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

 

Tubes: Tasman Global Access Cable Goes Live

Spark, Vodafone and Telstra have today announced the Tasman Global Access (TGA) cable is officially in service and ready to carry vast quantities of Internet traffic between New Zealand and the world. More>>

ALSO:

Theresa Does: Brexit Letter Sees NZD Touch Week-High Vs GBP On Brexit

The New Zealand dollar rose to a week-high against the British pound and euro after UK Prime Minister Theresa May officially triggered Britain's exit from the European Union. More>>

ALSO:

Statistics: Business Research And Development Up 29 Percent

Computer services and machinery manufacturing firms led the way in an almost 30 percent lift in business spending on research and development (R&D) in 2016, Stats NZ said today. Businesses spent $1.6 billion on R&D in 2016, up $356 million (29 percent) from 2014. More>>

ALSO:

China Shopping: NZ-China FTA Upgrade Agreed Among Slew Of New Deals

New Zealand Prime Minister Bill English and China Premier Li Keqiang signed off a series of cooperation deals spanning trade, customs, travel and climate change and confirmed commencement of official talks on an upgrade to the nine-year old free-trade agreement between the two countries. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news