Monday 29 August 2011

Open letter to the Governor General of New Zealand.

Sir it is my belief that our persent Prime Minister is not a fit or proper person to be in politics. Even less so to be a pm.
I believe your perusal of this paper will have you agreeing with me.
  The H-Fee, payments Via The Yeoman Loop.        A Litany of lies.

The AGE. Friday August 23 1996.

There were three companies, each registered in an island tax haven, all owned by trusts and all with bank accounts in the financial centres of Asia.      
           
            Barley Grange was based in the Cook Islands and did its banking in the Singapore branch of the Bank of New Zealand.

            Mercantile Finance from the Turks and Caicos Islands kept its money in the main Hong Kong branch of the Hong Kong and Shanghai Bank.

            Yeoman was the original name of the first Pacific Finance of Vanuatu, which banked with the Hong Kong branch of the bank of Canton and the Sydney branch of the Bank of New Zealand.

            In January 1988, $39.5 million went through the accounts of the three companies.

            The money was converted into New Zealand dollars, divided then funnelled into corporate accounts in Auckland under the control of former Equiticorp chairman, Allan Hawkins.

            During the NAC, investigation and prosecution it was accepted that the first transaction made its way from Elders account in Melbourne through the Bank of New Zealand and the Yeoman loop.

            It was alleged that in March 1987 the Yeoman Loop channelled a $66 million loan to the Allan Hawkins company, Richardson  Camway, to buy Equiticorp shares in a one for four rights issue.
Whether the so-called H-fee was lawful has been the main argument in the charges against Mr Elliot.

            The Crown asked why, if Elders lawfully owed Mr Hawkins $66.5 million, why did they not simply write a cheque?  Why would Mr Hawkins want the payment concealed? Why was it transferred by way of foreign exchange transaction as settlement for losses incurred in company to company hedging arrangements?

            Lawyers who probed the H-Fee for the defence said after the case they believe the Loop was more than just a means of funnelling money. They said it was probably a device Equitycorp used to keep its balance sheet  on an even keel by hiving off profits in good times for use in less profitable periods.

            The New Zealand High Court, in 1992 jailed Mr Hawkins for fraud.
The Yeoman Group.

1.         $39,179,610 paid from Elders Merchant Finance account to Westpac, Melbourne. To Bank of New Zealand Sydney.
2.         $39,179,610 from BNZ Sydney to BNZ Singapore account of Barley Grange Ltd., (Cook Island registered)
3.         $39,179,610 transferred to HKSB, Hong Kong account of Mercantile Finance Corporation ( registered Turks and Caicos islands)
4.         $39,179,610 transferred to Bank of Canton account of First Pacific Finance. (formely Yeoman)  (Registered in Vanuata)
5.         Bank of Canton places $2 million on deposit to men associated with Equiticorp New Zealand-$1.2 million to Allan Hawkins, $200,000 to Russ Curtayne   interests, $200,00 to Max Taylor,$400,000 to trusts associated to Ian Gunthorp and Grant Adams.
6.         Foreign exchange transaction via Bank of New Zealand, Singapore-Yoeman sells $A37,179,610, buys $NZ39,875,131.
7.         $NZ39,875,131 from Yeoman account, Bank of Canton to BNZ Singapore branch account at BNZ Sydney.
8.         $NZ10,371,711 paid from Equiticorp Merchant Finance to repay interest on $NZ66 million loan to Richardson  Camway (Allan Hawkins private company) to buy one for four Equitycorp rights issues.
9.         $NZ10,371,711 paid from BNZ Singapore account in BNZ Sydney to Equiticorp  account BNZ Auckland as reimbursement for interest paid on behalf of Richardson Camway Ltd. To Elders Merchant Finance on $NZ66 million loan.
10.     $NZ 29,503,420 paid from BNZ Singapore account in BNZ Sydney to Richardson Camway Limited account BNZ Auckland.
11.     $NZ29.5 million from Richardson Camway is returned to Elders Merchant Finance to repay part of the $NZ 66 million loan

Elders Merchant Finance part of Elders IXL dealt with this money several times.

Now if we do a simple addition of the above we arrive at a simple sum. Item 4 of $39 million plus, item 5 $2 million, plus item 9 $10 million, plus item 10 $29 million and the sum I arrive at is $80 million dollars. This appears to be the same amount missing from Bankers Trust New York sometime after Andrew Krieger Jumped ship, Makes one wonder if the $80 million dollars had the same serial numbers as those Elders were bouncing around.

