, was confident they’d find more.

Convinced that it faces threats from governments in China, Iran, and Russia, and that the U.S. government isn’t doing enough to help, JPMorgan has built a vast security operation and staffed it increasingly with ex-military officers. Soon after joining the bank in early 2014, Cummings helped hire Gregory Rattray—like Cummings, a former Air Force colonel—as chief information security officer. Together the men oversee a digital security staff of 1,000, more than twice the size of Google’s security group. To make it easier to woo military talent, the bank built a security services facility in Maryland near Fort Meade, home of the National Security Agency.

The military overtones are no accident. JPMorgan is responding to attacks that the federal government is unable or unwilling to stop, says Nate Freier, research professor at the U.S. Army War College, yet it isn’t clear whether the bank’s weapons-grade operation is doing a better job than law enforcement agencies. “It’s a brave new world that’s not very well understood by the people playing the game,” Freier says. “It really is every man for himself.”

The bank hasn’t said publicly who it believes is responsible for the June attack, in which hackers stole the names, addresses, and e-mail addresses—but not credit card numbers or passwords—of 83 million individuals and small businesses. Several people connected to the probe say Cummings and Rattray strongly suspected very early that it was engineered by the Kremlin. That message was delivered through back channels to the White House, according to a senior U.S. official.

Cummings and Rattray, who was Condoleezza Rice’s cyber expert when she headed the National Security Council under President George W. Bush, retain a network of high-level contacts in Washington. Less than three weeks after the breach was discovered on Aug. 27, the two men organized a conference call with more than a dozen agents from the FBI, Homeland Security, the Secret Service, and the Treasury Department. Over the course of an hour, they made the case that the breach was a national security matter, say two people familiar with the call.

Patricia Wexler, a JPMorgan spokeswoman, declines to say how the bank categorizes the breach. “While we were open to all theories in the early stages of the investigation, we never concluded that this was a state-sponsored attack,” she wrote in an e-mail. The bank wouldn’t make executives available.

The military orientation of JPMorgan’s security team leaders may incline them to see the involvement of governments and spies when companies face a range of threats, many motivated purely by profit, says Brendan Conlon, who spent 10 years in computer network operations with the NSA and now runs Vahna, a security firm in Washington. “It’s like groupthink,” he says.

The FBI initially assigned two groups of agents from the New York office to the case—one specializing in nation-state attacks and one in criminal hacks—because it was unclear which group would be needed. Rattray and Cummings had already decided, according to two people familiar with the investigation; they advised the bank security team to refer to the breach as a probable national security event.

A person familiar with the investigation says Rattray and Cummings were under pressure from bank executives to obtain a letter from the Department of Justice that would have exempted the bank from having to notify customers and regulators of the data loss. These rare waivers are typically only granted when the victimized company can convincingly show that the loss was the result of a state-sponsored or serious criminal attack that requires absolute secrecy while the government investigates.

Within two weeks of the conference call, the FBI handed the investigation to criminal specialists and told the bank it wasn’t getting the letter. One key piece of evidence the FBI considered was that the hackers were using a data center in St. Petersburg, Russia, of the sort used by low-level cybercriminals to send spam or operate botnets, according to three people familiar with the probe, who were among more than two dozen interviewed about the breach and who asked to remain anonymous because the investigation is confidential. “The evidence collected thus far points to it being a criminal actor and not a nation-state,” says Ari Baranoff, assistant special agent in charge of the Secret Service’s Criminal Investigative Division.

Bank insiders say Rattray and Cummings, aided by private cybersecurity companies, haven’t found a smoking gun. But there are what one person familiar with the probe described as nation-state fingerprints. The attackers appeared to have deleted or altered server logs that would have helped investigators retrace their steps inside the network—a degree of meticulousness that’s a hallmark of an intelligence agency or someone trained by one. And they lingered on servers that would seem to have no value to criminals.

To Cummings and Rattray, those were signs the hackers might be engaged in a long-term operation. Rather than steal easily marketable data such as credit card numbers or account passwords, they may have been looking for deep vulnerabilities in the bank’s infrastructure or custom software that could be exploited later. “Greg usually knows what he’s doing,” says James Lewis, a senior fellow in cybersecurity at the Center for Strategic and International Studies in Washington. “You can say these guys see spies everywhere, but the problem with that is spies are everywhere.”

