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Archive for September 20th, 2018

Q. Why are NZ PMs, past and present, so immoral, corrupt and generally evil?

Posted by te2ataria on September 20, 2018

Sent by a reader in “Wonderland”, Brexit

Does Justice Francis Cook understand the concept of siphoning off money?

Tens of millions of dollars were siphoned off from the construction company, Mainzeal, by Jenny Shipley and three other corrupt directors, leading to its collapse.

Mainzeal was NZ’s third largest construction company when it collapsed in 2013, owing creditors $117 million.

Mainzeal gave tens of millions of dollars in “loans” to the shell company MLG Limited, which was part of the same group of companies.

Both Shipley and co-director Richard Yan were directors of both companies and MUST have known MLG could not pay the money back.

Shipley also signed off on one of the loans on behalf of MLG, the report said.

To ensure the “loans” had a chance to vanish unacceptably, the directors allowed the company to continue trading while insolvent for more than five years .

“Liabilities significantly exceeded its assets from as early as 2008,” the lawyer for the company’s liquidators said.

Shipley and fellow directors Peter Gomm, Clive Tilby, and Paul Collins are being sued by the company’s liquidators for $75m.

 

 

 

 

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