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Attitude exposes NZ to international fraud and corruption

She’ll be right attitude exposes New Zealand to international fraud and corruption

Independent candidate for Epsom Grace Haden is concerned with the lack of verification undertaken by public bodies co on the identity of organisations.

While real people generally verify their true identity with picture ID , corporates are seldom asked to produce evidence as to who they are or even show that they really exist.

The use of Trading names is prevalent and many assume that a company or trust exists just because an impressive sounding name has been given.

Identity fraud appears to have connotations only with real people but the reality is that the use of fictional entities and false or deceptive registration of companies is rife .

There is a simple three step process which will prevent this identity fraud and she seeks to have it introduced into all facets of business both public and private .

1. Question everything
2. Assume Nothing
3. Seek the truth

It would appear that assumptions are frequently made and this opens the door to corruption . ( corruption being where the integrity of transactions is not robust ) .

As an example the sale of the Crafar farms is being placed under the spotlight .

Due diligence on the applicant Milk New Zealand Holding was undertaken by the Overseas investment office.(OIO)

The OIO stipulated that “The Applicant will register as an overseas company under the New Zealand Companies Act 1993 prior to acquiring the Investment.” However this did not occur, instead a New Zealand company was registered in the same name with a shareholder who was not initially identified as being a British virgin Island registered company.

The issue which arises is the lack of transparency of the British Virgin Island company , MILK New Zealand Investments Limited and this means that the screening of the Hong Kong based applicant was meaningless as this company is not the purchaser and this company did not register in New Zealand as directed.

It would appear that the office of Overseas investment did not check for compliance with their directions. The matter has now been brought to their attention and an investigation has been requested by Mrs Haden .

For more information see http://www.anticorruption.co.nz/2014/09/10/is-there-an-obligation-to-comply-with-directions-of-the-overseas-investment-office/

ENDS

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