Not all of that information was shared with the FBI. While Rattray and Cummings were asking the government to help, they were also tightly limiting access to the attack data, to prevent leaks and also to allow the bank to control the investigation, say two people familiar with those decisions. Rattray stalled law enforcement requests for information with vague explanations about legal process, according to people familiar with the matter.

The Secret Service, which has a secondary role in the investigation, became so frustrated that it threatened to seize the evidence, says one person familiar with the situation. Joseph Demarest, assistant director of the FBI’s cyber division, called Chief Operating Officer Matthew Zames to discuss the issue. The bank and the FBI settled their dispute after Demarest’s call with a formal agreement on information sharing. “Our relationship with JPMorgan Chase remains outstanding, and we continue to work together to solve this crime,” Demarest says. Wexler, the bank spokeswoman, wrote: “The report of clashes regarding information sharing is not true.”

On Jan. 8 a group of 15 state attorneys general sent a letter to the bank, asking it to explain how it can be sure that more sensitive information wasn’t stolen in the breach. The answer is, it can’t be sure. Six months after the hack, and despite a security budget of a quarter of a billion dollars, JPMorgan still faces big holes in its understanding of the attackers’ movements or exactly what data they removed from the network. It owned an expensive system designed to capture that data—something like a video security camera that gives an after-the-fact view of a crime—but programmed it with too little storage to retain all evidence of the intrusion, according to people familiar with the bank’s response. “We have a full accounting of what information was breached,” Wexler wrote.

Following the attack, CEO Jamie Dimon vowed to increase JPMorgan’s security budget and move quickly to address any problems exposed in the hack, which in turn has led to more hiring of defense contractors and people with military backgrounds, say three people familiar with the bank’s team. Some security experts say that whatever the government’s failings at protecting American companies from cyberattack, creating a mini-NSA in Midtown Manhattan isn’t the answer, especially given the power and influence already wielded by Wall Street banks. Digital war is being privatized, says Freier, the U.S. Army War College professor. “What you worry about is a virtual Guns of August moment, where every actor is so well-armed and so able to mobilize assets in their own defense that they start an escalation.”

The bottom line: JPMorgan has hired men with military backgrounds and increased spending to improve its cyber defenses.
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#52 User is offline   hukildaspida 

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Posted 11 April 2016 - 02:27 PM

ACC and the NZ Super Fund – two very big investors
By Tony Field

Thursday 7 Apr 2016 11:38 a.m.

Read more: http://www.newshub.c...1#ixzz45TsrTh3u


http://www.newshub.c...1#axzz45TmvwQYR



The proposed sale of 45 percent of Kiwibank to ACC and the New Zealand Superannuation Fund will have surprised many people.

Not just the deal itself, but the fact that ACC's investment fund is so large. Many people will have had no idea that the fund was so large. They might also have been surprised by how quickly the Super Fund has grown.

ACC's global investments totalled $31.406 billion at the end of March 2015, according to its Annual Report issued late last year.

The Super Fund is far more proactive in updating the public about its investments.

It says at the end of February 2016 its investments totalled just over $28 billion.

The two funds are both long term investors but take different approaches to investing.

Around two thirds of ACC's investments are in fixed income products, like bonds. But most of the Super Fund's money is invested in shares (equities).

ACC keeps more money in fixed income assets because of its liabilities. Those liabilities are the payments it will make to fund future claims by people who will be injured in accidents.

The Super Fund has no liabilities. It will be 2029 before it starts making payments to help fund New Zealand's retirement costs.
LONG TERM RETURNS

ACC has been running its investment fund for almost 25 years.

It says it has averaged returns of just over ten percent per year, before costs.

The Super Fund was launched in September 2003. As of February 29th 2016 it says its long term returns averaged 9.05 percent after costs, but before New Zealand tax was paid.

Both have outperformed the benchmarks they measure themselves against.
THE SUPER FUND'S INVESTMENTS

These were the Super Fund's top 10 New Zealand share investments at the end of February.

