2nd November 2004

Waipareira Trust

There has been comment in the media about certain financial transactions involving the Waipareira Trust being referred to the Serious Fraud Office.

I have recently received documents alleging false invoices in 1998 – 99 totalling $100,000.00. Given the public interest in this matter and the nature of the allegations I have decided that it is an appropriate matter for the Serious Fraud Office to investigate.

Mr Tamihere was the Chief Executive of the Waipareira Trust at the time, and as might be expected his signature, along with the signatures of others, appears on some of the documentation. Until I have investigated the matter fully I can not confirm that the invoices were in fact false, nor if they do prove to be false am I able to say at the moment who was responsible for the documents or what happened to the money.

This is the only matter involving the Waipareira Trust that the Office is investigating.

I will not be making any further comment on this matter during my investigation. At this time it is impossible to say how long it will take to complete the investigation, other than to say that the matter will be dealt with expeditiously.

DJ Bradshaw Director

ENDS

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