SOCIETY FOR PROMOTION OF COMMUNITY STANDARDS INC.
The directors of failed finance company Lombard Finance, including former justice ministers Sir Douglas Graham and Bill Jeffries, have again been refused leave to appeal their convictions.
The directors had applied to the Supreme Court to recall the judgement of the court delivered in October 2013 refusing them leave to appeal against their convictions.
Wellington-based Lombard collapsed in April 2008, leaving about 3600 unsecured investors $111 million out of pocket. [Read more…]
Graham Dennis HEWER was appointed by John Edward Clancy as director of Derby Grey Ltd (formerly Global Developments (NZ) Ltd), a property development company, effective on the same day as it was put into liquidation – 14 October 2014 owing over one million dollars to creditors. The Director’s Consent Certificate for Hewer was completed by Richard Somerville (Walker Townsend Ltd), the accountant for all Clancy’s companies. Earlier that day at 09:33:24 Somerville filed a document online verifying that all the shares of the company, formerly jointly held by Clancy and FJ40 Trustees Ltd; had been transferred to Graham Hewer – of residential address 87 Byron Street, Sydenham, Christchurch, 8023, New Zealand. Six days later on 20 October 2014 Somerville filed a document stating that John Edward Clancy of residential address 19 Bennington Way, Wigram, Christchurch, 8042, NZ, had ceased being director. The change of the company name to Derby Grey was made effective on 9 October 2014, just five full days prior to the company being put into liquidation by the Special Resolution of its Shareholders under s. 241(2)(a) of the Companies Act 1993.
See PDF Links for companies directed by John Edward Clancy
Chinese company Shanghai Pengxin’s total farm assets in New Zealand are up for sale, including 16 farms and a conditional agreement to buy Lochinver Station – but they are unlikely to be sold.
Because the company wants to restructure, the Overseas Investment Office (OIO) requires it to offer its assets for sale to New Zealanders.
The 16 dairy farms totalling 7885 hectares are the former Crafar family farms, bought controversially for $200 million in 2012.
See full story by Gerard Hutching, published 21/07/15:
John Edward Clancy has set up four trusts which own all but two of the many companies he directs. These unnamed trusts, for the purpose of our Society’s analysis, are given the following names based on the “trustee services” companies involved in their formation: (1) “Clancy Trust” [Clancy Trustee Company Ltd] (2) “FJ40 Trust” [FJ40 Trustees Ltd], (3) “MF24 Trust” [MF24 Trustees Ltd] and (4) “FUBA Trust” [FUBA Trustees Ltd].
Here are links to two PDFs that set out the various ownership connections. [Note: Because Trusts are not “legal persons” they cannot by law be recorded by name on the Companies Office Register as holding/owning shares. Instead, the full legal names and residential addresses of the trustees of the trust are required to be recorded by the company directors as holding the shares on behalf of the (unnamed) beneficiaries of the trust].
Clancy Trusts and Company Flow Diagram Links
MF24 TRUSTEES link to John Clancy companies
The Society has submitted a number of formal complaints to the Registry Integrity Team of the Companies Office regarding breaches of the Companies Act 1993 by Mr Clancy and his accountant with respect to documentation they have filed with the Companies Office. [Read more…]
A financial adviser has been sentenced to six years in prison for stealing more than $3 million of his clients’ investments.
In May Andrew Robinson, 42, the principal of Auckland mortgage broking and insurance firm Strategic Planning Group, pleaded guilty to four charges of theft by a person in a special relationship, one of improperly dealing with funds and one charge of fraudulently using a document.
Justice Matthew Muir sentenced Robinson to six years in prison with a minimum imprisonment period of two years and nine months.
Source: Financial adviser Andrew Robinson sentenced to six years in prison. Published 17 July 2015
Read more: http://www.insolvencywatch.co.nz