IRD v BNZ outcome of significance to Treatment of Investors.
The IRD v BNZ High Court ruling is positive news but comes with a certain amount of frustration for the EUFA organisation.
As EUFA members battle for their rights to an effective remedy to pursue wrong doings by the finance industry, EUFA executive member Gray Eatwell is seeing history repeating itself. The rights of the PEOPLE continue to be ignored and with little accountability for serious malpractices delivered. Only a small handful of perpetrators in the Finance industry are being held to account by our authorities and private court actions. Ordinary people have few resources to seek justice. Simply, justice is available to the rich only in New Zealand.
Similarly to the EUFA organisations efforts in reporting malpractices, in 2003/2004, the Bank Customer Action Collective (BCAC), alerted every level of authority of serious bank overcharging, tax avoidance and hidden fees being taken from customers accounts.
In 2004 when the Irish High Court reported on the same malpractices of the National Irish Bank (NIB), numerous communications were made by the BCAC, including to the media, but no one took notice or action.
The Irish High court report into the Irish bank NIB indentified illegal practices identical to those imposed by the BNZ on its customers. The report disclosed that software and direct Manager interference was used to overcharge customers. The issue of the use of such practices in NZ has never been investigated. If fraud has occurred the statute of limitations does not apply.
The NIB was a sister bank to the BNZ, owned at that time by the National Australian Bank (NAB)
Attached are letters written by the BCAC to Authorities and associated parties, that demonstrates that every effort has been made to warn those with statutory obligations to enforce honesty in the finance industry. Perhaps the IRD did learn about the Irish case which prompted them into action.
The Irish High Court report can be obtained from EUFA @ a cost of $25.00. It will be provided on CD by post.
The following limks maybe of interest
http://www.irishtimes.com/newspaper/frontpage/2009/0617/1224248983994.html
http://news.bbc.co.uk/2/hi/business/3939979.stm
http://www.telegraph.co.uk/finance/2891484/Irish-Bank-fined-42m-for-tax-evasion.html
http://www.businessonline.ie/linked/chap%2011%20-%20organisation%20&%20management.pdf