Opinion-Piece – Pre-receivership papers on Property Ventures [Limited] suggests our regulators have some explaining to do. writes Chalkie. Just as a dung beetle likes nothing better than burrowing into a big steaming cowpat, providentially plopped into its path by a benevolent donor, Chalkie loves a good document dump. In this case the documents come from the old Securities Commission, since renamed the Financial Markets Authority, and the Ministry for Business Innovation and Employment. They reveal how overseas investors were stiffed by Christchurch-based property developer Property Ventures, more than two years before the company fell into receivership owing $69 million. They show an impotent regulator, unable to act and repeatedly complaining about unanswered correspondence.
They reveal a conflict of interest at the Companies Office [ involving the registrar of companies Mr Neville Harris] that might have affected an inspection of Property Ventures under the Securities Act….
Property Ventures was a development and investment company founded by motivational speaker Adolf de Roos and led by Christchurch-based developer David Ian Henderson….
For more go to: http://www.stuff.co.nz/business/opinion-analysis/10065328/Securities-Commissions-silence-far-from-golden
“Chalkie” is written by Fairfax business bureau deputy editor Tim Hunter
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Article published by SPCS on 16 May 2014