New Zealand Authorities way behin the eight ball

In March this year, American Bernard Madoff pleaded guilty to serious fraud charges after operating a sophisticated Ponzi type scam. Mr Madoff mixed in very high circles and was influential in governing circles, sneaking under their radar.

Reportedly this week at a court hearing in the US a Judge said that “disjointed and uncoordinated” activities by authorities over Madoff’s had occurred.

Another Judge has blocked the transfer of personal wealth and assets of Madoff as they maybe subject to forfeiture.

In discussions with the former Minister of Commerce, Ms Dalziel, early in 2008, EUFA members asked for an inquiry into the finance company collapse. The Minister responded by stating “There are Inquiries happening everywhere.” The ongoing disjointed processes [inquiries/investigations] by New Zealand authorities and other independently involved parties continue to be uncoordinated.

The need for a Royal Commission of Inquiry of the finance company crisis in New Zealand is reinforced by the complexities of the American case.

EUFA coordinator Suzanne Edmonds accuses New Zealand Authorities of negligence for failing to take speedy action over personal assets of failed finance companies and Bluechip directors.

BlueChip founder Mark Bryers continues his lavish lifestyle at the Rocks in Sydney and reportedly is running a business model identical to Bluechip.

EUFA have continuously called for freezing of assets of Finance Company Directors, while Serious Fraud office and other authorities are holding investigations.

Coordinator of EUFA Suzanne Edmonds said today “It is very frustrating for affected New Zealanders in that authorities are running disjointed and uncoordinated processes....... for this reason we need leadership through a Royal Commission of Inquiry to untangle the massive web of deceit .”

The American court ruling has coincidently occurred in the same week the well publicised Bartle/Bluechip case is being held in the High Court in Auckland.