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

 


Insolvency Industry Meets For Conference

Insolvency Industry Meets For Conference

“As the insolvency industry meets for its big conference in Auckland this week it needs to be a lot of soul searching” says Bruce Tichbon, spokesperson for the Ross Asset Management (RAM) Investors Group.

“It is beholden on the insolvency industry to explain why, with so much white collar fraud in NZ, that the insolvency industry seems to be able to recover so little of the money that is stolen.

“Over the past few years there have been a huge number of spectacular failures in the finance industry, including many Ponzi schemes such as the recent Ross Asset Management (RAM) debacle. Yet the insolvency industry seems to be unable in most cases to recover anything more than a few cents in the dollar for the investors. The result is many, many thousands of NZ investors have been all but totally robbed and billions of investment dollars transferred to other parties. The impact has been devastating, costing the life time savings of widows and retired couples, as well as students saving for their educations, and young families saving for their first home.

“Recovery performance does not need to be so bad. In the case of the Madoff Ponzi in the USA, liquidation is on track to recover virtually 100% of the stolen money. Yet the investors in the RAM Ponzi in NZ are being warned to expect recoveries of somewhere between nothing and a few cents in the dollar at best.

“The insolvency industry must address why the recovery performance in NZ is so poor compared to overseas benchmarks. Does the NZ problem lie in weak law and regulation, poor insolvency industry enforcement, or an ‘old boys club’ culture? We are hopeful the overseas speakers at the conference will address these issues. We ask that the speakers from the Serious Fraud Office (SFO) and Financial Markets Authority (FMA), who will be at the conference, also address these concerns.

With tickets to the Insol conference costing more than $2,000 dollars in most cases, the company will be exclusive. As the industry shares drinks and canapés we hope they will spare a thought for the thousands of NZ investors who they should be helping to recover their life savings.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Housing Policy: Auckland Densification As Popular As Ebola, English Says

Finance Minister Bill English said calls by the Reserve Bank Governor for more densification in Auckland’s housing were “about as popular in parts of Auckland as Ebola” would be. More>>

ALSO:

Crown Accounts: NZ Government Deficit Smaller Than Expected In First Half

The New Zealand government's operating deficit was smaller than expected in the first six months of the financial year, as the consumption and corporate tax take rose ahead of forecast in December, having lagged estimates in previous months. More>>

ALSO:

Fruit & Veg Crackdown: Auckland Fruit Fly Find Under Investigation

The Ministry for Primary Industries (MPI) is investigating a find of a single male Queensland fruit fly in a surveillance trap in the Auckland suburb of Grey Lynn... MPI has placed legal controls on the movement of fruit and some vegetables outside of a defined circular area which extends 1.5km from where the fly was trapped in Grey Lynn. More>>

ALSO:

Scoop Business: Westpac NZ Reaches $2.97M Swaps Settlement

Westpac Banking Corp’s New Zealand unit has agreed to pay $2.97 million in a settlement with the Commerce Commission over the way the bank sold interest rate swaps to farmers between 2005 and 2012. More>>

ALSO:

Going Dutch: Fonterra Kicks Off $144M Partnership With Dutch Cheese Maker

Fonterra Co-operative Group, the world’s largest dairy exporter, has commissioned a new dairy ingredients plant in Heerenveen, in the north of the Netherlands, its first wholly-owned and operated ingredients plant in Europe. More>>

ALSO:

Scoop Business: NZ Retail Sales Beat Estimates

New Zealand retail sales rose more than expected in the fourth quarter, led by vehicle-related transactions, food and beverages, adding to evidence that cheap credit and a growing jobs market are encouraging consumers to spend. More>>

ALSO:

Delivery Cuts Go Ahead: 'Government Money Grab' From NZ Post

"It's a money grab by the Government as the shareholder of New Zealand Post" says Postal Workers Union advocate Graeme Clarke about the changes announced by NZ Post. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news