2006 August Inquiry re the sham H-Fee scam.

The reason for the payments remains speculation. An Auckland court has heard how the money was obtained by recording a number of non-existing deals in Elders accounts to make them appear as normal losses on the foreign exchange market. John Key was at that time senior person on the foreign exchange trading for Elders in New Zealand.
Mr Key worked as foreign exchange dealer at Elders Merchant Finance which made the payments in 1988.

Mr Key was considered by his boss, Chris Wright, to be the senior Forex dealer for Elders in 1987. It was said most traders usually made one bad deal each week. John had made only one that year.
            Former chief executive of Bankers Trust New Zealand Gavin Walker said. He, ( John Key) knew everything that was going on in terms of the orders that Krieger was executing on our desk.

The New Zealand dollar collapsed in October 1987. John Key joined Elders in 1986 at the age of 25 years.

Mr Key said he had phone calls from America at 3.30 in the morning to enquire re the NZ dollar, From Bankers Trust traders in that country.

Mr Key had formed a lucrative relationship with Andrew Krieger of Bankers Trust in New York, who began putting hundreds of millions of dollars of business through Kea’s dealing room.
When Andrew Krieger departed Bankers Trust New York. Regulators discovered discrepancies in the way Bankers Trust valued its currency options portfolio. The Bank was forced to admit that $80 million of foreign exchange trading income had disappeared and that it had deliberately over stated its earnings.

Andrew Krieger jumped ship at Bankers Trust New York in February 1988 and started with George Soros in a senior management position from April 1988 until June 1988. It does appear many were unsettled at this stage.

Elders supposedly paid Equiticorp controlled Allan Hawkins, two sham payment totalling $66.5 million.  The first payment of $39.5 million being paid on 11 January 1988. From Elders to Hawkins related companies.

The second payment, $27 million was made on the 7 September 1988. It was said these deals were facilitated by the Bank of New Zealand. Two former employees  faced conspiracy charges.

Two payments totalling $66.5 million to Allan Hawkins controlled Equiticorp.

2006 Mr Key stated he had left Elders in 1987.
                                               
Then later he states, ( three months before these deals got decided I left Elders on gardening leave.)          

            Everything is totally correct and honest and transparent, he states.

So transparent and honest and correct that the Court documents show the statements are false. Added to this is the fact John Key lived in an apartment well above any building that had a garden.

(He resigned from Elders June 24 1988.)

Mr Key’s statement to the National Crime Authority 1991, he says he resigned on the 24 June 1988

The same month/year Andrew Krieger left his senior management position with George Soros.

May 1991 Herald checks of the Court documents Mr Keys says he resigns from Elders June 1988, ( six months after the first payment.) Herald gets it wrong.

The first payment was made of $39.5 million on the 11 January 1988. He resigned   five and a half months after the first payment. Not six months.

Nowhere in the documents credited to the Herald or others do they tell me Mr Key handed anyone a written resignation to any person, nor does Mr Key claim to have written one. It appears to me this verbal resignation first appeared in the court documents 1991. Say 3 years after he had jumped ship.

Mr Key states he was on leave for two and a half months from the time of his resignation. If this resignation was in writing it would 

Show, his last day would be the 7 September 1988, the day the second payment was signed.

Earlier Mr Key Stated 3 months before these deals got decided I left Elders on gardening leave.

Leave that involves a trip to Australia to meet with Elders members and to work on the takeover of a stockbrokering firm is the continuation of his current employment.

As Mr Key was top man in NZ he would meet the top man in Australia, Mr Jarrett. Was this meeting to set up the second payment being channelled through Elders NZ.

 I believe Mr Key and Ken Richards attempt to further manipulate dates, stating their last supper was on the 31st August 1988.

A foreign exchange dealer for Elders in New Zealand, Paul Anthony Richards, has testified he felt uncomfortable when told at a 1988 meeting with a former Elders executive plus Ken Jarrett, the former finance director of Elders, to make up a deal. Richards reckoned this meeting took place on the 31 August, but that Jarrett had left New Zealand on the 26th August 1988. Jarrett told investigators the meeting took place on the 26 August and his passport matches up with this date. He also states he had a meeting with the Reserve Bank

Richards American Express card shows a date for lunch on the 26 August.

