Local Govt | National News Video | Parliament Headlines | Politics Headlines | Search

 


SFO charge gold trader

16 January 2013

SFO charge gold trader

The Serious Fraud Office (SFO) has today laid criminal charges against Kairuaiti Tangata Oropai Robert Kairua (52), the director of Grace Holdings NZ Limited (Grace NZ).

Mr Kairua faces 29 Crimes Act charges of theft by person in special relationship and false statement by promoter.

Trading under the name BullionBuyer, the core business of Grace NZ was the provision of gold and other precious metal leverage trading to investors.

The SFO charges allege that:

· False statements were made regarding the company and Mr Kairua to solicit investors;

· Investors’ funds were applied for purposes other than the investments promoted. The SFO allege that Mr Kairua misapplied a total of over NZ$400,000 equivalent; and funds were invested contrary to investor requirements.

· Investors were provided with false statements that failed to report the true position of their investments.

Information obtained by the SFO showed that at the time of its collapse, Grace NZ claimed to hold investor funds of approximately US$3.3 million.

Acting Chief Executive of the SFO, Simon McArley noted that this was the latest in a string of cases involving investment advisors and the application and reporting of the investment funds they received.

“While poor investment decisions or performances are not a crime, investment advisors and managers must be truthful with investors as to the purpose to which funds will be applied and the performance of those investments,” he said.

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

Parliament Today:

Werewolf: The Defence Pretence

Last year, the world began spending more money on weapons again, for the first time since 2011... New Zealand belongs to a region – Asia and Oceania – where military spending rose sharply in 2015, by 5.4 per cent. More>>

ALSO:

Gordon Campbell: On Not Crying Foul, Argentina

So a couple of guys found to be criminally liable of environmental pollution in Argentina lodge an application with the Overseas Investment Office… in order to buy some prime New Zealand rural land. Seems that their factory back home had carelessly and/or intentionally discharged toxic waste into the Lujan river. Bummer... More>>

ALSO:

Urban & Rural: $303m To Merge And Modernise New Zealand’s Fire Services

Internal Affairs Minister Peter Dunne today announced funding of $303 million over five years to combine urban and rural fire services into one organisation from mid-2017. More>>

ALSO:

High Trust Regime: What Did The PM Tell His Lawyer About Foreign Trusts?

The Government stopped the IRD from reviewing New Zealand foreign trusts shortly after the Prime Minister’s lawyer wrote to the Revenue Minister claiming John Key had promised him the regime would not be changed. More>>

ALSO:

Road Crime: Wicked Campers Vans Classified As Objectionable

The definition of publication includes any "thing that has printed or impressed upon it, or otherwise shown upon it, 1 or more (or a combination of 1 or more) images, representations, signs, statements, or words", The Classification Office has previously classified such 'things' as billboards, t-shirts, and even a drink can. This is the first time the Classification Office has classified a vehicle. More>>

ALSO:

'When New' Repairs: Landmark EQC Settlement

The Earthquake Commission has cut a deal with 98 Canterbury homeowners that affirms the government entity's responsibility to repair earthquake-damaged property to a 'when new' state, as well as covering repairs for undamaged parts of a property and clarifying its position on cash settlement calculations. More>>

ALSO:

Gordon Campbell: On Kiwirail’s Latest Stint In The Dogbox

The denigration of Kiwirail continues. The latest review (based on a 2014 assessment) of the options facing the company have enabled Kiwirail to be hung out to dry once again as a liability and burden on the taxpayer. More>>

ALSO:

Royal Society Report: Good Opportunities To Act Now On Climate Change

There are many actions New Zealand can and should take now to reduce the threat of climate change and transition to a low-carbon economy, a report released today by the Royal Society of New Zealand finds... More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Regional
Search Scoop  
 
 
Powered by Vodafone
NZ independent news