1. Z Energy - $257.7 million (or 0.9 percent of the fund's value)

2. Metlifecare - $202.3 million

3. Fisher & Paykel Healthcare - $128.9 million

4. Auckland International Airport - $124.1 million

5. Fletcher Building - $115.8 million

6. Meridian Energy - $101.1 million

7. Spark New Zealand - $100 million

8. Ryman Healthcare - $76.3 million

9. Trade Me Group - $65.4 million

10.Contact Energy - $59.5 million
These were the Super Fund's top 10 international equities:

1. Apple - $160.1 million (or 0.6 percent of the Super Fund's total value)

2. Zurich Airport - $136.4 million

3. Alphabet (Google) $126.9 million

4. Microsoft - $114.6 million

5. Exxon Mobil - $ 99.9 million

6. Johnson & Johnson - $87.5 million

7. General Electric - $82.7 million

8. Facebook - $71.7 million

9. Wells Fargo - $69.8 million

10. Nestle $69.8 million

Not all of its money is invested in shares.

Global equities accounted for 65 percent of the fund, with another four percent of assets invested in New Zealand shares.

Fixed Income assets (bonds) made up 11 percent of assets.

The remaining assets include Timber (six percent), Private Equity (six percent), Infrastructure (four percent), Rural Farmland (one percent) and "other private markets" (3 percent).

The fund says 39 percent of its investments were in North America, 27 percent in Europe and 16 percent in New Zealand.

The next biggest exposure was Japan (6 percent) and Australia (5 percent.)
ACC'S INVESTMENTS

New Zealand Bonds made up 38 percent of the portfolio, according to its Annual Report.

New Zealand Index Linked Bonds totalled 20 percent.

New Zealand Equity (shares) made up nine percent of the fund.

Global Equities totalled 16 percent.

Australian Equities accounted for four percent.

New Zealand and Australian Property and Infrastructure invesments totalled four percent.

Global Bonds made up three percent of assets.

There were cash reserves of six percent and the remaining assets included a small amount of private equity (unlisted) investments.
ACC'S TOP TEN

ACC's annual report details its top fifty equity (share) holdings.

Nine of the top ten holdings were New Zealand companies. One was Australian -- the Commonwealth Bank of Australia, which owns ASB in New Zealand.

Fletcher Building $186.98 million

Infratil $86.90 million

Spark New~Zealand $162.70 million

Kiwi Property Group $158.85 million

Auckland International Airport $158.44 million

Fisher & Paykel Healthcare Corporation $141.25 million

Ryman Healthcare $117.11 million

Contact Energy $115.01 million

Commonwealth Bank of Australia $107.76 million

Mainfreight $87.63 million

Newshub.

Read more: http://www.newshub.c...1#ixzz45Tsz37Ye
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#53 User is offline   hukildaspida 

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Posted 16 September 2016 - 05:08 PM

http://www.scoop.co....bank-agreed.htm



Commercial terms for combined ownership of Kiwibank agreed
Thursday, 15 September 2016, 10:50 am
Press Release: New Zealand Post

Parties agree key commercial terms for combined Crown ownership of Kiwibank

New Zealand Post has agreed the key commercial terms with the New Zealand Superannuation Fund and the Accident Compensation Corporation (ACC) to become joint owners of Kiwi Group Holdings (KGH) Limited*, New Zealand Post chief executive Brian Roche said today.

The NZ Super Fund and ACC, the Crown’s two major investment funds, made an offer in April to purchase significant minority stakes in KGH from New Zealand Post.

Following a period of due diligence, the parties can confirm an application for approval has been lodged with the Reserve Bank, Mr Roche said.

Transaction documents are now being completed and by the time the Reserve Bank** has made a decision, the parties will be in a position to release details to the market. This includes a decision on the future of the New Zealand Post guarantee of Kiwibank’s payment obligations, Mr Roche said.

The sale was proposed – conditional on Kiwibank remaining 100% in public ownership – as a means to provide Kiwibank with access to additional sources of capital and investment expertise to support the next stages of its growth, and for NZ Super Fund and ACC to gain a significant minority stake in a large and well-performing unlisted New Zealand business.

If approved by the Reserve Bank, New Zealand Post will be able to release cash to pay down debt and pay a special dividend to the Government, and increase its focus on the parcels side of the business.

Media contact: Richard Trow 04 496 4566 and 027 837 6179

*Kiwi Group Holdings Limited is the holding company of Kiwibank Limited, Kiwi Wealth Management (formerly GMI), The New Zealand Home Loan Company Limited, Kiwi Insurance Limited and Kiwi Capital Funding Limited.