            The prosecution alleges the deals were covert payments. They were facilitated by the Bank of New Zealand.

The Court was told that the forex deals were unusual, had been backdated and were short on documentation.

            Matters relating to Elders had been under investigation for eight years by the National Companies Crime Authority from 1986—1989, some from Elders were charged.

Mr Richards told the Court, the meeting took place the same day he and Mr Key went to lunch at Plimmer house Wellington to mark Mr Key’s last day 31 August.

The August date was chosen, I believe because it was the month before the last transfer which was signed September. It was also over two months from the date of his alleged resignation. The public would accept it for the two and a half months stated as leave. The true date for this last supper was the 26 August only two months from the date of his Resignation, this time frame would make a lie out of the two and a half month stated.

 Mr Richards and Mr Key told investigator Mr Richards was called away to a meeting during lunch. Mr Key said he was able to back up Mr Richards story that Mr Jarrett was in the country, because he, had paid for the lunch and had the credit card bill to prove it.

 It eventuates that Mr Key does not have this bit of paper with the details on it to prove his statement. Mr Richardson proves Mr Key tells lies by presenting his own
 Credit card in the court files which proves he paid for the lunch on the 26 August.

Mr Key stated, as for his recollection of the lunch and Mr Richardson’s account of being called away for the meeting, he said he stood by what He  said at the time. I

 remember it absolutely clearly . If Jarrett wasn’t there or Richards got his facts wrong, I don’t know. But that is what he said to me and that was my only involvement.

Mr Key is very quick to blame his good friend Richards for this series of lie.

Ken Jarrett allegedly made   another trip to New Zealand December 12 1990 two days after he received a summons to appear before NAC Aus. Perhaps he had further meetings with those in New Zealand Who Needed some coaching.

Taking into account the statements regards Mr Key and his last day, one wonders if he had handed in his resignation on the 24 June 1988 at all, or did he jump ship on the
same day the last transaction was signed. Who signed the documents authorising the cheque of $27 million to be paid. Throughout my research on this matter I have not found any person connected to Elders with a three letter name starting with a capital K, which might look like KEY.

October 30 2008, Mr Key stated, if he had been working at Elders when the H-fee transactions went through, he would have been making the transaction.
.           There was no sensible commercial reason for the transaction. Perth Newspapers.

The case hung over his head for years and threw an unwelcome spotlight on Mr Elliott’s latter days at Elders. Mr Elliot and five other men were charged with theft and fraud relating to two foreign exchange transactions worth $66.5 million, but after six months of legal arguments the case was dropped before a jury was sworn in to judge the facts.

ABC news online.
            In 1993 following a lengthy investigation, John Elliot was charged with fraud and conspiracy relating to two foreign exchange transactions worth about $66 million. Elliot was acquitted in the Victorian Supreme Court on a technicality in 1999, and to date not one of the 130 witnesses have given evidence before a jury relating to the charges.
All I have written in this paper is out there for all to see.  All I have done is remove the spin. Some might say we have caught the same virus as England, Murdochism.
However the reason I write this paper I was concerned when John Key went to the Cook Island, taking over the job of the Inland Revenue Department. Perhaps he might have interests in the Cook Island. It is time the Inland Revenue Department held an enquiry into tax evasion especially in the Cook Island. I believe taking the powers of IRD. to himself is dictatorship. We only have to watch the news these days to understand what dictatorship means. However we have time on our side, we have the ballot box there is no need to take up arms yet to eradicate the profit vultures. I believe the profit vultures are airing their wings once again in the tax havens, waiting for a feeding frenzy of our assets. Remember New Zealand Rail.

Cook Island Executive Summary. The primary money laundering.    Key Findings.  The Cook Island has however taken some important additional steps in recent years to reduce but not eliminate the risks presented by the offshore section.
                                                                                                                                   

                                                                        PS.
Wikileak said it was believed that, Helen Clark and Michal Cullen sent our boys to Afghanistan ( to murder those in opposition, my words) so that Fonterra would not loose the export of their product to the war zone, is this the same reason John Key is keeping them there.

I believe Bill English made the comment. Someone has to pull the trigger. Is this his line of thought.
                          

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