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

 

Insolvency practitioners key to fighting corporate fraud

17 August 2011

Insolvency practitioners key to fighting corporate fraud

The Serious Fraud Office (SFO) today recognised the importance of insolvency practitioners in the fight against corporate fraud.

Speaking at the 11th Annual Corporate Insolvency Conference in Auckland, SFO Chief Executive, Adam Feeley, said “No profession is better placed than insolvency practitioners to assist the SFO, and other law enforcement agencies, in the fight against corporate crime.”

Mr Feeley said that factors such as their strong links to business; geographic spread; and relative strength of numbers, made the profession a key ally to the work of the agencies tasked with fighting financial crime.

“We are heavily dependent on the on-the-ground knowledge and cooperation of insolvency practitioners to detecting crimes within the corporate sector, and to ensuring a successful outcome to an investigation.”

In the past 12 months the SFO had been greatly encouraged by the support of insolvency practitioners for greater law enforcement activity, and their active reporting of possible offending.

“Several accounting and law firms have assisted us in major investigations. Without their help, these cases would have, at best, taken longer to complete, and in some cases may not have been completed.”

Mr Feeley cited cases such as Aorangi Securities, Hanover Finance, South Canterbury Finance, and Herbert Insurance Group where insolvency practitioners had made significant contributions to the SFO’s investigations.

“I think there has been significant shift in the level of collaboration between agencies such as the SFO and Financial Markets Authority and those responsible for administering the affairs of financially distressed companies.

“While it would be naïve to think corporate fraud won’t continue, the public should feel heartened by the commitment of the private and public sector to working together to make New Zealand a safer place to invest.”

ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 


Stats NZ: Quarterly Inflation Rising Steadily Across The Board

Higher prices for transport and food have driven up inflation for the all households group in the June 2021 quarter, Stats NZ said today. The ‘all households group’ represents all private New Zealand-resident households... More>>


Stats NZ: Primary Products Push Exports To A New High

New Zealand exports reached a new high in June 2021, off the back of record export values for logs and beef, Stats NZ said today. In June 2021, the value of all goods exports rose... More>>



Energy: New Zealand Could Be World’s First Large-scale Producer Of Green Hydrogen

Contact Energy and Meridian Energy are seeking registrations of interest to develop the world’s largest green hydrogen plant. The plant has the potential to earn hundreds of millions in export revenue and help decarbonise economies both here and overseas... More>>




Statistics: Household Saving Falls In The March 2021 Quarter

Saving by New Zealanders in the March 2021 quarter fell to its lowest level in two years after rising sharply in 2020, Stats NZ said today. Increases in household spending outpaced income growth, leading to a decline in household saving from the elevated levels that prevailed throughout 2020... More>>

ALSO: