To peruse our extensive evidence that the Feltex IPO was a Government sanctioned robbery of generally hard working but modestly educated New Zealanders to raise funds to enable the country’s athletes to cheat Olympic gold medals click here.
Well the arrest of Andrew Pearse surly indicates that Credit Suisse in NZ and the pacific must have been one of the biggest crime schools ever.
We have been in error in saying the Supreme Court had not issued a verdict in respect of the appeal in the Houghton v Saunders (Feltex IPO) case which it heard in September 2017. It in fact made a decision in mid August 2018. In over-ruled the High Court on a matter and forwarded the case back to it for further consideration and an amended verdict in the light of this ruling.
Well it is getting close to 15 years since the IPO and taking 10 months or so to make the ruling is ridiculous. There will be a lot of deceased estates amongst the shareholding. This court, and the junior courts involved know full well that the Feltex IPO was a Government sanctioned fraud or theft on amateur investors to pay licences to cheat gold and silver medals at the Athens Olympic Games. They also know that the Houighton v Saunders action is a contrived weak action sanctioned by sucessive Governments to minimise the chance of a strong case being put up. It is completely improper for the courts to go along with such a scam. It is way past time for them to have grown up.
We wonder whether Justice Dobson will be handling the revision of the case as instructed. If he his available is it normal to allocate it back to him or put a new mind on the case we wonder. We are looking at the ruling and might have more to say soon. I seems the brokers have been let off the hook completely.
This script is somewhat upside down but read on.
With reference to the ODT front page article 28.12.18 on Otago road deaths we suggest the paper is taking the privacy of the families too much into account to get to the root cause of many of the deaths. The father it interviewed seemed to be prepared to take criticism towards this end but you did not take advantage of his offer. Alcohol is in general not the root cause. Why it was taken to excess has to be researched The case we took an interest in was the man just out of school living in the Middlemarch area who appears to have chosen to play his rugby in the Lawrence. area which seems rather unusual and probably out or kilter with other young men living around him which suggests a rift with these people. Perhaps him going to a private school has had something to do with it..Or perhaps being tall he was headhunted by the more distant club. Presumably he also went to a mid-week practice. Sharing of travel is important for various reasons.. There should have been a family member or friend able to go with him and take an interest in his team. They can still give him some space and not attend the team talks. Sports clubs can do more to ensure young people play where travel requirements are not too demanding. Your paper could do more to discover why this young person played where he did.
Conflict with what appears to be the majority view is the cause of many of these deaths. In particular widespread corruption in this country causes our high road death and suicide rate. I cite two deaths of young men in 2011. Paul Phillip Wilson's mother was a long serving marketing manager for Feltex Carpets which the Government and friends decided to misrepresent and sell to the unsuspecting public to buy licences to cheat gold and silver medals at the Athens Olympic games .Paul's mother no doubt had to be "converted" into going along with the ridiculous marketing forecast the company put out. Paul was 14 at the time, a vulnerable age in growing up. His mother no doubt was effectively "missing" for a while. He probably got a whiff of what was going on, told some mates, and got nothing but ridicule in return. Paul went off the rails, got home detention for something, and when that was finished went to Wellington, took some alcohol and got himself behind the wheel of a car and drove it at speed uphill into a bank. This was at Easter 2011. When I reminded the Wellington coroners that that after more than four years no report on Paul's death had been issued, the next day the coroner Ian Smith died aged 65.It transpired that he had been allocated Paul's case. He had been working up until that time. The replacement coroner only went back 12 hours before Paul's death in his report. Ian Smith was an older coroner not directly appointed by the Government. He no doubt had a conscience and did not like the cover-up he was required to do. He might have died from the strain, including by suicide or might have been bumped off.
The second young man was David Patrict Gaynor. His father Brian is a long running NZ Herald "business" journalist and general "business' commentator. He ran an article highly critical of the controversial rural business entrepreneur, the late Craig Norgate. The article was entitled "Business ethics a million miles away".. It was published in the Herald in May 2010. It can probably be best described as a contrived article. Highly critical as it was it appeared to get no reaction from other journalists or authorities. But young people cannot be expected to decipher the subtleties of corruption. David and a daughter of Craig Norgate were both in year 12 at the private Kings College and apparently knew each other quite well. The likelihood is that the fellow pupils would think that Mr Gaynor's attack was unjustified. This was an untenable situation and school authorities should have arranged to move David to a different school. It was highly likely David received flak from a cross section of pupils. David drove himself to school, probably to reduce exposure to such teasing and taunting. 13 months later David was invited to, and no doubt felt obliged to attend a function hosted by Craig Norgate. It was held at the Institute of Accountants premises where Mr Norgate somewhat ruled the roost. He became CEO of the Institute soon afterward. David took illicit drugs and alcohol prior to attending this function. He told a friend of his intention to do this some days earlier. He took his life several hours after this function. In the meantime he attended an hour or two of his school ball. He got evicted from the ball for frequenting an area close to or in the female toilets and/or for appearing to be rather unwell. He texted friends at the ball saying he was in trouble with the school and was going to take his life before he did so. I say it is highly likely that he staged this indiscretion at the ball in the hope that his father's actions and/or Mr Norgate's actions would not be implicated in his death. Regardless it is completely wrong that no mention was made of of the "Business ethics a hundred miles away" article in the coroner's report issued by the chief coroner of the time and that no journalists have referred to it.
