Media Release: Sunday 22nd February 2009

EUFA
(Exposing Unacceptable Financial Activities Inc Soc)
www.eufa.co.nz

National Party links in BlueChip suggest Political interference.

Trustees Executors which is chaired by Jim Bolger is the key player in the BlueChip scam. It is predominantly linked with GE Money and Challenger Bluechip. EUFA have been calling on Government to freeze recovery action from GE Money and Challenger mortgages since liquidation.

Coordinator of EUFA Suzanne Edmonds said today "EUFA executive wrote to Mr Bolger last year re BlueChip and his relationship with them but received the standard fob off 'not me' letter.............. it is rumoured the reason we are being discredited and frozen out is because we are experiencing political interference".

Prominent Auckland Barrister Paul Dale is reported as wanting the Government to bail out BlueChip Victims. At the time Mark Bryers put his companies into liquidation, very publicly and officially, Mr Dale and the EUFA organisation called for statutory management of BlueChip companies. This was refused by the Minister of Commerce, Ms Lianne Dalziel. Because of this negligence holes for money to leak out unnoticed and be squirreled away by the perpetrators has transpired.

Today's report that Mr Bryers has been receiving rent moneys, instead of the money being pooled for creditors, shows a clear breakdown in the current processes such as the liquidation.
At a public meeting in Auckland run by EUFA in March last year, EUFA executive warned Mr Meltzer that he needed to act quickly to "grab the money". Today's revelations in the Sunday herald would suggest the liquidation has dismally failed creditors and investors.

Mr Bryers continues to flaunt his wealth while the investors who inadvertently filled Mr Bryers coffers are facing eviction and astronomical losses. The Government is facing enormous costs, in having to support many of the elderly victims, through the social welfare system once the victims are either bankrupted, or destitute from the inevitable mortgagee sales.

EUFA and Mr Dales public calls for government intervention have fallen on deaf ears. EUFA members and the Executive have written numerous letters to both the old and new Governments urging they freeze recovery action from companies who supported and profited from Bryers empire.

Mrs Edmonds added ; "If the Government will ignore a highly skilled Barrister and a public lobby group who have all the inside information to such an extent they must be frightened of something....we believe their non action is motivated by an 'old boys' club and pressure from the who's who.

BlueChip board documents clearly show that in 2006 the Board knew of BlueChip troubles. This board had 2 previous national party Members of Parliament on it. EUFA members will be petitioning parliament in the form of citizen's petitions in the coming weeks.

ENDS

© Scoop Media