**Any significant change of bank ownership must be approved by the Reserve Bank.

ends
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#54 User is offline   hukildaspida 

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Posted 16 September 2016 - 05:10 PM

http://www.scoop.co....of-kiwibank.htm

NZ Super, ACC agree terms to buy 45% of Kiwibank
Thursday, 15 September 2016, 11:09 am
Article: BusinessDesk

Thursday 15 September 2016 11:06 AM

NZ Super, ACC agree terms to buy 45% of Kiwibank, seek clearance from Reserve Bank

By Jonathan Underhill

Sept. 15 (BusinessDesk) - The New Zealand Superannuation Fund and Accident Compensation Corp have agreed on commercial terms to acquire 45 percent of Kiwi Group Holdings from NZ Post Group for a price provisionally put at $495 million and have applied to the Reserve Bank for clearance of the deal.

NZ Post chief executive Brian Roche said details of the agreement will be released to the market by the time the Reserve Bank has made its decision.

The deal would allow the state-owned enterprise to repay debt, pay a special dividend to the government, and increase its focus on the parcels

side of the business, while Kiwibank would end up with better-resourced owners. NZ Post faces an on-going decline in its core mail business and can no longer provide further capital to the bank, having pumped in about $400 million of capital since Kiwibank was set up 14 years ago, funded by debt.

The sale was proposed, conditional on Kiwibank remaining 100 percent in public ownership, "as a means to provide Kiwibank with access to additional sources of capital and investment expertise to support the next stages of its growth, and for NZ Super Fund and ACC to gain a significant minority stake in a large and wellperforming unlisted New Zealand business," the statement from Roche said. It follows completion of due diligence by the two government-owned fund managers.

Kiwi Group owns Kiwibank and its associated businesses such as Kiwi Wealth Management and Kiwi Insurance. Under the transaction, NZ SDuper would acquire 25 percent and ACC would pick up 20 percent. The indicative offer values Kiwi Group at $1.1 billion, although the final price is still to be determined.

(BusinessDesk)

ends
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#55 User is offline   MINI 

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Posted 17 September 2016 - 09:05 AM

View Posthukildaspida, on 16 September 2016 - 05:10 PM, said:

http://www.scoop.co....of-kiwibank.htm

NZ Super, ACC agree terms to buy 45% of Kiwibank
Thursday, 15 September 2016, 11:09 am
Article: BusinessDesk

Thursday 15 September 2016 11:06 AM

NZ Super, ACC agree terms to buy 45% of Kiwibank, seek clearance from Reserve Bank

By Jonathan Underhill

Sept. 15 (BusinessDesk) - The New Zealand Superannuation Fund and Accident Compensation Corp have agreed on commercial terms to acquire 45 percent of Kiwi Group Holdings from NZ Post Group for a price provisionally put at $495 million and have applied to the Reserve Bank for clearance of the deal.

NZ Post chief executive Brian Roche said details of the agreement will be released to the market by the time the Reserve Bank has made its decision.

The deal would allow the state-owned enterprise to repay debt, pay a special dividend to the government, and increase its focus on the parcels

side of the business, while Kiwibank would end up with better-resourced owners. NZ Post faces an on-going decline in its core mail business and can no longer provide further capital to the bank, having pumped in about $400 million of capital since Kiwibank was set up 14 years ago, funded by debt.

The sale was proposed, conditional on Kiwibank remaining 100 percent in public ownership, "as a means to provide Kiwibank with access to additional sources of capital and investment expertise to support the next stages of its growth, and for NZ Super Fund and ACC to gain a significant minority stake in a large and wellperforming unlisted New Zealand business," the statement from Roche said. It follows completion of due diligence by the two government-owned fund managers.

Kiwi Group owns Kiwibank and its associated businesses such as Kiwi Wealth Management and Kiwi Insurance. Under the transaction, NZ SDuper would acquire 25 percent and ACC would pick up 20 percent. The indicative offer values Kiwi Group at $1.1 billion, although the final price is still to be determined.

(BusinessDesk)

ends



Maybe the next step would be to help less well off people with mortgages to assist them into there own homes.

That would be good.

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