Simon Dalton was our speaker this week as there was a late cancellation. 

 

He stepped into the void and gave us insight into the world of money laundering and fraud.

 

Kiwi Building Society was formed under our 1964 act in 2009.

 

It had no connection in terms of customer or investor base with New Zealand. It was formed  by two Australians, one of whom was a bit like Arthur Daley in the "Minder"

 

Property and other assets were “transferred” to the Society in order for there to be a credible balance sheet.

 

Money was raised in most instances from high net worth individuals especially those who wished to remand  beyond the reach of their countries authorities.

 

The society basically  failed when they could  not get a set of clean accounts for 2011.  BDO had grave concerns about liquidity .

 

Simon has been working trying and with some success to recover amounts for the creditors.

 

It is still ongoing but the real question raised was how an old New Zealand statute was used to develop a global scheme for people who did not want the funds or  their names exposed.

 

A fascinating story form our ex president. 

 

Thank you Simon.