The Serious Fraud Office is investigating an exporter of infant milk powder and manuka honey that receivers say collapsed owing more than $1 million.
Nubiotics, owned and directed by Waikato businessman Trevor Lock, entered receivership and liquidation in August last year after falling behind on payments to boutique lender Waikawau Finance.
Nubiotics marketed a range of colostrum-based cosmetics, active manuka honey and infant formula accompanied by impressive-sounding health and scientific claims.
Lock, 54, is described in company literature as having a masters degree in biotechnology and bio-engineering from Waikato University and formerly employed by Anchor as a nutraceuticals development manager. Reports prepared by receiver McDonald Vague show the company had been accepting deposits to provide products, but “had failed to complete” the agreements.
The company’s main asset was listed as $5.1 million of trade debtors, but on further investigation this number rapidly shrank.
For full Story by Matt Nippert, published 19 October 2015, go to: