Promotion of Accounting Reform as the most effective Pathway to a Fairer Safer and more Prosperous Society. Comment and Support from all quarters is Sought to straighten out NZ's problem
May 2017 Edition modified 18 May
To peruse our extensive evidence that the Feltex IPO was a Government sanctioned robbery of hard working but modestly educated New Zealanders to raise funds to enable the country’s athletes to cheat Olympic gold medals click here.
The speaker of the NZ Parliament, David Carter chaired a committee which recommended Transport CEO Martin Matthews be Auditor General. David Carter was questioned on why Matthews was appointed when at Transport Dept he had appointed Aust crook Joanne Harrison to his staff.
The problem was that Harrison had been appointed and there seemed to be many opportunities to investigate and sack her before it happened.
Carter eventually replied saying that the Serious Fraud Office said that Matthews had been most co-operative after he told them of his suspicions.
The issue for Carter was whether Matthews had the skills to smell crime a mile off and promptly get it stopped. And the will to so act. Carter has willfully evaded the question. We believe he is willfully covering things up. Did he chair the committee who recommended the appointment of the female Governor General? we wonder. The GG who as a Telecom director allowed Telecom to jack up its profit by $200m by getting an associate which had never made a profit to pay it this amount in dividends’ breaching the true and fair requirement..
The SFO is of course directed by an Australian female. We also had Aust females Jane Diplock and Kaitha Dunstan on Securities Commission
The Securities Commission all female quorum in 2007 including these two Australians, considered Feltex Carpets prospectus and fraudulently said was nothing wrong with it
The Transport Dept appointed senior female who ripped off taxi drivers by requiring them to have useless letter in their cabs –fine $490
It is understandable that NZ females, the majority of NZ voters want a share of the action but Aus females are appointed for corrupt purposes.
On 5 April we attended a Supreme Court sitting in Wellington NZ when an application to appeal the Court of Appeal decision in Houghton V Saunders was heard. The application was presented by a female barrister, probably a QC who we think possibly had been involved with this case before. Receiving the presentation was the female Chief Justice with a male judge or justice to either side of her. This was all court theatre of course. Everyone knew the true version of events; of how a worthless or near worthless company Feltex Carpets had been had been sold to a wide range of unsuspecting largely amateur investors by way of an “IPO” in April 2004, the prospectus of which, with the Government’s approval, was grossly and criminally misleading. The Government under Helen Clark had immediately prior put in place corrupt law enforcement agencies up to and including the Supreme Court which it is able to instruct to find against any allegation of corrupt practice either in general or with respect to specific entities such as Feltex Carpets and the promoters of its IPO. In this case a large portion of the $250m odd stolen we say has gone to buy gold medals at the Athens Olympic game via buying licences to cheat in specific events from corrupt Olympic officials.
The Supreme Court has now granted leave to hear an appeal in Houghton v Sanders in the last week of July 2017 as is said here.
Women paid a large part in this corruption since with the with the female Pime Minister a “politically correct” notion was set up under which it was improper to question the appointment of females. Australia was up to this buying Olympic medals racket after the 1984 los Angeles games when it got no medals despite the late withdrawal of eastern European nations. When NZ considered it got a miserly medal haul of one gold and three bronze at the year 2000 Sydney Olympics NZ has asked Aus if it could join in its program whatever that was. Aust obliged in many ways, sending over corrupt female securities officials, providing bent , and what appeared to be a genuine corporate investor in the fake IPO, Hunter Hall.
When Feltex Carpets failed, as inevitable would be the case, the Government had a fake provider of legal solutions on hand to offer hope to many of the 8000 losing investors that he could get their money back. It is the final stages of this tenth hearted “effort” called Houghton V Saunders that is before the Supreme Court. It is just an application to review at this stage. The decision should be out soon. We suspect the matter will be kept going, so comment on the whole issue is suppressed.
We took Television NZ to the Broadcasting Standards Authority over a Nigel Latta TV program in which Latta said “We (NZ) are not corrupt”. The ruling can be found here We presented all our Feltex IPO findings as evidence of corruption which the authority did not disclose but nor did it criticise. It said the complaint was about one short sentence and the program in general was not about corruption. Well we say a program is about what its makers say it is about and that was why the stock market was not contributing to the economy like it does in other countries. We say the answer to that was “corruption”. But Latta said we were not corrupt so the program was derailed into anything else that could possibly be relevant.
TVNZ’s only response to our complaint was that NZ was fourth on the anticorruption perception index of the entity called Transparency International. We said NZ was falling on that index and falling fast. But that argument fell somewhat flat when after our submissions were completed the 2016 Index was released which showed NZ equal with Denmark at the top of the list.
But we now have a far better answer. Of course corrupt countries are likely to employ corrupt practices to give the impression that they are not corrupt and we are satisfied that we have uncovered NZ’s involvement in such a prank.