Brian Gaynor was involved in the establishment of the NZ Superannuation Fund around 2002. They appointed the late Paul Costello as the CEO. The strange thing about Paul Costello was that he had been a secondary school teacher in the Hutt Valley teaching english and history into his thirties when he suddenly took off to Australia to join the superannuation industry. So much for needing to make your mark in your industry before thirty to do any good. But Australia was probably ahead of New Zealand in the corruption stakes. Around 2005 we noted with concern the origins of most or all of Mr Costello's staff and mentioned it on my website. Two had come in from AMP Henderson while others had been with Fay Richwhite, and the Fund's the controversial extensive Government auditor, Ernst and Young. Following this publication of mine the details on staff on the Fund's website was greatly reduced. Soon afterward Mr Costello resigned His family family longed to go back there apparently (meaning possibly). Under the new CEO Adrian Orr there were staff movements The Chief Investment Officer Paul Dyer and his mate from AMP Henderson days drifted off to the ACC. There was no replacement with the title CIO or anything similar. One might have wondered who was doing the investing. We should have noticed that in the 2008 report, ranked in the final, eighth, position on the staff list was someone with the prestigious name of Whineray who had spent a considerable time as an employee of Credit Suisse around the turn of the millennium. Credit Suisse and its offshoot First NZ Capital were joint lead brokers for the Feltex "IPO" (read swindle) as well as being associated with the vendor and promoter. CS also represented both parties when ACC bought National Mail shares off Cliff Cook in the year 2000. The shares lost 95% of their value a few days later .Then In mid 2014 Matt Whineray was appointed CIO of the Fund and a few days later he paid $US150m to controversial business house Goldman Sachs ostensibly to deposit in one only private Portuguese bank (BES) which was claimed to be an insured deposit and with guarantees from the Portuguese Reserve Bank. Within a month or so the deposit was effectively lost and none of the protections held water. The so-called deposit was written off in February 2015 and the Fund appeared before the relevant parliamentary select committee at that time with respect to the matter. I am not aware of any media reports on the issue. The story is that Goldman Sacks pooled this deposit with that of other other international depositors under the name Oak Finance. the total being over $US600m. Oak Finance claims to be taking action against the Portuguese Reserve Bank and the claim form is to be found here https://www.nzsuperfund.co.nz/sites/default/files/documents-sys/Claim%20Form%20dated%2026%20February%202015.pdf on the Funds website.The 12 individual depositors are listed and it can be noted that other than those of the fund and from the Super Fund of the major Danish telco the depositors are all registered in small states recognised as being tax havens. NZ and Denmark rather surprisingly(if you don't know about Oak) top the anti-corruption index of the obscure entity Transparency International so it becomes abundantly clear that this "deposit" was actually a bribe to be at the top of the list. It seems likely that UK which tops the larger countries and one other have paid bribes by this method.
On 25 July 2017 a whole range of MPs made positive reference to NZ's high standing on the TI index in the final reading of a whistle blowers bill.
Matt Whineray's brother Fraser Whineray was promoted to CEO of Mighty River Power about 6 weeks before Matt was appointed CIO of the Fund. Fraser was appointed by Joan Withers who joined the Feltex board just before it issued the prospectus in 2004, then quit the board when Feltex started to fail about a year later. I believe Fraser's appointment was part of the Oak deal. Although he had different university degrees to Matt he also spent years in the employment of Credit Suisse at the same time as Matt, along with Craig Foss, Chris Liddell, and I suspect one Andrew Pearce. Mr Pearse is about the same age as Matt Whineray and has recently been arrested for extradition to the USA on charges of defrauding a poor African country of something like $55m as an Credit Suisse employee. While I don't believe in guilt by association this association should be enough to have Matt Whineray stood down from the fund in the meantime. Security of our large fund should demand it.
The resumption of Knight and Dame titles has played a big part in the massive growth of corruption in this country. They were re-introduced without any political mandate. The USA banned them in 1776 knowing their affect.to top of page v