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BNZ tax case decision due - NAB on trading halt
BNZ tax case decision due - NAB on trading halt
By Pattrick Smellie
July 16 - The National Australia Bank has been placed on a trading halt in both New Zealand and Australia.
It is understood the halt relates to the pending release of a decision from the New Zealand High Court on a tax avoidance case involving tax and interest charges of more than NZ$640 million.
The first of several cases involving similar structured finance arrangements, the case wound up in Wellington a month ago before Justice John Wild, with a new case based on similar issues now running in the High Court in Auckland.
Bank of New Zealand is a subsidiary of NAB, and the tax arrangements involved were only available to be exploited by foreign owned banks operating in New Zealand.
(BusinessWire)
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