We return to our criticism of the NZ Superannuation Fund and in particular its “deposit” into the Portuguese bank BES in mid 2014. There is not a legitimate reason in the world why the Fund should go out of its way to invest in that Bank. It claims that the “deposit” is consistent with various successful strategies that it has but we can see no such logic.And why should it get Goldman Sachs mixed up in the deposit. We agree that the occasional loss on an investment by the fund does not necessary raise any alarm but that argue must not be used to cover over a completely unjustified investment. They claim the investment was insured but somehow this ninsurance is not paying up. How peculiar is that? A it claims the Portuguese Reserve Bank had promised to bail them out but has not done so. Why would they make such a promise and how unfortunate can you possibly get. The Fund claims the it is taking action over this promise, in a British court of all places. So of course it cant discuss the matter. That is very convenient we think. The bank concerned collapsed within a couple of weeks of this deposit being purported to have been made. Usually it is known in commercial circles that such a collapse is pending.
This aspect mirrors a year 2000 incident when NZ’s Accident Compensation Corporation bought $500,000 of shares in a would-be start-up company National Mail which was trying to compete with the state owned NZ Post in the country’s mail business. About ten days later the company announced that it was going out of the mail business and the shares lost 95% of their value. We say this was a trial run for the Government with the help of “friends” seizing public funds to put them to improper purposes. The international broking firm Credit Suisse represented both parties to this deal, one party under the name C S First Boston and the other with the name Credit Suisse F B. Cedit Suisse went on to have significant connection with the vendor, the promoter, and a lead broker in the so called Felte\x Carpets IPO which we discuss above and throughout this site.
Our attention is drawn to the career of Matt Whineray, the Chief Investment officer of the NZ Superannuation Fund. We think he must be a relation of the one time All Black aptain the late Sir Wilson Whineray but he is not his son. We rather think the name would be a factor in this selection of Credit Suisse. He became a Vice President of this large international corporation as we think do many people in order that their status be built up. We are trying to established the date he was there but believe it was in the 2000 2004 era.
Matt was born in 1970 and grew up to complete a law and commerce degree. It says he spent 7 years with Russell McVeagh before joining Credit Suisse or First NZ Capital. He might have arrived there after ACC bought the dud National Mail shares but before the “Feltex IPO” robbery. About 2008 he became a “guardian” of the NZ Superannuation Fund.
A somewhat parallel career is that of Fraser Whineray. We assume he is a brother of Matt because the surname is so rare. Fraser would seem to be older as it is said that between 1997 and 2002 he was with Credit Suisse First Boston in Wellington and Sydney. He then had various jobs in the Dairy industry and in 2008 he was appointed a director of Opus International while working at Carter Holt Harvey. It would seem he joined the Mighty River Power Group of companies soon after that.
On 1st May 2014 Mighty River Power appointed Fraser Whineray as its CEO. This was announced by the company chairperson Joan Whithers who of course in 2004 joined the Feltex Carpets board as its sole female director just in time to get her photo in the prospectus and lure the Mum and Dad Investors with First NZ Capital as a lead Investor . A year later when the company announced a major downturn in profit expectations she quit the board. Mighty River Power has of course sponsored the highly “successful” NZ rowing squad in recent times.
Six weeks later on the 16 June 2014 Matt Whineray was appointed to the newly created post of Chief Investment officer with the New Zealand Superannuation Fund. On 3 July 2014 Goldman Sachs arranged a $US150m loan to the Portuguese bank BES for the NZ Super fund. They have not explained why this investment was attractive. Arguments that it was consistent with mandates have no rational. On 3 August 2014 this bank wais announced as having failed.
Clearly the elevation of Matt Whineray, and probably of his brother, was part of a plan to buy the country joint top joint top billing on the Transparency International perceptions index of corruption in each country. At the time of his appointment the BES bank was said have raised a billion or so in equity finance. Probably also this was a money grubbying exercise and the money was not actually going into share capital. At the time when the Greek financial crises was in the news daily Portugal was touted as being the next European country to be in deep financial trouble. The tenth entity listed on the claim form probably was a bribe from the UK. It came in tenth equal on the TI list and along with Germany lead the more populous countries.
* Anyway our latest evidence is this claim form on the superannuation fund site. Our interest in this form is in who else has purported to have deposited with this BES bank. It seems 14 entities did and of these 12 come from “tax haven” type countries indicating they want secrecy and not that they are open innocent mugs. The other two are the NZ Super Fund and apparently the superannuation fund of a major telecommunications company in Denmark. It is our belief that the bulk of the funds of this Oak investment which is all purported the have gone into this BES bank has in fact gone to senior staff of Transparency International to pay for top ratings for the countries on whose behalf they have been made. International entities are unfortunately quite corrupt and the operation of TI has become more and more clouded.