A banned company director with a chequered business past and who has threatened many New Zealanders with court action, is shortly to face a battle in court over his business activities. [Read more…]
Convicted financier John Hotchin, former director of Nathans Finance, which collapsed in 2007 owing debenture investors $174.5m, pleaded guilty in the High Court last week to three charges brought by the Securities Commission: making untrue statements in Nathan’s investment documents. He was sentenced to 11 months home detention and BusinessDay (The Dominion Post 9 March) reports that it understood from what was stated in court at sentencing, that it was to be served at a rented property.
Documentation readily accessible on-line to the New Zealand public has often been used by investigative business reporters to probe and raise serious questions concerning suspected and actual white collar criminal activity. They often appear to see their roles to be that of “public watch dogs”, effectively promoting and raising awareness of the need for better community standards in the area of public accountability in business, reparation and sentencing etc. They most certainly do serve the “public good” and thec best of them receive journalism awards. The public needs to recognise the vital role they play in a free and democtatic society like ours in New Zealand. [Read more…]
Finally, on 24 December 2010, the Registrar of Companies struck off Computer South Ltd (which had its registered office for over 13 years with Checketts McKay Law, Wanaka), from the Companies Office list of registered companies. ‘Directed’ by plumber Peter Bruce Ibbotson since it was incorporated on 20 March 1997, with Iain Grant Fyfe, a partner in Checketts McKay, as one of its three original shareholders and its solicitor; the company continued to ‘trade’ up to as recently as 20 April 2009 when its Annual Return was filed on line by Fiona Browne, agent for Checketts McKay.
A Serious Fraud Investigation commenced in 2006 into the activities of the real “director” of Computer South Ltd, Michael Andrew Swann, found that it had no assets, no employees and filed no tax returns. It was used by convicted fraudster Swann, a banned company director and bankrupt, as his de facto bank account for laundering millions of dollars he gained by fraud from the tax-payer funded Otago District Health Board, while he was employed there as information technology manager from 2000-2006.
An online record dated 22 September 2006, made by Kathleen Elizabeth Bennett, agent for Checketts McKay, proves that 50% of Computer South shares, personally held by Iain Grant Fyfe, were transferred to Ibbotson, just days before the Otago DHB suspended their employee Michael Andrew Swann and launched their investigation into his financial activities in early October 2006. The Serious Fraud Office launched its own inquiry shortly afterwards.
Working closely with solicitor Iain Grant Fyfe, Swann squirrelled away millions of dollars over six years into Central Otago properties purchased by trusts set up by Checketts McKay in the names of people – presumably known to and nominated by Swann.
Convicted fraudster Michael Andrew Swann, who is currently serving a lengthy jail term for fraud, together with his convicted accomplice Kerry Gray Harford, defrauded the Otago District Health Board of $16.9 Million over six years (2000-2006).
Swann, ran Computer South Ltd as his personal de facto bank account for the laundering of millions of dollars of ‘dirty money’ obtained by fraud from the DHB, despite the fact he held no office in the company and held no shares. As a convicted bankrupt Swann was unable to hold shares in or direct any company.
As a banned director it was unlawful for him to play any significant role in the management and/or financial affairs of the company. The Otago DHB suspended suspended Michael Andrew Swann in early October 2006 for “gross mismanagement of DHB’s IT procurements including delegation of authority and purchasing policies” then fired him.
For further background reading see:
Swann’s Rolls-Royce lifestyle – the evidence. By Stu Oldham. Fri, 10 Dec 2010
Police seek information on Swann assets. Sat, 25 Sep 2010.
By David Fisher and Frances Morton. Herald on Sunday Sept. 19, 2010
Steve Crow says he will fight a government inquiry into a possible breach of a management ban following four collapsed businesses.
When Steve Crow embarked on building a homegrown porn empire he vowed he would never lock himself away in a dark room with a fake name. It is this willingness to put his “head above the parapet”, he claims, that has got him into trouble.
On April 16, after the collapse of four of his companies, Crow was banned from managing any business for four years. He was forced to resign his directorships and brought in brother David to run the companies. Crow continued to work in the office as a “consultant”.
Now, the Herald on Sunday has learned the Ministry of Economic Development is looking into whether he has breached the management ban. Anyone convicted for such a breach can face up to five years in jail and fines of up to $200,000.
Crow is fighting back. He’s considering seeking a judicial review and suing the ministry for discrimination. It is the culmination of a lifelong battle with the establishment.
For full story go to: http://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=10674407 [Read more…]
Stephen Peter Crow was listed today, 28 May, 2010, on the New Zealand Companies Office Website as a Banned Director and Manager of Companies, effective from 16 April 2010 and ending on 16 April 2014, due to his offences committed under section 385 of the Companies Act 1993. His residential address is listed as are the companies he has directed which were central to his offending. Two are still in liquidation and two have recently been struck off the register following the completion of liquidation proceedings. The disqualification number assigned to Mr Crow is No. 0010025. In clear breach of the banning order he remains sole director of three other companies HWGA Company Ltd, Vixen Publications Ltd and Sidefx Ltd.