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:

The Kids: OECD Report Shows Huge Impact Of Poverty On Education

A new report from the OECD has again highlighted the negative effects of poverty, showing that disadvantaged children in New Zealand are more than six times more likely to underachieve in maths than children from wealthier homes. More>>

ALSO:

Pacific: NZ Pledges $500,000 To Help Address Zika

“With the Zika virus now confirmed in a number of Pacific countries, New Zealand is committed to helping limit the impact and spread of the virus in the region,” says Mr McCully. “New Zealand will provide $250,000 as a contribution to the WHO to implement the Pacific Zika Action Plan, and a further $250,000 to enable countries in the region to respond rapidly if required." More>>

ALSO:

Labour: Police Commissioner 'Doesn’t Get Force Needs'

The Police Commissioner has let down the public and his own force by insisting the police have what they need despite it taking a year to solve a burglary and overwhelming number of officers saying they are under-resourced, says Labour’s Police spokesman Stuart Nash. More>>

ALSO:

Gordon Campbell: On The US Pressure To Expand Our Role In Iraq

Foreign news services are being more forthcoming about what the “next 12 months” will entail – essentially, the defence ministers will be under US pressure to increase their “training” role preparatory to an assault on the city of Mosul in northern Iraq. More>>

ALSO:

Parliament Restarts: Prime Minister’s Statement

Our policy agenda and legislative programme will reflect the Government’s four priorities: • to responsibly manage the Government’s finances • to build a more competitive and productive economy • to deliver better public services to New Zealanders, an • to support the rebuilding of Christchurch. More>>

ALSO:

NZEI Survey Report: Special Needs Students Missing Out

The survey revealed that around 16 percent of students were on schools’ special needs registers, but nearly 90 percent of schools’ special needs coordinators did not believe there was adequate support for students and their learning... More>>

ALSO:

Interim Report: Waitangi Tribunal On Ture Whenua Legislation

Labour on Proposed changes to Maori land rules: “To have Treaty Negotiations Minister Chris Finlayson dismiss findings as ‘bizarre’ is totally disingenuous and disrespectful. What’s bizarre is Maori Development Minister Te Ururoa Flavell stubbornly pushing through this Bill before the Waitangi Tribunal has even completed its report..." More>>

ALSO:

Spy Update: Appointment Of GCSB Acting Director

GCSB Chief Legal Advisor Lisa Fong will become the Acting Director of the Government Communications Security Bureau (GCSB) from 15 February 2016, Minister Responsible for the GCSB Christopher Finlayson announced today. More>>

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Regional
Search Scoop  
 
 
Powered by Vodafone
NZ independent news