Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Bowls NZ Statement

2 July, 2008

Bowls NZ Statement

RE: “Bowls Clubs Hit By Finance Firm Woes” by Alanah May Eriksen.
2 July, 2008. NZ Herald

The article identified above contains some major errors which we would appreciate being corrected and published in the 3 July 2008 issue of the NZ Herald and on-line.
The corrections are in regards to the following statements:

1. Many of its 55,000 members were also encouraged to invest and it is understood that Bowls NZ would get between 1% to 2% of such investment back.
2. Dorchester had given the association about $10 million over the past 18 years

Bowls NZ, as it does with all of its sponsors, encourages members to support its sponsors but does not or has not provided financial advice or recommendations to its members, clubs or centres in regards to where they should invest their money.
It is quite rightly not our field of expertise and is the responsibility of the member, club or centre to seek their own financial advice and to make their own financial decisions.

The amount of brokerage paid by Dorchester in respect of investments made was in fact paid back to clubs (not Bowls NZ) from where the member came from.

Bowls NZ has not received about $10 million over the past 18 years. Dorchester as a company has invested approximately $8-$9 million in all levels of the sport. This figure comprises of brokerage, sponsorship, advertising and sales agents costs. A large majority was put into club and centre level with approximately 20-25% of this amount attributable to sales agents’ costs.

Dorchester has been a long-standing supporter of bowls from club to national office level for which we are very appreciative. It is a very unfortunate situation for all concerned and we support Dorchester’s efforts in adopting a recovery plan for invested funds.

RE: Dorchester woes catch Bowls NZ, Otago Daily Times, 2 July 2008.

1. It is understood Bowls NZ would get between 1%-2% of its investment back.

This statement is incorrect and was not made by Bowls NZ. As with other investors, we expect Dorchester to use their best efforts to recover the invested funds.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Tax Bill Passes, Drops: “An End To Unnecessary Secondary Tax”

“The changes mean Inland Revenue will more closely monitor the tax paid by wage and salary earners through the year. If it appears the worker is being over taxed, Inland Revenue will suggest a more suitable PAYE tax code tailored to that worker.” More>>


Ethiopian Airline Crash: Boeing 737 Max Aircraft Operations Temporarily Suspended

New Zealand’s Civil Aviation Authority has suspended the operation of Boeing 737 MAX aircraft to or from New Zealand. Currently this affects only one operator, Fiji Airways. There are no other airlines that fly this aircraft type to New Zealand. More>>


Sorting Out DNA: Crime-Busting Software Wins Top Science Prize

Software developed in New Zealand that has contributed to identifying suspects in tens of thousands of criminal cases around the world has won the 2018 Prime Minister’s $500,000 Science Prize. More>>


In The High Court: IRD Wins Tax Avoidance Case

Inland Revenue has won a High Court case against Eric Watson’s Cullen Group over a nearly $52 million tax debt. More>>


Insurers Withdraw From Market: Plea For EQC Rethink

A consumer watchdog wants the government to rethink the Earthquake Commission (EQC) as more people are pushed out of getting property and contents insurance. More>>


Women's Day: New Zealand Rated Third Best In OECD For Working Women

New Zealand has been rated among the top countries in the world for working women. The Women in Work Index rated New Zealand third in the OECD and it was the only country outside Europe to make the top 10. More>>